Unit 5

Classified in History

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1.Priscilla once had a negative experience with a property insurance company and wants to make sure it does not happen again. FALSE? The Property and Casualty Insurance Compensation Corporation is an industry-operated fund that pays policy claims if a member insurance company goes bankrupt. Payment is limited to $100,000.2.Mark asks his financial advisor to explain what a deductible is and why it is included in his insurance contract. FALSE? Deductibles keep insurance costs down by increasing the number of small claims. 3.Chet bought a cottage on Georgian Bay last summer. He leaves a variety of recreational items, including a sailboat and a Jeep, on the premises for weekend use? His Jeep. 4.Waylon purchased a small apartment building in a working class neighbourhood. Much to his annoyance, Waylon is required to purchase certain types of property insurance for the building. ? falling objects 5.Mel and Tiffany have a homeowner's insurance policy that provides "all risks" coverage on their house and "named perils" coverage on the contents. Which type of homeowner's policy do they have?Homeowner's Broad Form policy. 6. The NEXT 7 questions are based on the following information.Based on the rider that Ingrid had purchased for the dresser, the insurer will only pay Ingrid $1,000 for the dresser less the deductible. The coverage provided for the dresser by the rider was? on a valued basis. 7. In regards to the loss of Ivan's oil painting, ignoring the deductible TRUE?  Ivan can collect a combined total of $40,000 from XYZ Insurance and Coverall Insurance. 8.Which of the following crimes are Ingrid and Ivan victims of?burglary 9. Ivan wants to know if all of his items destroyed by fire are covered by insurance, TRUE? The insurance company will cover the actual value of Ivan's library at the time of loss10.Ivan wants to make sure that Edith is compensated for any out-of-pocket expenses arising from her injury.TRUE? Edith is covered by the Prachts' household insurance policy because they hired her as a residence employee. 11.In regards to the motorized lawn mower destroyed by the fireTRUE? The Prachts should place a claim with CoverAll Insurance. 12.Ingrid wants to know if her car is covered against the loss and, if so, how to place a claim for the loss of her car? Ingrid must place a claim with ProtectU Insurance for the loss of her car. 13.Gregory added an electric garage door to his home several years ago. Gregory also made sure that his homeowner's policy covered the garage door against the negligent acts of a third party. He is covered for replacement cost. TRUE? Gregory can make a claim to his insurance company to recover the $2,200 loss. 14.Geraldine's neighbour burned leaves in the backyard close to Geraldine's wooden garden shed. The shed caught fire and burnt to the ground, causing $2,000 in damages to the shed and the tools inside? Geraldine's insurer paid her claim and then the insurer sued her neighbour for reimbursement. 15.Satish and Amit sold the apartment they jointly owned and bought a house together. The sale and purchase contracts closed on the same day. Satish left his personal property at a friend's house for two days before putting it into the new house. Amit stored his property at his mother's house for five days before moving it to the new house?  Only Satish's loss would be fully covered. 16.Frasier runs a window cleaning business from the basement of his home. If any of the workers hired by Frasier is injured while on his property?Only the woman who visits his house for one morning each week to clean his home. 17. Which of the following individuals would be covered by their automobile's collision insurance? Derek, who was involved in a road rage incident on the expressway. He ended up rolling his car into the ditch causing $3,500 damage.18.A fire in a neighbouring industrial complex spread to the townhouse complex occupied by Jim Walsh. He was forced to evacuate his townhouse and the tenant who rented a bedroom from him was also forced to leave?Damage to his townhouse, additional living expenses for the five days that he was unable to inhabit his townhouse, and fair rental value to cover the loss of rent from the rental of one bedroom. 19. Martin is having difficulty purchasing auto insurance. He owns a 1975 Dodge Dart that has seen better days,not invalid? Having a car more than 25 years old.20. a tow-truck backed into Rachel's Austin Mini, breaking the windshield?claim within 30 days of the accident. 

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