50 things on auto Coverage Flashcards
Where does the OAP 1 provide coverage?
Canada, the United States, and on a vessel in between their ports
What three circumstances allow for transfer of interest in an automobile policy?
bankruptcy, death, and succession
Within what time limit do insurers want a claim reported?
within 7 days
When do automobile claims have to be paid by the insurance company?
within 60 days after receiving the proof of loss
What type of refund is required when the insurer cancels the policy?
proportionate (pro-rata)
What type of refund is required when the insured cancels the policy?
short rate
What type of notice is the insured required to give?
none
What type of notice is the insurer required to give when cancelling the first two times for nonpayment?
30 days registered mail
What coverage is available on a vehicle when it is driven by an excluded driver?
only certain accident benefits
What coverage is automatically given to a new vehicle that is being substituted for the old one?
same as the one it replaces
What coverage is automatically given to a new additional automobile?
coverage that is common to all other vehicles
When does a borrowed vehicle become a temporary substitute automobile?
when described automobile is out of service
What coverage is granted when you drive a temporary substitute automobile that ends up being uninsured?
same as the described vehicle out of service
What coverage is automatically given on any trailer?
liability, accident benefits, and uninsured automobile
What kind of trailers automatically get DCPD coverage?
owned trailers not designed to be lived in
Who is granted coverage to drive other automobiles under the OAP 1?
named insured and spouse who lives in the same household
What coverage is granted when one drives an uninsured other automobile? (4)
liability, accident benefits, uninsured automobile, and DCPD
Who is covered under Liability Coverage to drive an automobile?
insured and anyone with consent
What is the maximum amount your policy will pay under Liability Coverage?
the limit insured by the policy
If you carry $200,000 Liability Coverage and you have an accident in Nova Scotia where the minimum Liability limit is $500,000, what is the most your insurance company will pay out under Liability if someone sues you?
$500,000
What is the maximum amount payable under the standard Income Replacement Benefit?
70% gross weekly income to a maximum of $400 per week
What are the buy up amounts for Income Replacement Benefit?
$600, $800, and $1,000
What are the amounts payable for death of a spouse, of a parent (for a child), and of a child (for the parent)?
$25,000, $10,000, and $10,000
What three Accident Benefits are not available to someone who is driving a vehicle while intoxicated?
income replacement, non-earner, and payment of other expenses
What is an uninsured automobile?
a vehicle for which neither the owner nor driver has liability insurance
What is an unidentified automobile?
a vehicle for which neither the owner nor driver can be determined
Who is covered under Uninsured Automobile Coverage?
any occupant of the vehicle, the insured, spouse and dependants
What is the maximum amount paid for vehicle damage caused by an identified but uninsured automobile?
$25,000 with a $300 deductible
What is the maximum amount that will be paid out under Uninsured Automobile Coverage to someone who sustains threshold injuries as the result of an accident with a hit and run vehicle?
$200,000
What three things are covered under Direct Compensation - Property Damage Coverage?
vehicle damage, contents damage, and loss of use
What things must be in place for DCPD to repair damage to an insured person’s vehicle?
accident must occur in Ontario between the insured and another automobile with valid Ontario motor vehicle liability insurance
Whose policy do you go towards to have your vehicle repaired in a not at fault accident?
your own policy
How is fault determined in order to determine how much DCPD will pay of the damages?
fault determination rules
What percentage of your $500 DCPD deductible do you have to pay if you are 0% at fault? 25% at fault?
100%, 75%
What is the difference in coverage between carrying Collision and Comprehensive or All Perils?
all perils will cover theft by someone in the household or by an employee
What is the most an insurer will pay for the DVD that was in the DVD player when the player was stolen?
$25
What types of losses do not require a deductible to be paid under Section 7 of the OAP 1?
fire and lightning
Are general average charges covered under the OAP 1?
yes, see page 48
Will your OAP 1 cover your friend when she is driving your vehicle with consent and she slides on black ice and rolls your vehicle? Will they subrogate against her for the damages she caused?
yes, not unless she used the vehicle illegally
How much will Loss of Use Due to Theft pay to supply you with a rental vehicle? Will you get it immediately?
$900, 72 hour waiting period
Rather than pay for the damage, how many days does the insurer have to notify an insured if they choose to repair, replace or rebuild the automobile instead?
seven days
What will the OPCF 20: Coverage for Transportation Replacement pay for besides a rental vehicle?
taxi, public transportation
In what two ways does the OPCF 23A: Lienholder Protection protect the lienholder?
insurer must provide 15 day notice of cancellation and the cheque will be made payable jointly to the insured and institution
What does the OPCF 44R: Family Protection Coverage protect the insured against?
an underinsured motorist
What does the OPCF 48: Added Coverage to Offset Tort Deductibles do?
reduces tort deductible by $10,000 for the injured person and $5,000 for family members
Who needs an OPF 2: Ontario Driver’s Policy?
someone who drives other people’s vehicles and does not have a vehicle of their own to insure
Who is protected by the SPF 6: Standard Non-Owned Automobile Policy?
employer when their employees are using their vehicle on company business
Why do those who buy, sell, store, park and repair vehicles need an OAP 4: Ontario Garage Automobile Policy?
OAP 1 excludes coverage
How long does the OPCF 43: Removing Depreciation Deduction waive depreciation on a new vehicle?
24 months
When would an OPCF 5: Permission to Rent or Lease Automobiles endorsement be required?
extends coverage to a vehicle that you drive, but that is owned by a leasing company
