Which of the following is not an example of a Statutory Condition?

The correct answer is Pair and Set because it is not classified as a Statutory Condition under the Insurance Act. Statutory Conditions are provisions within insurance policies that are legally mandated and must be adhered to by both the insurer and the insured. These include fundamental requirements that govern the responsibilities and actions of the parties involved in the insurance agreement.

Replacement refers to the process of substituting an item that is damaged or lost, typically applicable in the context of property insurance. Notice entails the requirement for the insured to inform the insurer of any claims or losses in a timely manner. Material Change addresses the necessity to report any significant changes in risk that could affect the insurance coverage.

In contrast, Pair and Set is a concept used in insurance but is not a statutory requirement; it deals with how items that are part of a set are evaluated for insurance purposes in situations of loss or damage. Thus, while important in some claims, it does not hold the same legal standing as the other conditions listed, which are designated by law to guide behavior in insurance contracts.