Lesson Ten Quiz

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Question 1 of 7

1. Question
What value do we rate a tenants policy on?
- The Building Value
- The Contents Value
- The Liability Value
- Standard Industry Rates
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Question 2 of 7

2. Question
Under a Comprehensive Condominium policy does the policy cover sewer back up?
- No and it cannot be purchased
- Yes it is automatically covered
- No unless it is purchased
- None of the above
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Question 3 of 7

3. Question
Which of the following would not be considered a common element in a condominium?
- The insured locker room.
- The insured's parking space in the parking garage.
- Hallways
- The insured's bathroom in their unit.
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Question 4 of 7

4. Question
Under the Tenants Comprehensive policy, all of the following, EXCEPT ONE covers the tenant’s own property. Mark the EXCEPTION.
- Damage to the exterior of the building directly caused by vandalism or malicious acts.
- Property temporarily removed from the residence for 14 days after a loss to protect it from further damage.
- Personal property damaged by change of temperature resulting from physical damage by an insured peril.
- Theft cover on money up to $500 and securities up to $2,000.
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Question 5 of 7

5. Question
To what extent does Loss Assessment Coverage A2 in a Comprehensive Condominium Unit Owners Policy cover an assessment against a unit owner?
- Any assessment made by the Condominium Corporation as a contribution to cover the deductible in the Condominium Corporations insurance.
- Any covered assessment made by the Condominium Corporation, as additional insurance up to the limit specified on Unit Improvements and Betterments.
- Any assessment not exceeding $25,000, made in respect of any losses sustained by the Condominium Corporation.
- Any covered assessment made by the Condominium Corporation up to $10,000 or the limit specified in the Unit Owners policy declarations.
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Question 6 of 7

6. Question
Your client purchased a condo townhouse with a recently finished basement. Which part of the policy would cover the basement?
- A1 – Unit
- A2 – Loss Assessment
- A3 – Improvements & Betterments
- Has to be covered by endorsement
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Question 7 of 7

7. Question
Improvements and Betterments made to a Condominium Unit by its owner are insured:
- Under a blanket feature of the Condominium Corporation’s Master Policy.
- Under coverage A3 of the individual Unit Owners Comprehensive Policy.
- Under Building coverage of the Condominium Corporation’s Master Policy.
- Under Coverage A1 of the Unit Owners Comprehensive Policy
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