business law questions

Question 8 Which of the following is not an appropriate matter for insurance coverage? Not yet answered Select one: Marked out of O a. Insurance against fire in a home. 1.00 O b. Insurance against the wrongful conduct of the insured, e.g., theft. Flag question O c. Insurance against loss of life O d. Insurance against lost profits. Question 9 Which of the following is correct with respect to the meaning of an insurable interest? Not yet answered Select one: Marked out of O a. An insurable interest means that the person causing the loss is required to show enough interest in what he is doing to be careful. 1.00 O b. The insurance company must have received a premium before it can be said to have an interest in the agreement and be bound to pay when a claim is made. Flag question O c. The person taking out the insurance contract must be in a position that he will suffer a loss if the insured-against event occurs. O d. The beneficiary or person receiving payment must have an ownership interest in the thing being insured. Question 10 Some jurisdictions have instituted "no fault" insurance programs. Which of the following statements is true? Not yet answered Marked out of Select one: 1.00 O a. Under no fault programs, people are treated the same and compensated for their injuries whether they are at fault or not. Flag question O b. Under common law, if a person is not at fault, damages can always be recovered in tort. O c. There is always an assumption of contributory negligence under no fault insurance programs. O d. No fault insurance means no compensation for loss.Question 5 Business interruption insurance is designed to cover which of the following situations? Not yet answered Select one: Marked out of O a. A person operates a restaurant business. Some customers suffer injury due to food poisoning caused by the restaurant' s negligence and sues the restaurant for 1.00 damages for the injuries suffered. The insurance coverage includes the restaurant' s legal expenses in defending the lawsuits and the amount of judgments issued in Flag favour of the customers. question O b. A person owns a restaurant business and the restaurant is destroyed by fire. The insurance covers the losses caused by the business being closed down for several months. O c. A person has a partner in his restaurant business and that partner catches a disease and dies. The insurance provides for coverage of the death of the partner. O d. A person owns a restaurant business and the restaurant is destroyed by fire. The insurance coverage pays for the repair of the building. Question 6 ANSWER THIS QUESTION USING YOUR LEGAL LINKS. Pursuant to Section 647 of Alberta's Insurance Act, which of the following applications for life insurance would likely be denied Not yet based on an insurable interest NOT being present. answered Marked out of Select one: 1.00 O a. Bob applies for a policy of life insurance on his daughter, Sally. Flag O question b. ABC Co. applies for a policy of life insurance on its CEO, Stan Humphries. O c. Beavis, an employee of ABC Co., applies for a policy of life insurance on another employee, Milhouse. O d. Susan applies for a policy of life insurance on her husband, Sam. Question 7 ANSWER THIS QUESTION USING YOUR LEGAL LINKS. Pursuant to Alberta's Insurance Act, there is a list of who is not included in the meaning of the term "adjuster". All of the Not yet following are on that list, with one exception. Identify the EXCEPTION. answered Marked out of Select one: 1.00 O a. an insurer Flag O question b. a trustee of property or an agent of an owner of or person having an insurable interest in property who negotiates a settlement of a loss under a contract of insurance in respect of the property O c. a lawyer when practising law O d. a notary public and commissioner of oathsQuestion 1 In Heitsman v. Canadian Premier Life Insurance Co., an insurance company denied coverage on the basis of an ambiguous exclusion of liability clause. Which of the following was a finding Not yet (decision) of the Court? answered Marked out of Select one: 1.00 O a. The contra proferentum rule did not apply, because the insured had signed the contract voluntarily. Flag question b. The contra proferentum rule was applied, and the exclusion was broadly construed. O c. The contra proferentum rule was applied, and the exclusion was narrowly interpreted. O d. The contra proferentum rule did not apply, because the insurance contract was in standard form. Question 2 Which of the following statements is FALSE? Not yet answered Select one: Marked out of O a. Comprehensive policies cover every peril except what is specifically excluded. 1.00 O Flag b. Businesses often take out life insurance against the death of key personnel. question O c. You require an insurable interest in what is insured in order to have a valid insurance policy. O d. Insurance agents only owe a duty to the person purchasing insurance. Question 3 Which of the following is correct with respect to the principle of subrogation as it relates to insurance law? Not yet answered Select one: Marked out of O a. Subrogation refers to the principle that the insured cannot benefit from his own wrongdoing. 1.00 D Flag b. Subrogation refers to the principle that, if an insurance company pays out on a policy, they step into the shoes of the insured and can sue whoever caused the loss question as if it were the insured. O c. Subrogation refers to the practice of the insurance companies taking out their own insurance where the policy involves potentially large losses or high risk. O d. Subrogation refers to the principle that, if the insured does not take out enough insurance, he will be taken to be responsible for a portion of any loss incurred. Question 4 In Mueller v. Wawanesa Insurance Co., insurance had been taken out on a house when it was rented as a residential family dwelling. Instead of a family occupying the house, the building Not yet was occupied by three members of a motorcycle gang. The insurance company was not notified of the change. The house was eventually destroyed by fire - the police suspected arson at answered the hands of a rival gang. What was the result of the court action? Marked out of 1.00 Select one: Flag O a. The failure to notify of the change was immaterial, because there was no proof of a connection between the change and the cause of the fire. question O b. The failure to notify of the change voided the policy, but the insurance company still had to cover the loss. O c. The failure to notify of the change voided the policy and the insurance company did not have to pay. O d. The failure to notify of the change was immaterial, because there was no misrepresentation at the time the policy was taken out