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L01 – Describe the scope of property insurance in terms of:
Perils and Exclusions
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L01 – Describe the scope of property insurance in terms of:
The distinction between named-perils and all-risks coverage
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L01 – Describe the scope of property insurance in terms of:
The concepts of fortuitous event, proximate cause and resultant damage, and concurrent causation
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L02 – Identify and describe the named perils in IBC habitational forms
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L03 – Identify and describe other common perils that may be insured against under all-risks property insurance
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L04 – Explain what hazards are and describe hazards that may lead to insured loss under a property insurance policy
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A typical thunderstorm cloud can hold the potential of: ___ volts
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Falling object refers to an object...
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Tornadoes are covered under the named-perils or all-risk policy, as they fall within the...
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The correct term used to describe flooding caused by rain is...
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How long is the average lifespan of a domestic hot-water tank? _____ years
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Compare and contrast named-perils and all-risks coverage (15 marks)
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Outline when a fire insurance policy can exclude fire (15 marks)
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Discuss how sewer backup has posed a challenge in the insurance industry (10 marks)
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List TEN (10) factors that increase the earthquake exposure in Canada (10 marks)
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Model Application Question (25 marks total)
You are a claims adjuster working for Good Heart Insurance, and you have received the following property claims. Will you company cover each of the following claims? Explain why or why not.
During a severe weather storm, Bobby Quinn’s house is struck by lightning. No damage is caused to the exterior of Bobby’s house, but the electrical surge resulting from the lightning damages several of his appliances and electronics. Bobby has a named-perils policy from Good Heart Insurance. (5 marks)
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Model Application Question (25 marks total)
You are a claims adjuster working for Good Heart Insurance, and you have received the following property claims. Will you company cover each of the following claims? Explain why or why not.
During a brutal winter storm, Jackie Mathers watches a large tree in her backyard blow over and strike the side of her house. The tree causes severe damage to the roof and siding of Jackie’s house. Jackie has a named-perils policy from Good Heart Insurance. (4 marks)
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Model Application Question (25 marks total)
You are a claims adjuster working for Good Heart Insurance, and you have received the following property claims. Will you company cover each of the following claims? Explain why or why not.
While Gabe Kapler is on vacation in Korea for six months, his window is smashed by an errant baseball from a group of children playing in the neighbourhood. Gabe has a named-perils policy from Good Heart Insurance, and before his vacation, obtained a Vacany Permit. (8 marks)
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Model Application Question (25 marks total)
You are a claims adjuster working for Good Heart Insurance, and you have received the following property claims. Will you company cover each of the following claims? Explain why or why not.
A torrential rainstorm pours down on the area where Jordan Caputto lives. Jordan’s region receives a massive amount of rain that overwhelms the municipal sewer systems. Jordan is not worried though because he just recently installed a sump pump for such situations. However, the sump pump fails during the downpour. As a result, a large amount of dirty sewage water backs up through the drains in Jordan’s finished basement. Jordan has a named-perils policy with Limited Sewer Backup Endorsement from Good Heart Insurance (8 marks)
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What determines the scope of coverage under a property insurance policy?
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Why is the concept of fortuity important in property insurance policies?
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How does named-perils coverage differ from all-risks coverage?
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What are specified perils? How do they differ from named-perils?
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Under what circumstances can loss or damage caused by fire be excluded under a fire insurance policy?
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What does the term riot mean?
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Under what named peril(s) in a property policy would coverage be provided for hurricanes and tornadoes?
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What coverage is typically available for loss or damage caused by earth movement?
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In what ways does the term flood tend to be misused?
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What are the two main categories of hazard?
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What are some of the more common kinds of fire hazard?
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What are sub-limits, and why might they be included in a property policy?
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