Insurance Basics
What is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss?
Insurance
General liability insurance offers protection for a business against claims for bodily injury and property damage to third parties arising from ___________
premises, operations, products and completed operations
The bond that the RBQ requires you to purchase.
RBQ License Bond
2481. A person has an insurable interest in property where the ____ of the property may cause him direct and immediate injury
loss
Insurance involves _______ _________ from many insured entities (known as exposures) to pay for the losses that some may incur
Pooling funds
What type of insurance is essential to cover your construction projects and the material damages which may result?
Builder's risk
The bond that acts as a guarantee to your client that the contract will be fulfilled within the determined provisions
Contract bond
2419. A person has an interest in the life and health of his ____ and _____ or of persons in whose life and health he has a pecuniary or moral interest.
subordinates and staff
Who or what are protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring?
Insured entities
Another name for disability insurance
Income Protection Insurance
The bond that ensures that you have to deliver a project at the price that you quoted
Bid bond
2494. ... the insurer may reserve the ___ ___and ___ the insured property. He is then entitled to salvage and may take over the property.
right to repair, rebuild or replace
In order to be insurable, the ____ insured against must meet certain characteristics in order to be an insurable risk
Risk
What covers a contractor's liability for property damage or injuries to a third party once contracted operations cease.
Completed operations
2408. The client, and the insured if the insurer requires it, is bound to represent all the ___ known to him
facts