Lesson Six Quiz

Question 1 of 10

Statutory conditions are always applied to what policy?

Question 2 of 10

Which of the following is NOT the subject of a Statutory Condition?

Question 3 of 10

Statutory Conditions in a property policy are primarily to protect the rights of:

Question 4 of 10

If the Insured wishes to cancel the policy the cancellation takes effect:

On the date the cancellation request or lost policy voucher is signed off by the insured
As soon as the insured receives payment of the return premium
Fifteen (15) days after receipt of a registered letter requesting cancellation
Five (5) days after a written request has been delivered to the insurer

Question 5 of 10

Which of the following statements is true with respect to Statutory Conditions

By law the Statutory Conditions only govern fire insurance as defined by the act
The insurance act states that no variation or omission of, or addition to any Statutory Condition is binding on the insured
There are statutory conditions in every province but Quebec
All of the above

Question 6 of 10

Under the Statutory Conditions termination by the insurer:

Question 7 of 10

Statutory condition 13- Replacement:

Allows the insured the option to repair, rebuild or replace the damaged property
Allows the insurer the option of repairing, rebuilding or replacing the damaged property
Requires the insured to confirm its intent within 60 days of receiving the proof of loss
Obliges the insurer to begin the repair or replacement within 30 days of receiving the proof of loss

Question 8 of 10

The Facility Association:

Is an Ontario Government- owned insurance company for undesirable automobile risks
Is a pooling arrangement of all automobile insurers who share the loss experience of the pool.
Is an insurer specializing in insuring only personal automobile risks.
Is an association of fifteen responsible insurers who provide insurance for substandard automobile risks.

Question 9 of 10

If an insured requests mid-term cancellation of a policy, the insurer will:

Question 10 of 10

An insurer wishing to terminate an insurance policy may do so by:

Issuing a registered letter of cancellation providing 15 days notice.
Giving the insured 15 days notice by registered mail and refunding the entire premium.
Refunding the entire policy premium.
Ordering the insurance broker to pick up the policy from the insured.