All documentation must be received by the Company within how many days of the effective date?
What is 5 days.
100
What are the minimum liability limits legislated in the province of Ontario.
What is $200,000.
100
Who is the condominium corporation vs the condominium unit owner?
What is the corporation established under provincial legislation who owns the property & premises vs the owner of a residential unit forming part of the property owned by a condo corp.
100
Name 3 items on our Loss Prevention Supply List
What are Emergency Road Kits, Fire Extinguishers, Smoke detectors, Surge Protectors, Carbon Monoxide Detectors, Flood Alarms and Fire escape ladders
200
In auto, when must a risk be referred to the Company prior to binding?
What is when an OPCF28A is required
200
When do risks generally become eligible for the residual market?
What is when any vehicle develops 4 or more risk points.
200
Under the condo package we will pay up to this much for any loss or portion of a loss that results from a deductible in the insurance policy of the condo corp. How much will we pay up to automatically?
What is $5,000
200
When people are able to show they would suffer financially by a loss the are said to have this.
What is Insurable interest.
300
In auto, what does the Company impose when there has been 2+ Comprehensive or Specified Perils claims in the past 3 years?
What is a minimum deductible of $500.
300
Under the OPCF 27 - who does coverage extend to when an individual purchases the endorsement ?
What is to the insured individual, his or her spouse, and all drivers listed on the policy.
300
Under special limits for personal property please identify the special limits for jewellery for both the Standard and plus forms.
What are $3,000 and $6,000
300
The policyholder has just installed new granite counters in the kitchen and bathroom. You are the agent.... what is your advice to the policyholder?
What is advise the policyholder that they have 150% of the section C coverage to apply to Improvements and betterments made by you when updgrades are made to the standard unit.
300
If an insurer terminates a policy for anything other than auto what termination notice is required under the statutory conditions of the policy ?
What is 15 days notice by registered mail or five days notice personally delivered.
400
Under J and J2 Livestock coverage what happens if there have been 3 livestock losses in the preceding 3 years?
What is a deductible increase to $1,000 is mandatory.
400
Coverage is available up to $500 for damage to my unit under personal property to pay for damage, not including fire damage for the following:
What are:
to the unit directly caused by theft or attempted theft
to the interior of the unit by vandalism or malicious acts
400
What two sections of coverage are unique to a Condominimum package?
What are Additional Protection for Building and Loss assessment.
400
If the insurer cancels an auto policy for non payment what is/are the notice requirement(s)?
What is 30 days notice by registered mail or 10 days personally delivered and this applies for the 1st and second notice assuming payment is made after the 1st and second notice provisions within the term. On the 3rd notice in the term 15 days notice and 5 days personally delivered is required.
500
The property manual specifically states that coverage shouldn't be bound on these types of risks unless approved by the Company. Name 3.
What is speculative properties; unoccupied/vacant properties; secondary properties without primary location; properties where we do not insure the dwelling; commercial welding; storage of vehicles.
500
Why would you add an OPCF 48 to the policy?
What is to provide first party coverage to reduce the tort deductible for for pain and suffering awards.
500
Tenants Packages are designed to insured personal property of persons who do not own their own homes. Identify another coverage provided for under Coverage "C" Personal Property under this form.
What are Improvements and betterments made by or acquired at the expense of the tenant
500
The Condominium Corporation has experienced a liability loss which is below their $250,000 property damage deductible. The five unit owners all have a package with Oxford and wonder how their policy will respond.
What is coverage will respond under Coverage H loss assessment ; up to 250% of section C
500
In an indeminity agreement the insured agrees to indemnify the insured to an amount not exceeding, whichever is the least of these 3 things.
What is the actual cash value of the property at the time of the loss; the interest of the insured in the property; pr the limit of insurance