C12 - Ch 05 - The Homeowners Forms

  1. Business
    any continuous or regular pursuit undertaken for financial gain, including a trade, profession, or occupation
  2. Coverage Summary Page
    aka Declarations
  3. Data
    • representations of information or concepts in any form
    • data does not mean computer software

    as simple as an email or as complicated as a scientific research paper
  4. Data problem
    • erasure, destruction, corruption, misappropriation, misinterpretation of data
    • error in creating amending, entering, deleting or using data
    • inability to receive, transmit, or use data

    not necessarily electronic; applies to problems with data of any kind
  5. Domestic water container
    • a device or apparatus for personal use on the premises
    • for containing, heating, chilling or dispensing water

    • hot water heating tanks
    • bathtubs, sinks, toilets
    • aquariums or waterbeds
    • outdoor swimming pools
    • fish ponds
    • hot tubs
  6. Dwelling
    • the building described on the Coverage Summary Page
    • wholly or partially occupied by the insured as a private residence
    • the term dwelling is used to distinguish the residence building from the outbuildings
    • important bc coverage for the residence building is separate from coverage for detached private structures
  7. Fungi
    • any form or type of mould, yeast, mushroom, or mildew
    • whether allergenic, pathogenic, or toxigenic
    • any substance, vapour or gas produced by, emitted from, or arising out of any fungi or spores or resultant myotoxins, allergens or pathogens
  8. Ground water
    • found in the cracks and spaces in soil, sand and rocks beneath the ground surface
    • including water in wells and in underground streams, and percolating waters
    • may constitute the water table or water from heavy or prolonged rain or melting snow, hail or ice that is percolating to the water table
  9. Insured
    • the person named as insured in the Coverage Summary Page
    • the insd's spouse
    • the relatives of either the insd or insd's spouse
    • any person under 21 in their care
  10. Premises
    • the land contained within the lot lines on which the dwelling is situated
    • does not include municipal property adjacent to the insd premises, such as boulevards, sidewalks or roadways
  11. Residence employee
    • works for the insd, under insd's direction
    • part-time or full-time
    • in connection with the maintenance or use of the premises
    • but not with the insd's business
    • includes a babysitter, gardener, snow removal, butler
    • does not include a contractor
  12. Spores
    • spores are a part of a fungi or mould
    • can form as quickly as 24 hours after a loss
    • one or more reproductive particles or microscopic fragments produced by, emitted from, or arising out of any fungi
  13. Spouse
    • in accordance w/the Charter of Rights and Freedoms
    • includes not only legally married partners
    • but also heterosexual and same-sex partners who live together in a conjugal relationship outside marriage
    • and have continuously done so for at least 3 years
    • if the parents are natural/adoptive parents, period is reduced to 1 year
  14. Surface waters
    • water on the surface of the ground that is not usually there
    • could be due to heavy downpour of rain
    • or rapid melting of snow/ice 
    • that cannot dissipate quickly enough
    • may also include escape of water from any source which travels over the source of the ground
  15. Terrorism
    • ideologically motivated unlawful act(s)
    • including use of violence or force or threat of violence
    • committed on or behalf of any group, organization or government
    • for the purpose of influencing any government and/or instilling fear in the public
  16. Vacant
    • all occupants have moved out
    • with no intention of returning
    • and no new occupant has taken up residence
    • regardless of the presence of furnishings
    • in the case of a newly constructed house, no occupant has yet taken up residence
  17. Unoccupancy
    • building with no people in it but they intend to return
    • not the same as vacancy  which people don't intend to return
  18. Watermains
    • pipes forming part of a water distribution system
    • conveys consumable water
    • not waste water
  19. We, us, our
    • Insurer
    • company providing the insurance
  20. You, your
  21. Personal property
    • All moveable or temporary property
    • furniture, clothing, even stocks/bonds
    • the opposite of real property (fixed property such as land or buildings)
  22. Civil authority
    • Any person acting under the Governor General in Council of Canada or the Lieutenant Governor in Council of a Province, and/or
    • any person acting with authority under a Federal, Provincial, or Territorial legislation
    • with respect to the protection of persons and property in the event of an emergency
  23. Guaranteed replacement cost
    • insurer will not only ignore depreciation, but in some cases pay more than the amount of insurance
    • extends the concept of replacement cost

    • offers what is effectively unlimited coverage to replace the dwelling building, on condition that:
    • 1) the amt of insurance on the dwelling be kept at not less than the cost to replace the dwelling (determined by valuation guide)
    • 2) the amt of insurance on dwelling not be reduced below the amt (determined by valuation guide)
    • 3) the insd notify insr within 90 days of the start of work on any improvement, extension, or addition to the dwelling

    • Many insr's have been moving away from GRC
    • b/c disasters often lead opportunistic contractors to artificially inflate the true cost of reconstruction, especially when they know that the insd's policy includes GRC
Card Set
C12 - Ch 05 - The Homeowners Forms
C12 Property Insurance