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Questions and Answers
The Replacement Cost Endorsement ensures that a property is insured for its depreciated value when damaged.
The Replacement Cost Endorsement ensures that a property is insured for its depreciated value when damaged.
False
Off-Premises Coverage provides insurance for property located outside of the specified locations listed in the policy.
Off-Premises Coverage provides insurance for property located outside of the specified locations listed in the policy.
True
Temporary Locations Coverage provides coverage for properties that are only used for a short period of time.
Temporary Locations Coverage provides coverage for properties that are only used for a short period of time.
True
Specified Locations Coverage is applicable to properties not specifically mentioned in the policy.
Specified Locations Coverage is applicable to properties not specifically mentioned in the policy.
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Policy Exclusions indicate events or situations covered under a standard policy.
Policy Exclusions indicate events or situations covered under a standard policy.
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Endorsements and Riders are modifications made to an existing policy to enhance coverage.
Endorsements and Riders are modifications made to an existing policy to enhance coverage.
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Sign forms are essential for the finalization and acceptance of an insurance policy.
Sign forms are essential for the finalization and acceptance of an insurance policy.
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The Glass Rider provides insurance specifically for glass fixtures.
The Glass Rider provides insurance specifically for glass fixtures.
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Broad Water Damage Coverage extends protection beyond standard limits for water damage.
Broad Water Damage Coverage extends protection beyond standard limits for water damage.
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Electrical Breakdown Insurance covers losses caused by electrical system breakdowns, but not failures.
Electrical Breakdown Insurance covers losses caused by electrical system breakdowns, but not failures.
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Equipment Breakdown Insurance specifically covers equipment failures due to mechanical or electrical issues.
Equipment Breakdown Insurance specifically covers equipment failures due to mechanical or electrical issues.
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Instalment Sales Contract Floaters extend coverage for properties sold on deferred payment plans.
Instalment Sales Contract Floaters extend coverage for properties sold on deferred payment plans.
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Peak Season Endorsement provides temporary coverage enhancements during periods of increased activity or high-volume operations.
Peak Season Endorsement provides temporary coverage enhancements during periods of increased activity or high-volume operations.
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Standard Property Coverage Lines are specific coverage forms designed to cater to different property types and risks.
Standard Property Coverage Lines are specific coverage forms designed to cater to different property types and risks.
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On-Premises Losses refer to losses incurred on properties located outside of the covered locations.
On-Premises Losses refer to losses incurred on properties located outside of the covered locations.
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Policy Modification allows adjustments to be made to the policy wording based on specific needs.
Policy Modification allows adjustments to be made to the policy wording based on specific needs.
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Insurer Variation refers to discrepancies in coverage offerings across different insurance companies.
Insurer Variation refers to discrepancies in coverage offerings across different insurance companies.
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Coverage Comparison involves assessing different insurance options and coverage offerings to find the most suitable option.
Coverage Comparison involves assessing different insurance options and coverage offerings to find the most suitable option.
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On-Premises Exclusions define specific risks or situations that are excluded from coverage within the covered premises.
On-Premises Exclusions define specific risks or situations that are excluded from coverage within the covered premises.
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Additional Protection refers to optional extended coverage beyond the standard coverage.
Additional Protection refers to optional extended coverage beyond the standard coverage.
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Direct Damages refer to losses that are a direct result of a covered peril.
Direct Damages refer to losses that are a direct result of a covered peril.
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Accounts Receivable Forms provide coverage for the insured's outstanding debts and receivables.
Accounts Receivable Forms provide coverage for the insured's outstanding debts and receivables.
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Papers & Records of Insurance are documents supporting the policy and coverage details.
Papers & Records of Insurance are documents supporting the policy and coverage details.
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Electronic Data Processing Coverage covers losses associated with damage to both hardware and software.
Electronic Data Processing Coverage covers losses associated with damage to both hardware and software.
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Equipment Breakdown Coverage protects against mechanical or electrical failures that occur within 72 hours of each other.
Equipment Breakdown Coverage protects against mechanical or electrical failures that occur within 72 hours of each other.
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Storage Coverage protects against damage to stock held in cold storage facilities.
Storage Coverage protects against damage to stock held in cold storage facilities.
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The By-law Duty requires brokers to inform clients about local regulations related to their property.
The By-law Duty requires brokers to inform clients about local regulations related to their property.
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Transit Coverage Extension ensures that newly acquired properties are covered in transit from the original to the new location.
Transit Coverage Extension ensures that newly acquired properties are covered in transit from the original to the new location.
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Inflation Protection automatically adjusts the amount of coverage to reflect the increase in building costs over time.
Inflation Protection automatically adjusts the amount of coverage to reflect the increase in building costs over time.
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Brokers have the responsibility to research and inform clients about relevant laws impacting their property.
Brokers have the responsibility to research and inform clients about relevant laws impacting their property.
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Insurance coverage for unspecified locations is automatically extended.
Insurance coverage for unspecified locations is automatically extended.
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Modifications made to the policy are intended to improve coverage and protect the insured's interests.
Modifications made to the policy are intended to improve coverage and protect the insured's interests.
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All losses from water damage are covered under the standard policy.
All losses from water damage are covered under the standard policy.
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Electrical system breakdowns are the sole cause of coverage for the electrical breakdown insurance.
Electrical system breakdowns are the sole cause of coverage for the electrical breakdown insurance.
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The Peak Season Endorsement is used for properties with high-volume operations for a specific period.
The Peak Season Endorsement is used for properties with high-volume operations for a specific period.
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Policy modifications can be implemented to tailor the policy wording to the insured's unique needs.
Policy modifications can be implemented to tailor the policy wording to the insured's unique needs.
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Insurance coverage comparisons are necessary to find the best coverage option for a specific risk.
Insurance coverage comparisons are necessary to find the best coverage option for a specific risk.
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On-premises exclusions define restrictions on coverage within the specifically covered locations.
On-premises exclusions define restrictions on coverage within the specifically covered locations.
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Additional protection refers to optional coverages that are not part of the standard policy.
Additional protection refers to optional coverages that are not part of the standard policy.
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Direct damages refer to losses caused by an insured event.
Direct damages refer to losses caused by an insured event.
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Accounts receivable forms are designed to protect against losses due to uncollected debts.
Accounts receivable forms are designed to protect against losses due to uncollected debts.
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Electronic data processing coverage protects against damage to both hardware and software.
Electronic data processing coverage protects against damage to both hardware and software.
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The By-law Duty requires brokers to research and inform clients about local regulations related to their property.
The By-law Duty requires brokers to research and inform clients about local regulations related to their property.
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Study Notes
Card Front
- Broker's By-law Duty: Ensuring compliance with local regulations impacting property.
- Replacement Cost Endorsement: Covers damaged property at its replacement cost, not depreciated value.
- Off-Premises Coverage: Insurance for property away from specified locations.
- Temporary Locations: Coverage for temporary locations not explicitly listed.
- Specified Locations Coverage: Insurance restricted to locations detailed in the policy.
- Policy Exclusions: Events or conditions not covered under the standard policy.
- Endorsements/Riders: Modifications to enhance coverage.
- Sign Form (IFC 51037): Specific form of endorsement related to signs.
- Glass Rider (IFC 45303): Endorsement specific to glass fixtures.
- Broad Water Damage Coverage: Protection against water damage (leaks, seepage).
- Electrical Breakdown Insurance: Coverage for electrical system failures.
- Equipment Breakdown Insurance: Covers breakdowns of equipment.
- Instalment Sales Contract Float: Insuring items sold on deferred payment plans.
- Peak Season Endorsement: Temporary increase in coverage for high-volume periods.
- Standard Property Coverage Line: Specification of standard property coverage details.
- On-Premises Losses: Losses within specified locations.
- Policy Modification: Adapting the policy to specific needs.
- Insurer Variation: Differences in coverage across insurers.
- Coverage Comparison: Comparing different coverage options.
- On-Premises Exclusions: Exemptions within specified locations.
- Additional Protection: Expanded coverage beyond the basic policy.
- Direct Damages: Coverage for direct physical damage.
- Sign Form: Specific form for acknowledging coverage acceptance.
- Glass Rider: Specific additional coverage for glass in the property.
- Accounts Receivable Form: Details for managing accounts receivable.
- Papers & Records of Insurance: Documents related to insurance claims and coverage.
- Electronic Data Processing: Methods related to electronic data processing in insurance.
- ERPadise - Under EDP: Specific details under the Electronic Records Processing function (ERP)
- Equipment Breakdown: Insurance covering breakdown or equipment failure.
- Option Coverages: Additional choices for insurance coverage.
- Storage (Cold): Coverage for cold storage facilities.
Card Back
- Broker Research: Brokers must assess local regulations and ensure compliance.
- Full Replacement Cost: Coverage for the total replacement cost, not depreciated value.
- Unspecified Locations: Insurance covers property outside specified locations.
- Specific Events/Situations: Covering events or conditions not covered in the basic policy.
- Policy Modifications: Adapting the policy to enhance coverage.
- Glass Coverage: Insurance coverage for damage to glass fixtures.
- Water Damage Coverage: Losses from water damage.
- Electrical System Failure: Coverage for failures of electrical systems.
- High-Risk Equipment Failure: Protection for high-risk equipment like boilers.
- Deferred Payment Properties: Insurance coverage for properties sold on deferred payment.
- High-Volume Operations: Temporary coverage increase during high-volume periods.
- Specific Property Loss: Covering losses at specific locations detailed in the policy.
- Coverage Option Assessment: Comparing coverage options offered by different insurers.
- Policy Coverage Gaps: Assessing coverage lacking within the policy.
- Enhancing Basic Policy Coverage: Expanding coverage beyond the standard policy.
- Specific Damage Endorsements: Endorsements covering specific types of damage or perils.
- Extreme Temperatures: Coverage for damages resulting from extreme temperatures.
- Employee Negligence: Coverage potentially limited by employee errors.
- Maximum Exposure Reporting: Monthly reporting of highest exposures.
- Media Damage Limitations: Coverage limitations for damages to media and backup hard drives.
- Heating, Ventilation, and Air Conditioning (HVAC) Damage: Coverage for loss or damages caused by HVAC systems.
- Mechanical/Electrical Energy Damage: Coverage for damages to mechanical and electrical systems.
- Equipment Damage within 72 hours of EQ Shock: Coverage for equipment damage if caused from EQ shock within 72 hours of the beginning of the EQ.
Card Back (continued)
- Settlement Basis (ACV): Settlement based on Actual Cash Value.
- Replacement Cost Endorsement Elimination of Depreciation: Reducing the effects of depreciation in replacement cost settlements.
- Theft Coverage: Coverage for theft of contents within transport, including insured's vehicles.
Page 4
- Payment on Property Settlement: Payment details under specific conditions.
- Building Insurance Value Adjustment: Adjusting building insurance for value fluctuations during policy period.
- Fire Department Assistance: Assistance from local fire departments during claims.
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