Chapter 10 - Knowledge Check - #FreeLearn Canada

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Question 1 of 6

1. Question
A tenant package policy is issued to an insured who
- a) owns his or her own home which is occupied by tenants
- b) owns his or her own home and wants insurance on the building only
- c) rents accommodation from others and wants contents and liability coverage
- d) wishes to insure his or her household goods which are temporarily in a storage warehouse
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Question 2 of 6

2. Question
Which of the following is an underwriting concern with respect to rented dwellings?
- a) The owner and renter may not be forthcoming about their financial status
- b) The owner maintains and reports the condition of the premises to the insurer
- c) When short-term occupancies are the norm
- d) All of the above
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Question 3 of 6

3. Question
For which of the following reasons would you recommend that your insured purchase the Condominium Unit Owners Unit Additional Protection coverage?
- a) It adds the condominium corporation as an additional named insured with respect to liability coverage
- b) It provides additional insurance protection for the condominium corporation in the event of an uninsured loss
- c) It amends the tenant package policy to include that property which is usual to a condominium
- d) It provides all-risk coverage for damage to the insured unit in the event that the condominium corporation’s policy is inadequate and will offer less than full indemnity
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Question 4 of 6

4. Question
Which of the following is TRUE of the mobile homeowners package form?
- a) Losses are settled on a replacement cost basis except for windstorm and/or hail claims
- b) All furnishings are considered to be part of the building
- c) It is identical to the basic homeowners form except it covers mobile homes
- d) Loss or damage that occurs while the building is being moved is not covered
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Question 5 of 6

5. Question
The basic seasonal residence insurance form is a named perils form. Which of the following perils are generally not included but may be added by endorsement?
- a) Fire, windstorm, and hail
- b) Vandalism and malicious acts
- c) Glass breakage
- d) Both b) and c)
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Question 6 of 6

6. Question
On a farm insurance policy, if an outbuilding is damaged to more than two-thirds of its value, an initial payment of 50% will be made. The remaining balance is payable if
- a) it is repaired or replaced within three months of the date of the loss or damage
- b) it is replaced with a building designed for the same purpose
- c) it is repaired or replaced in the exact location where the damaged building was situated
- d) all of the above
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Chapter 10 – Knowledge Check

Chapter 10 – Knowledge Check

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