Statutory Conditions are:

Statutory Conditions are:

• A. The event, which may cause a loss.
• B. The occurrence of a loss.
• C. Set out in the Provincial Insurance Act.
• D. The result of a loss.

Answer: (C)

Statutory Conditions are the legal requirements that insurance contracts must include, mandated by provincial law. They define the duties of the insured and the insurer after a loss and outline rights such as notice of loss, protection of property, and proof of loss, as well as the insurer’s remedies like subrogation and cancellation for non-compliance. Because these conditions come from statute, they are described as being set out in the provincial Insurance Act. They aren’t describing the event that causes a loss, the occurrence of a loss, or the result of a loss; they are the statutory framework governing how the policy relationship operates after a loss.

Statutory Conditions are the legal requirements that insurance contracts must include, mandated by provincial law. They define the duties of the insured and the insurer after a loss and outline rights such as notice of loss, protection of property, and proof of loss, as well as the insurer’s remedies like subrogation and cancellation for non-compliance. Because these conditions come from statute, they are described as being set out in the provincial Insurance Act. They aren’t describing the event that causes a loss, the occurrence of a loss, or the result of a loss; they are the statutory framework governing how the policy relationship operates after a loss.