Vero broker training

Contents assessment

Your results:

1. Indemnity value for a total loss means we will only pay the market value of the contents immediately before the loss occurred.  

  This is correct. Indemnity cover pays the market value at the time of loss.

  Not quite right. Indemnity cover does not pay replacement value.

2. Alternative accommodation applies if the home is deemed uninhabitable. A home would not be considered uninhabitable if only one bedroom requires repairs. 

  This is correct. The home would still be considered habitable.

  Not quite right. Minor repairs do not make a home uninhabitable.

3. If a customer changes address, how long will we cover their contents at both addresses? 

  This is correct. Contents are covered at both addresses for 30 days during a move.

  Not quite right. Contents are covered at both addresses for 30 days during a move.

4. We automatically cover contents that are moved into storage. 

  This is correct. Contents in storage are not automatically covered.

  Not quite right. Storage cover is not automatic.

5. When taking out a new policy we exclude damage cause by storm, flood, landslide, bush fire, or volcanic activity. How many hours does the exclusion apply for?  

  This is correct. The natural disaster exclusion applies for 72 hours.

  Not quite right. The natural disaster exclusion applies for 72 hours.

6. What additional excess will apply if the property is tenanted? 

  This is correct. An additional excess of $250 applies when the property is tenanted.

  Not quite right. An additional excess of $250 applies when the property is tenanted.

7. Photographic evidence can be used as proof of ownership for a claim under the Cover Option – Maxi Gifts benefit.  

  This is correct. Photographs can be used as proof of ownership.

  Not quite right. Photographs can be used as proof of ownership.

8. In which of the following events may we cover damage to a customer’s contents under the Gradual damage benefit? Damage caused by:

  This is correct.

  Not quite right. The correct answer is water leaking from an internal water system, hidden from view, that occurred after the customer occupied the home.

9. How many events will we pay out under the Tenant’s improvements benefit where the customers permanently installed item/s (e.g. heat pump) are damaged? 

  This is correct. Each permanently installed item is covered one per item.

  Not quite right. Each permanently installed item is covered once per item.

10. We will cover a customer’s child’s contents when they are flatting while in tertiary education.  

  This is correct. The policy does not provide cover in this situation.

  Not quite right. The policy does not provide cover in this situation.

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