Insurance Graphic Organizer REMINDER: Insurance Graphic Organizer - - PDF document

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Insurance Graphic Organizer REMINDER: Insurance Graphic Organizer - - PDF document

Oct 01, 2023 196 likes •307 views

Insurance Graphic Organizer REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class.

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SLIDE 1

Insurance Graphic Organizer

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SLIDE 2

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile. Every fire insurance policy must have 3

  • coverages. What are the three coverages and

explain each. (9 points) The following slides contain the information needed to answer this question. Basic Coverages Legislated

Insurance Acts of __________ law provinces: Every __________ insurance policy must have 3 __________: 1) Fire

  • Courts have __________: fire involves __________ of __________ flame/glow and

requires __________ ignition/__________

  • Two different __________: Friendly and __________ Fire
  • If no __________/fire damage to __________ property, __________ results of fire

are paid by policy. 2) __________

  • All policies insuring against __________ MUST have coverage for __________

lightning 3) Explosion: __________, Coal, __________ Gas

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SLIDE 3

Every fire insurance policy must have 3

  • coverages. What are the three coverages

and explain each. (9 points) Answer Chapter 2: Habitational Insurance

Section 1 - The __________ of Habitational __________ Homeowners Forms

  • __________ are (usually) largest __________ people ever make
  • 3 Common Forms:

○ Homeowners Basic Form (IBC __________) ○ Homeowners __________ Form (IBC 1153) ○ Homeowners __________ Form (IBC 1155)

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SLIDE 4

3) Policy Definitions Uniform

a) Insured

  • i) His/her __________: policy in one __________ (spouse may make a __________)
  • ii) __________ (Named __________ or spouse)
  • iii) Any party in their __________ (under 21)
  • iv) Student __________/attends __________/college/university, __________ on

Named Insured/__________ for maintenance b) Dwelling

  • Dwelling __________ be used for __________ (__________ only)

c) Premises

  • __________ within lot lines where dwelling is (__________)

4) Insure Same Exposures To Loss

  • Section 1 - Property Coverages

○ Coverage A - __________ Building ○ Coverage B - Detached __________ Structures ○ Coverage C - __________ Property ○ Coverage D - __________ Living Expense

  • Section 2 - __________ Coverage

○ Coverage E - __________ Liability ○ Coverage F - Voluntary __________ Payments ○ Coverage G - Voluntary __________ for Damage to Property ○ Coverage H - Voluntary __________ for __________ Employees

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SLIDE 5

Coverage A - Dwelling Building

  • 1) __________/Attached Structures
  • 2) Permanently __________ outdoor __________ on premises
  • 3) Outdoor __________ pool/attached equipment on __________
  • 4) Materials/__________ on/adjacent to __________ for

construction/__________/repair of dwelling/__________ structures on __________

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SLIDE 6

Coverage C - Personal Property

The slides for “Three Insuring Agreements for personal property” have been moved to the CAIB 1 Chapter 2 Insurance Infographic which can be accessed through your student portal.

  • You can submit your Infographic to your facilitator or discuss the

information in the next class.

  • Please ask questions!
  • The slide information will be covered in the next class.

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile.

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SLIDE 7

Coverage D - Additional Living Expense

Three coverages

  • 1. __________ living expense(s)

○ Basis of __________ Payment ○ Pays “__________ living expenses” ONLY

  • 2. Fair __________ value

○ Renting part of __________/detached __________ structure (garage) ■ Loss of __________ income if property is __________ for occupancy

  • 3. Access __________ by Order of __________ Authority

○ Insurer will pay add’l __________ expense/__________ value not more than 2 __________ WHEN (3 conditions) Coverage D - Additional Living Expense 5) Extensions of Coverage Same for All Forms (additional charges)

  • i) __________ Removal:
  • ii) Property __________
  • iii) __________ to Another Home
  • iv) Fire __________ Expenses
  • v) __________ of Temperature
  • vi) Freezer __________
  • vii) __________ Replacement
  • viii) __________
  • ix) Arson __________ Reward
  • x) Credit/__________ Cards, Forgery/__________ Money
  • xi) __________ Protection
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SLIDE 8

Section 2 - Homeowners Form

Three Homeowners Forms Coverages

  • Homeowners __________ Form (IBC 1151)
  • Homeowners Broad Form (IBC __________)
  • Homeowners Comprehensive Form (IBC __________)

Insurers change IBC wordings

Homeowners Basic Form (IBC 1151)

Coverages: Homeowners Form Insures 13 Perils

  • Peril 1: __________/Lightning
  • Peril 2: __________
  • Peril 3: Smoke
  • Peril 4: Falling __________
  • Peril 5: Impact by __________/Land Vehicle
  • Peril 6: __________
  • Peril 7: __________/Malicious Acts
  • Peril 8: __________ Damage:

Homeowners Basic Form (IBC 1151)

Coverages: Homeowners Form Insures 13 Perils

  • Peril 9: __________ or Hail
  • Peril 10: Glass __________
  • Peril 11: __________
  • Peril 12: Theft (Damage from __________ theft)
  • Peril 13: __________
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SLIDE 9

Loss/Damage Not Insured

  • 1) __________ equipment
  • 2) Animals/__________/fish
  • 3) Property __________ seized/__________
  • 4) Scratching/__________/chipping OR breaking __________/brittle articles
  • 5) Loss/__________ to outdoor __________/TV antennae from __________/hail storm,

weight of __________, snow/__________, collapse

  • 6) Wear/__________/deterioration/__________/mechanical __________
  • 7) Cost of making __________ material/__________
  • 8) Setting/__________/__________/moving/bulging
  • 9) Loss/damage to __________ after is knowingly vacant (__________+ consecutive

days)

2) Homeowners Broad Form (IBC 1153)

2) Homeowners Broad Form (IBC 1153) Cont’d Loss/__________ Not Insured Cont’d

  • 10) __________ explosion/incident
  • 11) Radioactive __________ contamination
  • 12) War/__________/act of foreign __________/hostilities/__________

war/rebellion/__________/insurrection/__________ power

  • 13) __________/criminal act
  • 14) To __________ property worked on where __________ to other property is

insured

  • 15) __________ Damage
  • 16) Birds/__________/rodents/__________ except loss/__________ to building
  • 17) Smoke (Ex. __________ smudging)
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2) Homeowners Broad Form (IBC 1153) Cont’d Loss/Damage Not Insured Cont’d

  • 18) __________/earthquake/landslide/other __________ movement.
  • 19) From part of __________ rented to others
  • 20) From __________/malicious acts/__________ breakage while under

__________/vacant

  • 21) From __________/theft of __________ in/from __________ under construction OR

Materials/__________ for construction UNTIL dwelling = ready to be __________

  • 22) Rust/__________/wet or dry rot/mould
  • 23) __________/discharge/__________ of fuel oil
  • 24) Change in property __________ that is __________ upon

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile.

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SLIDE 11