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10 Cards in this Set

  • Front
  • Back
1.Which of the following is one of the standard additional perils that may be added to the Basic Fire Policy?
(A)
Insurrection
(B)
Rebellion
(C)
Revolution
(D)
Riot
2.Under the Basic Fire Policy, the amount recoverable for an insured loss is
(A)
the actual cash value of the property destroyed or damaged.
(B)
the amount of insurance stated in the policy.
(C)
the least of the actual cash value, the amount of insurance, and the insured's interest in the property.
(D)
the replacement value of the damaged property.
3.The Basic Fire Policy covers
(A)
fire damage to a building during renovations under certain circumstances.
(B)
water damage resulting from pipes bursting due to freezing.
(C)
loss of money, if the insured has the serial numbers of the bills.
(D)
the increased cost of rebuilding a property because of a local bylaw.
4.The Basic Fire Policy excludes loss or damage when the insured knows the building containing the property insured has been vacant or unoccupied for at least
(A)
24 consecutive hours.
(B)
96 consecutive hours.
(C)
15 consecutive days.
(D)
30 consecutive days.
5. Under the Basic Fire Policy, loss or damage to goods undergoing a process that involves the application of heat is covered if that loss or damage resulted
(A)
because the goods became so hot that they caught fire.
(B)
from a fire starting elsewhere in the insured premises.
(C)
from inattention on the part of the attending individual.
(D)
from the heat process itself.
6.An example of an insurable loss under the Basic Fire Policy is
(A)
damage to an automobile when the garage roof collapses due to snow.
(B)
explosion damage to a house from a bomb planted during a revolution.
(C)
smoke damage to the insured's newly painted house caused by a fire next door.
(D)
none of the above
7.Under the Basic Fire Policy, if it is necessary to move property to protect it from loss,
(A)
coverage for the moved property is automatically terminated under the policy.
(B)
coverage for the moved property always remains in force for the remainder of the policy term.
(C)
the amount of coverage available for the moved property is the amount left from what has already been incurred for the loss.
(D)
there is no coverage for the moved property unless an endorsement is issued.
8.In the common law provinces, the Statutory Conditions
(A)
apply to both oral and written fire insurance contracts.
(B)
apply whether included with the fire policy or not.
(C)
must be printed in every fire insurance policy.
(D)
all of the above
9.In the common law provinces, the Statutory Conditions bind
(A)
the insured, not the insurer.
(B)
the insurer, not the insured.
(C)
both the insurer and the insured.
(D)
neither the insurer nor the insured.
10.In the common law provinces, the Insurance Acts state that
(A)
variations in the Statutory Conditions are binding only with the insured's consent.
(B)
variations in the Statutory Conditions may be negotiated between insurer and insured.
(C)
no variation in the Statutory Conditions is binding on the insured.
(D)
no variation in the Statutory Conditions is binding on the insurer.