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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

Correct

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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.

Correct

Incorrect
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.

Correct

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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

Correct

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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

Correct

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