Auto Chapter 1 Flashcards
All forms must be approved by whom
Superintendent
what is FSCO/FSRA
Financial Services Commission of Ontario/ Financial Services Regulatory Authority
OAF 1
Ontario Application for Automobile Insurance (Auto Application)
OAP 1
Ontario Automobile Policy (Owner’s Form)
What types of forms are approved by the superintendent? (C-CAP)
Claims, continuation certificate, application of insurance, policy endorsement or renewals.
What provinces use government insurers?
BMSQ, Bc, Manitoba, Saskatchewan, Quebec.
What are the 4 mandatory coverages for auto
DUAL- direct compensation, uninsured automobile, accident benefits, and liability
Section 1 of OAF1
Applicants name and postal address
Section 2 of OAF1
Policy Period: always expires at 12:01am on the date listed
Section 3 of OAF1
Describe the automobiles; price, unprepared damages, use, lease, registered owner vs actual owner, ect.
Section 4-6 of OFA1 (and yrs of history rated)
License History(6 yrs); recognized in US and CAN. Insurance History (3yrs). Claims History(6 yrs); for all drivers in household. Convictions History (3 yrs); does not include parking tickets.
Section 7 of OFA 1
Rating info, computed by agent to calculate premium. uses all info from sections 1-6
Section 8 of OFA1
insurance coverage applied to… mandatory=DUAL. plus any optional coverages they may want
Section 9 of OFA1
Remarks: any extra info or factors relating to rating
Section 10 of OFA 1
Method of payment.. in application states that premium is an estimate, and may be confirmed by insurer.
Section 11 of OFA 1
Declaration of Applicant; applicant is cautioned to read this part before signing, just shows that if they mislead or lied then their coverage could be void when attempting a claim.
Section 12 of OFA 1
Report of Broker/Agent; Has the broker or agent bound the risk? is the business new to the agent? what type of motor vehicle liability card was issued- temporary, permanent, or none ? How long has the agent known the applicant? How long has the agent known the principal driver?
Liability (bodily injury and property damage) (brief)
covers insured persons if liable, ie someone else is injured or property damage in auto accident
Accident Benefits(( brief sum)
pays benefits insured are entitled to if injured or killed
Uninsured Automobile coverage (brief sum)
Provides coverage is insured is injured by uninsured motorist.
Direct compensation Property Damage (DCPD)
covers insured for damage when a third party is responsible.
Optional Loss Or damage coverage
insured may pick one or more of; specified perils, comprehensive, collision or upset, and all perils.
