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A comprehensive set of multiple-choice questions and answers covering key concepts in insurance principles and practices. It focuses on topics such as insurance policy components, statutory conditions, risk management, and homeowner's insurance coverage. Designed to help students prepare for an exam on insurance principles and practices.
Typology: Exams
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a) Includes boats of all sizes. b) Covers claims arising out of the ownership, use or operation of watercraft up to a specified size or horsepower. c) Coverage for Watercraft is not included under a home policy and has to be purchased separately. d) Coverage includes watercraft use for business purposes.
a) Is used to underwrite buildings and contents. b) Also known as Commercial lines insurance. c) Available to a business owner to protect against losses and to insure the continuing operation of the business. d) Does not include Life, Accident and Sickness.
d) 72 hours after the theft has been reported to the insurer or to the police
a. FSCO/FSRA b. Federal Department of Insurance c. The Facility Association d. The Insurance Act
a. Alan has no financial assistance, because his roommate took the car without consent, which is considered theft, and comprehensive coverage excludes theft by anyone in the insured's household. b. Alan will claim for financial assistance under the All Perils section of his insurance policy. c. Alan will receive financial assistance from the roommate’s insurance policy under the collision section. d. Alan will charge his roommate with theft and then it will be covered under the comprehensive section of his insurance policy.