Test 1: Household Insurance Question Preview (ID: 15655)


Introduction To Property And Liability Insurance - T1-C1. TEACHERS: click here for quick copy question ID numbers.

What is the main reason to purchase insurance products?
a) To maintain property in good order
b) To collect claims indemnity
c) To protect property from risks of physical damage
d) To be able to obtain a mortgage

Insurance has existed for ages. What event led to personal property insurance as we know it today?
a) World War II
b) The Great fire of London
c) Hurricane Katrina
d) The San Fransisco earthquake

What type of insurance was nationalized in Quebec in 1978?
a) Insurance of persons
b) Household Insurance
c) Employment insurance
d) Automobile insurance

The principle of common funds states that:
a) all insureds help pay for losses suffered by a certain number of them
b) insurance is similar to mutual funds
c) insureds receive a return on premiums
d) all insureds pay the same premium

The fire insurance policy covered only the following risks:
a) fire, theft and vandalism
b) fire and extended coverage
c) fire, lightning and combustion explosion
d) property and liability

The minimum protection for a fire policy is stipulated in:
a) the Act respecting insurance
b) the Quebec Civil Code
c) the insuring agreement
d) the fire policy itself

ESLBHIVRF is an acronym for
a) risks included in extended coverage insurance
b) insurance companies in Quebec
c) comprehensive insurance
d) the terms in an insurance contract

Today's household policy form is known as:
a) Combined residential insurance
b) Fire and extended coverage insurance
c) Householder insurance
d) Comprehensive insurance

The IBC standard forms carry a number beginning with QPPF which stands for:
a) Quebec permanent policy form
b) Quebec popular property form
c) Quebec personal property form
d) Quebec public property form

The greatest catastrophe to date in Quebec was:
a) Flood in Saguenay in 1996
b) Ice storm in 1998
c) Flooding in Montéregie in 2012
d) Lac Megantic fire in 2013

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