FUNDAMENTALS OF INSURANCE (BC)
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Define the four exclusions under the standard exclusions
legislated - ANSWERS-1)Direct Application of heat
2)Lightning damage to electrical devices or equipment
3)Electrical currents
4)Contamination by radioactive material
All of the above are not covered under the insurance act
, Name the three forms of misrepresentation regarding
statutory conditions - ANSWERS-1) false description of the
property
2) misrepresentation of a material fact
3) omission of material fact
Under statutory condition 2: property of others, when are
insurers obligated to pay for the loss or damage to the
property of others? - ANSWERS-Coverage for the property
of others is only applicable when the insured has stated
insurable interest in the contract
Under statutory condition 3: change of interest, when will
the insurer be liable for loss or damage - ANSWERS-1) an
authorized assignment under the bankruptcy act
2) a change of title by succession
3) a change of title by operation of law
4) a change of title by death
Under statutory condition 4: material change, what is a
material change defined as? - ANSWERS-A material change
is any change within the control and knowledge of the
insured which:
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+
Define the four exclusions under the standard exclusions
legislated - ANSWERS-1)Direct Application of heat
2)Lightning damage to electrical devices or equipment
3)Electrical currents
4)Contamination by radioactive material
All of the above are not covered under the insurance act
, Name the three forms of misrepresentation regarding
statutory conditions - ANSWERS-1) false description of the
property
2) misrepresentation of a material fact
3) omission of material fact
Under statutory condition 2: property of others, when are
insurers obligated to pay for the loss or damage to the
property of others? - ANSWERS-Coverage for the property
of others is only applicable when the insured has stated
insurable interest in the contract
Under statutory condition 3: change of interest, when will
the insurer be liable for loss or damage - ANSWERS-1) an
authorized assignment under the bankruptcy act
2) a change of title by succession
3) a change of title by operation of law
4) a change of title by death
Under statutory condition 4: material change, what is a
material change defined as? - ANSWERS-A material change
is any change within the control and knowledge of the
insured which:
