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C12 Insurance on Property - Chapter 1

Across
To be put back in the same financial position as before the loss. No better, but no worse.
A chance event giving rise to coverage under a property policy is known as this type of loss.
Legislative exclusion forming part of the basic fire policy stating there is no coverage for loss or damage resulting from an insured's failure to properly protect items being worked on.
Common legislative exclusion on basic fire policy includes ruling out coverage for loss by contamination of radioactive material.
A duty, payment of money or service as defined by the Quebec Civil Code, as an obligation of one or several persons whom are party to a contract in Quebec.
Underwriting exclusion available stating there is no coverage for increased cost of repair or replacement arising from the application of such things as a building code requirement.
Class of insurance covering accidental physical damage to pressure vessels, pressurized and mechanical equipment, production machinery and electronic equipment, among others.
Section of the Insurance Act require all fire insurance policies to include these as part of the contract and wordings. Mandatory requirement in all common law provinces.
Entity having a financial interest in a property, whom has the right to sell the property if the borrower defaults on debt payments.
Type of insurance for businesses
Risks, perils or type of property defined in the policy as not covered
Class of insurance on actual airplanes themselves.
Property insurance covering dwellings, detached structures and personal property belonging to private individuals.
Down
Class of insurance covering loss or damage to property in transit, either at sea, on inland waterways and on land.
Underwriting exclusion available to an insurer where a building has been unoccupied or shut down for more than 30 consecutive days.
To recover for loss or damage to property covered by property insurance, a person or company must have THIS in that property.
First type of property insurance available was known as this type of policy because of the major peril it provided coverage against.
Class of insurance for farmers, covering loss or damage due to insects, hail, drought or frost damage.
Class of insurance covering physical loss or damage to property in the course of construction.
This forms the basis of all insurance contracts, calling for the highest standards of integrity from both insured and insurer.
Also known as Coverage Summary Page which states who and what are covered by the insurance policy.
That portion of any covered loss that must be borne by the insured. also known as a limit of liability
An agreement or promise between 2 or more persons that is intended to be legally enforceable.