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Test 1: Household Insurance
Test Description: Introduction to property and liability insurance - T1-C1
Instructions: Answer all questions to get your test result.
1) What is the main reason to purchase insurance products?
A
To protect property from risks of physical damage
B
To maintain property in good order
C
To be able to obtain a mortgage
D
To collect claims indemnity
2) Insurance has existed for ages. What event led to personal property insurance as we know it today?
A
Hurricane Katrina
B
The San Fransisco earthquake
C
The Great fire of London
D
World War II
3) What type of insurance was nationalized in Quebec in 1978?
A
Automobile insurance
B
Insurance of persons
C
Employment insurance
D
Household Insurance
4) The principle of common funds states that:
A
insureds receive a return on premiums
B
all insureds pay the same premium
C
all insureds help pay for losses suffered by a certain number of them
D
insurance is similar to mutual funds
5) The fire insurance policy covered only the following risks:
A
fire and extended coverage
B
fire, lightning and combustion explosion
C
fire, theft and vandalism
D
property and liability
6) The minimum protection for a fire policy is stipulated in:
A
the fire policy itself
B
the Act respecting insurance
C
the Quebec Civil Code
D
the insuring agreement
7) ESLBHIVRF is an acronym for
A
comprehensive insurance
B
risks included in extended coverage insurance
C
insurance companies in Quebec
D
the terms in an insurance contract
8) Today's household policy form is known as:
A
Fire and extended coverage insurance
B
Combined residential insurance
C
Householder insurance
D
Comprehensive insurance
9) The IBC standard forms carry a number beginning with QPPF which stands for:
A
Quebec public property form
B
Quebec popular property form
C
Quebec personal property form
D
Quebec permanent policy form
10) The greatest catastrophe to date in Quebec was:
A
Ice storm in 1998
B
Flooding in Montéregie in 2012
C
Lac Megantic fire in 2013
D
Flood in Saguenay in 1996
*select an answer for all questions
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