Fire extinguishers, smoke alarms, sprinkler system
What is Private Protection
100
A person living with the named insured in a conjugal realtionship outside marriage continuously for a period of 3 years
What is an insured
100
In order to protect the insurable interest of others in the property insured, the law requires that the policy identify these parties to whom insurance monies are payable in the event of a loss
What is Loss Payable or Payee
100
3 property coverages found on the homeowners form
What is Dwelling building, Detached private Structures, and Personal Property
100
This is a cause of loss
What is a peril
200
Coverage for Packing, wrapping, and advertising materials
What is Stock
200
Increased costs of repairs or replacement due to the operation of any law regulating the zoning, demolition,repair or construction of buildings and their related services
What is Bylaws
200
Fire, Lightening, Explosion of Natural Gas, Coal or Manufactured Gas
What is Basic Fire Coverage
200
3 property coverages found on commercial form
What is building stock and equipment
200
This is the major function of insurance
What is to spread risk
300
Coverage for Tenants improvments which are defined as building improvments, alterations and betterments made at the expense of the insured to a building that they do not own.
What is Equipment
300
This coverage is 10% of the Dwelling Building value
What is Outbuilding
300
The right of the Insurer to place itself "in the insureds shoes" in respect of their right to recover the amount of the loss from the responsible party
What is Subrogation
300
This is the amount the insured is required to pay for each loss before recieving any payment from the insurer.
What is a deductible
300
This principle ensures that people recieve the acutal amount of their loss, no more, and no less
What is Indemnity
400
A penalty for partical loss when property is underinsured
What is Co-Insurance Clause
400
Motorized vehicles or their equipment, Camper Units, and Aircraft or their equipment
What is excluded property
400
By adding this you can waive a term or condition of the insurance contract.
What is an Endorsement
400
When insureds have property which can not be replaced, such as original art, family jewellery, furs or antiques and memorabilla, the insurer may agree to provide coverage on this basis.
What is Valued basis
400
The chance of Financial loss to which the object of insurance may be exposed is this
What is Risk
500
Coverage applicable when actual or threatened force is used to take insured property from a person having control over it.
What is Robbery
500
Business property, Securites, Money, Garden tractors, Watercraft, Student property, Computor Software, and Spare automobile parts
What is Special Limits of Insurance
500
This is a change which serves to increase the chance of loss arising after the policy has been issued.