Define This
a BLANK is an amendment when added to a policy can add/remove or alter the original document. BLANK can also override specific terms of the policy
What is an Endorsement?
I provide coverage for loss/damage from sewer, sump or septic tank
What is a Sewer Back Up Endorsement?
Generic form that offers additional coverage to increase limits on items such as jewellery, coin collections, stamp collection etc
What is a Personal Articles Floater
After loss, you must protect undamaged property from further damage; insurer may compensate you
What is salvage?
The 3 parts to this - Evaluate the risk; UW decision & pricing the risk
What is the UW Process?
Did / Should X Loss = Claim Payment
What is Coinsurance calculation
This first statement on a Personal Lines Policy is a general warning to the insured. It exists to make sure policyholders understand that . .
What is - The policy contains provisions (or clause) that may limit the amount payable
Is someone who investigates claims, decisions on coverage and shares knowledge about the risk with UW
What is a claims adjuster?
You would need to purchase to give coverage from the rising, breaking out or overflow of water
What is Water Endorsement?
Homeowners Policies give little coverage; but most often people buy me to increase coverage so I can float across a sea of blue with out concern.
What is a Watercraft Floater?
A fire in the insured’s home was apparently caused by a wood stove, which the insured installed a month earlier himself
What is Material Change in Risk
I can help report claims; explain claims processes to the Insured; monitor the progress of a claim, advocate on behalf of the Insured
Who is my Broker/Agent?
List 2 examples of Items of property that are excluded under Commercial Policy
Money; Autos; Aircraft; Watercraft; Furs/Jewellery; Vacancy; Property undergoing process of heat
Permanently installed outdoor equipment including fences, gates, gas BBQ’s connected to natural gas - as well as children’s swings, slides fixed in the garden fall under what coverage?
What is Coverage A
The price of insurance protection for a specified risk for a specified period of time.
What is a premium?
Policies generally exclude damage from this and reason why this endorsement is purchased.
What is an Earthquake Endorsement?
I am defined under Coverage A for Vacation Trailers or Recreational Trailers
What is equipment forming a permanent part of the trailer?
Insured operates a mechanic shop out of their garage on the property where they reside, which is discovered when a loss occurs. We learn that the business has been in operation since before inception of the policy.
What is Misrepresentation?
These 2 hazards serve as examples of the effect that some have on rates.
What are Geographic Variations and Windstorm/Hail?
POED
What is Property of Every Description
We insure these items against loss caused by fire, lightning, explosion, impact by aircraft or land vehicles, riot, vandalism or malicious acts; what am I?
A policy wording that does not conform to the standard wording. Also known as "free-form"
What is Manuscript Wording?
Insurer will not pay increased costs due to repair or construction of buildings (as a result of a covered loss) unless they have this . . .
What is a Bylaw Endorsement?
What are 2 out of the 5 general categories which commercial property exclusions are grouped
What are: 1. Generally not Insurable 2. Losses not accidental or extraneous 3. Losses wholly or partly under the control of the insured 4. Wear and tear losses 5. Losses excluded because of the particular coverage
If you and the insurer agree a loss is covered but disagree on the amount, either party can demand appraisal.
What is appraisal?
A distinctive home with a high replacement cost value
What is a High Valued Home?
This increases the limit of coverage for a specific period
What is Peak Season Endorsement?
What term applies to a building with no people in it but to which people intend to return
What is Unoccupied or Unoccupancy?
The process of compiling and analyzing data to establish rates that accurately reflect the level risk; usually performed by Actuaries.
What is ratemaking?
The policy will cover a mortgage even if the Named Insured has breached the conditions of the policy
What is a vacancy permit?
Extreme heavy rainfall creates a flood event independent of an overflowing body of water such as river or ocean. The volume of rain falls faster than the ground can absorbe it
What is Pluvial Flooding (or Surface Water)
Insured reported a claim for theft of a gym bag, containing (among other things) a gold ring and a Louis Vuitton bag from his vehicle. The invoice he provided to support the items were deemed to be altered
What is fraud?
Factory-built and moved to site in section, built on foundation. Usually covered under homeowners forms
What is a Modular Home?
Name and describe an extension of coverage under the CPBF
Temp Location; Newly Acquired BLDG; in Transit; w/ Sales Rep; Valuation
When the insured terminates or cancels a policy prior to the expiry date of their policy, on what basis will the insurer refund the unearned premiu
What is Short Rate?