Auto 8,9, 10 practice questions Flashcards
what coverage does a driver retain when the excluded driver endorsement has been attached to them
certain accident benefits
Which endorsement covers a vehicle that can go on land and water
OPCF9- amphibious vehicles are only covered on land when this is used, water risk will be a different policy
Who or what does an endorsement pertain to?
the insured, the driver, the use of the auto, the vehicle insured, or a specific coverage
What does a declination letter indicate about an applicant
the applicant does not qualify for coverage according to one insurer auto
Who are servicing carriers for facility association
insurers who issue policies for facility association
Which endorsement would be added to a policy if an insured purchases an optional accident benefit?
OPCF 47: agreement not to rely on SABS Priority of Payment Rules
Which of the following examples best describes when an OAP2- the driver’s policy- is needed?
when a person that does not have a vehicle of their own and drives a friend’s vehicle that no longer has a licence and they are not sure that the vehicle has a valid insurance policy.
What are the two purposes to apply the OPCF 27, liability for damage to non owned vehicles, to the auto policy
gives legal liability protection for damage to non owned auto and extend coverage to drivers specifically listed on endorsement.
List examples of an Unfair or Deceptive Acts
changing principal driver to lower premium than the one set in policy, using credit info to process an application for insurance, discounting part of the premium to persuade them, misclassifying the person or vehicle for the purpose of determining premium, using form not approved by superintendent, providing auto policy only if another insurance policies is purchased.
Three components included in the government’s regulatory structure for insurance
the commission, the financial services tribunal, and the superintendent of financial services.
Financial Services Commission of Ontario Act is administered and enforced by which entity?
The superintendent of financial services
What is an insurer required to provide the superintendent upon request
info on all business activities, info on any settlement or contract of insurance by the insurer
Who performs the day to day tasks for the facility association
servicing carriers
