Podcast
Questions and Answers
What does Coverage A include in a Homeowners Form?
What does Coverage A include in a Homeowners Form?
- Personal liability coverage
- Voluntary medical payments
- Detached private structures
- Dwelling building (correct)
Which of the following statements about Coverage D is correct?
Which of the following statements about Coverage D is correct?
- It covers debris removal expenses.
- It covers personal property.
- It provides additional living expense coverage. (correct)
- It includes voluntary compensation for employees.
What is the coverage duration for property moved to protect it from loss or damage?
What is the coverage duration for property moved to protect it from loss or damage?
- 90 days
- 60 days
- Until the next scheduled renewal
- 30 days or until policy expiry (correct)
What does Coverage E in a Homeowners Form cover?
What does Coverage E in a Homeowners Form cover?
How much is available for fire department charges without a deductible?
How much is available for fire department charges without a deductible?
Under what condition does coverage for loss due to change of temperature apply?
Under what condition does coverage for loss due to change of temperature apply?
What does Coverage G provide in a Homeowners Form?
What does Coverage G provide in a Homeowners Form?
Which coverage extension is automatically provided for property in transit to another location?
Which coverage extension is automatically provided for property in transit to another location?
What is a primary characteristic of the 1979 Homeowners Forms?
What is a primary characteristic of the 1979 Homeowners Forms?
Eligibility for Homeowners forms primarily covers which type of property?
Eligibility for Homeowners forms primarily covers which type of property?
Which of the following is included in the definition of 'insured' under Homeowners policies?
Which of the following is included in the definition of 'insured' under Homeowners policies?
What type of damage is not covered under the Homeowners Comprehensive Form?
What type of damage is not covered under the Homeowners Comprehensive Form?
What must a common law partner prove to be covered under the Homeowners policy?
What must a common law partner prove to be covered under the Homeowners policy?
What is the usual insurance limit for detached private structures?
What is the usual insurance limit for detached private structures?
What significant change was introduced in the Homeowners Basic Form (IBC 1151)?
What significant change was introduced in the Homeowners Basic Form (IBC 1151)?
Which coverage is calculated as a percentage of Coverage A?
Which coverage is calculated as a percentage of Coverage A?
What condition must exist for a spouse to make a claim under the policy?
What condition must exist for a spouse to make a claim under the policy?
What is NOT an exclusion under the Homeowners Comprehensive Form regarding water damage?
What is NOT an exclusion under the Homeowners Comprehensive Form regarding water damage?
Which form of the IBC Homeowners policy provides the most extensive coverage?
Which form of the IBC Homeowners policy provides the most extensive coverage?
What characteristic defines single limit policies in homeowners insurance?
What characteristic defines single limit policies in homeowners insurance?
What is the total annual expenditure on habitational property insurance?
What is the total annual expenditure on habitational property insurance?
Which of the following is excluded from homeowners insurance coverage under the vermin clause?
Which of the following is excluded from homeowners insurance coverage under the vermin clause?
What is the typical coverage limit for voluntary medical payments per person?
What is the typical coverage limit for voluntary medical payments per person?
How is Coverage D - Additional Living Expenses typically calculated?
How is Coverage D - Additional Living Expenses typically calculated?
Which of the following items typically requires additional coverage under homeowners insurance?
Which of the following items typically requires additional coverage under homeowners insurance?
What is required immediately after estimating the replacement cost of the dwelling?
What is required immediately after estimating the replacement cost of the dwelling?
What type of water loss is explicitly excluded by homeowners insurance?
What type of water loss is explicitly excluded by homeowners insurance?
Which of the following scenarios may result in coverage for water damage?
Which of the following scenarios may result in coverage for water damage?
Which type of water is defined as water in soil under the ground surface?
Which type of water is defined as water in soil under the ground surface?
What is one condition under which homeowners insurance will not cover water damage?
What is one condition under which homeowners insurance will not cover water damage?
What causes damage to personal property inside a building during a windstorm according to the homeowners basic form?
What causes damage to personal property inside a building during a windstorm according to the homeowners basic form?
In homeowners coverage, which loss is NOT included under the windstorm or hail peril?
In homeowners coverage, which loss is NOT included under the windstorm or hail peril?
Which of the following types of water damage is never covered under homeowners insurance?
Which of the following types of water damage is never covered under homeowners insurance?
What type of water may be considered as surface water?
What type of water may be considered as surface water?
What should condo unit owners purchase to protect against potential losses covered under the corporation's insufficient insurance?
What should condo unit owners purchase to protect against potential losses covered under the corporation's insufficient insurance?
What can trigger a special assessment on unit owners according to the condo corporation's policy?
What can trigger a special assessment on unit owners according to the condo corporation's policy?
What is the standard limit for loss assessment coverage that unit owners should consider purchasing?
What is the standard limit for loss assessment coverage that unit owners should consider purchasing?
When is unit additional protection necessary for condo unit owners?
When is unit additional protection necessary for condo unit owners?
On what basis is the claim payment for personal property in a condo unit typically made?
On what basis is the claim payment for personal property in a condo unit typically made?
What is included in the Tenants Package Forms for individuals renting a residential property?
What is included in the Tenants Package Forms for individuals renting a residential property?
Which condition does NOT lead to a special assessment against unit owners?
Which condition does NOT lead to a special assessment against unit owners?
What does the term 'unit improvements and betterments' refer to in condo insurance?
What does the term 'unit improvements and betterments' refer to in condo insurance?
Flashcards
Wear and Tear
Wear and Tear
Damage to property from normal use over time.
Homeowners Forms Coverage
Homeowners Forms Coverage
Coverage for property damage and liability for homeowners.
Animal Damage Exclusions
Animal Damage Exclusions
Insurance does not cover damage from animals like birds, vermin.
Earthquake Coverage
Earthquake Coverage
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Replacement Cost
Replacement Cost
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Coverage A
Coverage A
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Coverage C
Coverage C
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Additional Living Expenses (ALE)
Additional Living Expenses (ALE)
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Personal Liability
Personal Liability
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Water Damage Exclusions
Water Damage Exclusions
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Condo Unit Owners
Condo Unit Owners
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Single Limit Policies
Single Limit Policies
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Debris Removal
Debris Removal
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Loss or Damage Not Insured
Loss or Damage Not Insured
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Homeowner Form - Animal Damage
Homeowner Form - Animal Damage
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Earthquake Coverage Homeowners
Earthquake Coverage Homeowners
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Homeowner Form Underwriting - Coverage A
Homeowner Form Underwriting - Coverage A
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Homeowner Form Underwriting - Detached Structures
Homeowner Form Underwriting - Detached Structures
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Coverage B Personal Property
Coverage B Personal Property
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Coverage D Additional Living Expenses
Coverage D Additional Living Expenses
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Coverage E - Personal Liability
Coverage E - Personal Liability
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Single Limit Policies
Single Limit Policies
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Water Damage Exclusions
Water Damage Exclusions
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Condo Unit Owners' Considerations
Condo Unit Owners' Considerations
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Debris Removal Coverage
Debris Removal Coverage
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Study Notes
Loss or Damage Not Insured
- No coverage for wear and tear, deterioration, defects, or mechanical breakdown.
- Wear and tear arises naturally from ordinary use, e.g., frayed carpets or worn upholstery.
- Settling and movement of ground are not covered, except for resultant damage to building glass.
Homeowners Forms Coverages
- No coverage for damage caused by animals like birds, vermin, or rodents, except for building glass.
- Coverage for snowslides, earthquakes, and landslides only applies if they lead to fire or explosion, and resultant damage coverage is increasingly excluded.
- Water damage exclusions mirror those in the Homeowners Basic Form (IBC 1151).
Underwriting Homeowners Forms
- Coverage based on replacement cost for dwelling buildings, detached structures, and personal property.
- Insurance for Coverage B (Detached Structures) is typically 10% of the Coverage A amount.
- Coverage C (Personal Property) requires 70-90% of Coverage A’s valuation.
- Coverage D (Additional Living Expenses) is usually set at 20% of Coverage A.
Coverage Details
- Coverage E (Personal Liability): $1 million.
- Coverage F (Voluntary Medical Payments): $1,000 per person.
- Coverage G (Voluntary Payment for Damage to Property): $500 per occurrence.
- Coverage H (Voluntary Compensation for Residence Employees): varies by schedule.
Single Limit Policies
- Combine limits for Coverages A-D to provide flexibility for coverage allocation.
- Ensure full coverage as limits are combined and not insufficient for specific losses.
Special Policies and Endorsements
- Certain property items require additional coverage, including watercraft, jewellery, and fine arts.
Common Characteristics of Homeowners Forms
- Adoption of a clear language approach for easier understanding.
- Standard structures across forms facilitating efficient information retrieval.
- Uniform policy definitions regarding who is insured, extending to spouses and partners under specific conditions.
Coverage Sections
- Section I covers Property, including dwelling, detached structures, personal property, and additional living expenses.
- Section II addresses Liability Coverages, including personal liability and voluntary medical payments.
Extensions of Coverage
- Debris removal coverage applies when loss plus debris removal exceeds the insurance amount; an additional 5% is available.
- Coverage is provided for property temporarily removed to prevent loss, effective for 30 days.
- Fire department expenses up to $1,000 covered with no deductible.
Water Damage Exclusions
- Continuous or repeated seepage or leakage is excluded to encourage preventive maintenance.
- Specific exclusions for sewer backup, groundwater, surface water, and significant weather events like heavy rain.
Condo Unit Owners Considerations
- Loss assessment coverage essential to protect against shortfalls in corporate policies in case of collective loss.
- Unit additional protection ensures coverage for original fixtures within a unit when the corporation lacks sufficient insurance.
Tenants Package Forms
- Targeted at individuals renting residential properties, featuring coverage similar to homeowners for personal property and additional living expense.
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