Acronym Flashcards
1
Q
name the 6 functions of insurance
A
S- source of employment A- aid to credit L- loss prevention S- source of capital A- aid to security S- spread of risk
2
Q
when can a contract be transferred to another person?
A
B- bankruptcy
O- operation of law
D- death
3
Q
Name the 3 other forms of policies
A
OAP 2- drivers policy
OAP 4- Garage policy
OAP 6- standard non-owned auto policy
4
Q
what can an endorsement do to your policy?
A
M- modify
A- add
R- reduce
T- take away
5
Q
How can you deal with risk?
A
E- eliminate
A- assume
T- transfer
6
Q
How does priority of payments work with accident benefits?
A
O- own policy
O- occupant in your car
A- any other car in the accident
O- Ontario motor vehicle accident claims fund
7
Q
why should you re insure?
A
P- provide stability R- reduce the effect I- increase capacity M- maintain proper reserves E- enable insurer to cease operations
