C12 Insurance On Property

Front 1

Legislation

Back 1

All businesses are governed by legislation. Insurance has specific legislationFire Insurance Act

Front 2

Fire Insurance Act

Back 2

Fire insurance applies to insurance against loss of or damage to property arising from the peril of Fire

Front 3

Province of Quebec

Back 3

An Act respecting insurance deals with the technical aspects of forming and operating insurance companies

Front 4

Civil Code of Quebec-Book 5

Back 4

Articles 1371-2643 deal with obligations of contract

Front 5

Contents of a policy

Back 5

Name of insurer

Name of insured

Loss payable

Amour of premium

Subject matter of insurance

Indemnity for which insurer may be liable

Effective & expiry date

Front 6

Provisions for Appraisal

Back 6

Insurers will hire an appraiser, insured hires an appraiser and the 2 appraisers will hire an umpire. If they fail to agree, they submit their differences to the umpire.

Front 7

Provisions for Appraisal

Back 7

Insurers will hire an appraiser, insured hires an appraiser and the 2 appraisers will hire an umpire. If they fail to agree, they submit their differences to the umpire.

Front 8

Proof of Loss

Back 8

The Insurer, in any event not more than 60 days after receiving Notice of Loss, must provide the insured with forms to make the required proof of liss

Front 9

Provisions for Appraisal

Back 9

Insurers will hire an appraiser, insured hires an appraiser and the 2 appraisers will hire an umpire. If they fail to agree, they submit their differences to the umpire.

Front 10

Proof of Loss

Back 10

The Insurer, in any event not more than 60 days after receiving Notice of Loss, must provide the insured with forms to make the required proof of liss

Front 11

No action for recovery

Back 11

For 60 days after proof of loss, this protects the insurer but the insurer loses this protection if they Do Not provide the Proof of Liss to the insured

Front 12

Provisions for Appraisal

Back 12

Insurers will hire an appraiser, insured hires an appraiser and the 2 appraisers will hire an umpire. If they fail to agree, they submit their differences to the umpire.

Front 13

Proof of Loss

Back 13

The Insurer, in any event not more than 60 days after receiving Notice of Loss, must provide the insured with forms to make the required proof of liss

Front 14

No action for recovery

Back 14

For 60 days after proof of loss, this protects the insurer but the insurer loses this protection if they Do Not provide the Proof of Liss to the insured

Front 15

Perils in a Fire Insurance Contract:

Back 15

Fire-actual ignition and visible flames

Lightening

Explosion

Contamination

Front 16

Distribution

Back 16

Defined as the splitting of a single amount of insurance to apply to property in more than one lication

Front 17

Underinsured

Back 17

The value of insured property is greater than the amount insured

Front 18

If insured rejects the new policy, it will become....

Back 18

Void AB INITIO

Front 19

15 Statutory Conditions:

Back 19

Misrepresentation

Property of Others

Change of Interest

Material Change

Termination

Requirements After Loss

Fraud

Who May Give Notice and Proof

Salvage

Entry, Control, Abandonment

Appraisal

When Loss Payable

Replacement

Action

Notice

Hint 19

My P C Might Take Refuge From White Sea (SEA) W R A N

My Acronym

Front 20

To AVOID the contract-

Back 20

To make the contract VOID -of no legal effect

Front 21

Stat Condition #3, Change of Interest

Back 21

The Insurer is obliged to insure a new interest replacing the named Insured for:

1. Under the Bankruptcy Act

2. Change in title by succession

3. Change in title by operation of law

4. Change in title by death of the named insured

Front 22

Stat Condition #1-Misrepresentation

Back 22

This happens BEFORE the contract takes effect

Front 23

Stat Condition #1-Misrepresentation

Back 23

This happens BEFORE the contract takes effect

Front 24

Stat Condition. #4: Material Change

Back 24

This happens AFTER the contract takes effect

Front 25

5 Elements of a Contract:

Back 25

1)An Agreement

2)Between legally capable parties

3)For a consideration

4)Demonstrating intent

5)To do something that is legal

Front 26

Principal of Indemnity:

Back 26

The Insured shall not receive more than the actual loss suffered.

Front 27

Surrogate on means...

Back 27

The substitution of one party for another as creditor

Front 28

Proximate Cause

Back 28

Often related to an exclusion but may sometimes determine whether coverage exists

Front 29

Subject Matter of Insurance-

Back 29

The property for which the insured will be indemnified if it is damaged or destroyed

Front 30

Direct Loss

Back 30

Refers to the value of the physical property that is damaged or destroyed

Front 31

Direct Loss

Back 31

Refers to the value of the physical property that is damaged or destroyed

Front 32

Indirect Loss

Back 32

Arises from direct loss; it encompasses other loss suffered as a consequence of the damage to or destruction of the physical property.

Front 33

Business Interruption is...

Back 33

Most common type of indirect loss

Front 34

Fortuitous

Back 34

A chance event

Front 35

Modular Policy

Back 35

Made up of several parts

Front 36

Limited Exclusion

Back 36

Means there may be Some coverage

Front 37

Nuclear Incident

Back 37

An occurrence resulting in injury or damage that is from a breach of duty

Front 38

Flashpoint of a liquid...

Back 38

Is the lowest temperature at which the liquid gives off sufficient vapours to form an ignitable mixture with the air