Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
What are the 6 duties of insureds when making a claim under crime policies? |
1) Notify insurer as soon as possible 2)Swear a proof of loss within 120 days 3)Take steps to prevent sale of securities 4)Notify authorities when losses involve criminal acts 5)Submit an examination under oath 6)Sign a statement of their answers |
|
What is the criminal law definition of THEFT? |
All means of taking property without owners consent. |
|
Describe coverage provided for losses occurring from within showcases found in the Stock Burglary Policy |
Stock and equipment within showcases not opening into premises is insured when premises are open |
|
List 3 coverages provided for losses occurring outside premises. |
1) Robbery away from premises when preforming employment duties 2) Theft at home of messenger up to limit of insurance or $500 whichever is less 3) Theft from night deposit safe provided by bank for customers use |
|
What are 3 situations that constitute a robbery by Inside/Outside Robbery Policies? |
1) Wrongful taking of property from a custodian by actual or threatened violence 2) Taking of property by person who committed an overt wrongful act witnessed by custodian 3) Wrongful taking of property from a custodian who was killed or unconscious |
|
What are 3 coverages provided by Stock Burglary Policy? |
1) Actual or attempted burglary of stock or equipment 2) Robbery of watchmen 3) Vandalism and Malicious acts committed on the same occasion |
|
What is another situation where safes will be insured by Safe Burglary Policies? |
When saves are removed from premises |
|
What requirement is placed upon the insureds regarding record keeping when claiming on Crime Policies? |
Clients are required to prove amount of loss with records from their business, when records cannot be produced,no coverage is provided. |
|
Custodian |
You or your partner or any employee authorized by you to have the care and custody of insured property, excluding guards, janitors, porters, or watchmen. |
|
What 2 requirements must be met regarding the doors of safes or vaults for coverage to be provided by Safe Burglary Policies? |
1) Doors must be closed 2) Doors must be locked with a combination lock |
|
What types of receptacles are insured using Safe Burglary Policies? |
1) Saves 2) Vaults |
|
What other proof is required to be shown before a loss will be paid by Safe Burglary Policies? |
Visible Signs of forcible entry must be proven |
|
Explain the Canadian Currency Clause |
Premiums collected and losses paid must be in Canadian currency. |
|
What are 3 types of property normally excluded or receive limited coverage on commercial property insurance policies? |
1) Money 2) Furs 3) Jewellery |
|
What is the criminal law definition of Robbery? |
The wrongful taking of property from another against their will,using force or fear. |
|
Securities |
All negotiable and non-negotiable instruments or contracts representing money or other property- does not include money. |