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C81 - 4 > Basic Documents > Flashcards

Basic Documents Flashcards

1
Q

A request for insurance

A

Application

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2
Q

An application contains

A
  • Characteristics of risk
  • Amount of insurance required
  • Personal information
  • Essential details necessary to take on the risk
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3
Q

Term used for insurance protection

A

Coverage

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4
Q

Implies a standard of honesty greater than that usually required in most ordinary contracts

A

Utmost good faith

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5
Q

Something affected a contract of insurance that is important enough to change the agreement between the company and the policy holder

A

Material Fact

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6
Q

3 material facts

A
  1. The acceptability of the risk
  2. The amount of premium charged
  3. The type of coverage offered
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7
Q

Misleading the insurer by lying or not disclosing information

A

Misrepresentation

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8
Q

Two types of temporary insurance

A
  1. Binder

2. Cover note

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9
Q

The amount of the loss that the insured is responsible for

A

Deductible

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10
Q

Common law provinces

conditions required by law

Apply even if they are not mentioned in the policy or documents

A

Statutory Condition

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11
Q

Statutory in nature in the provincial legislation and sets out the subject matter that must be covered by these conditions

A

General Conditions (Quebec)

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12
Q

How long does temporary insurance cover for?

A

30 days

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13
Q

How to cancel temporary insurance

A

Issue a document for a fixed period of time (30 days)

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14
Q

Agreement made between the insured and the insurer

A

Insurance policy

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15
Q

Policy Components (in order)

A
  1. Introduction or preamble
  2. Insuring agreements
  3. Statutory conditions/ Quebec General Conditions
  4. Policy conditions
  5. Signature clause
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16
Q

If there was a dispute in the wordings of the policy, which way would the court rule?

A

In favor of the insured

17
Q

Who signs the policy?

A

Insurer signs the policy with a stamp

18
Q

Insures large risks. One or more insurers participate in covering the risk. Coverage is evenly divided.

A

Subscription Policy

19
Q

A policy designed for a specific risk

A

Manuscript policy

20
Q

A change to a policy

A

Endorsement

21
Q

Endorsement coverage

A

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C81 - 4 (4 decks)

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