HOHC Quiz Team 3

Definition of EQC?

• Insures your residential land (within limits) against storm and flood damage.

• Insures your residential land against storm and flood damage.

In Market Value Insurance, what will customer get if they have a loss?

• We would pay the cost to repair the home as close as possible to the standard immediately prior to the loss, up to the sum insured. This considers the age and condition of the house.

• We would pay the cost to repair the home as close as possible to the standard immediately prior to the loss, up to the sum insured. This does not consider the age and condition of the house.

Under what circumstances should a Valuation for Insurance Purposes (or similar) be received at policy inception to verify the SI?

• If the SI is more than $2.5 million, including all cost

• If the SI is less than $2.5 million, excluding all cost

• If it is located in a high risk area

• If we want to be annoying

a customer rang wanting to cancel a house insurance, but it is under a body corporate. can we cancel this straight away?"

• yes, because it is the customer's right.

• no, as it is under a body corporate.

• refer, as not in your delegation to cancel

Present value home insurance covers the financial loss to the customer and gives old for old cover?

• YES

• NO

For a rental property claim that has been accepted, how many months' rents will the Lost Rent cover, if a house is unliveable?

• 3 months

• 6 months

• 5 months

Can we insure an individual unit separately under a Body Corporate?

• YES

• NO