CH.11-INTRO TO AUTO INSURANCE Flashcards
1
Q
AUTO INSURANCE POLICIES PROVIDE COVERAGE FOR:
A
- 3RD PARTY LIABILITY
- PERSONAL INJURY W/O REGARD TO FAULT (ACCIDENT BENEFITS)
- LOSS/DAMAGE TO INSURED AUTO
2
Q
Auto insurance provided by (diff in each province):
A
- Private insurers (inl facility associations)
- Compulsory gov insurance plans
- No fault ins plans
3
Q
Private Insurers
A
- AB,ON,Atl prov.
- SPF. NO 1 STANDARD AUTO POLICY (OWNERS FORM)
- Standard endorsement forms available to modify coverages
-
Facility associations: for ppl unable to qualify for coverage in regular market place
- established in each prov
4
Q
Compulsory government Insuracne plans
A
- BC, SK, MB
- coveage diff in each prov.
- drivers ENTITLED to purchase min. limits so NO FACILITY ASSOCATIONS
- compete w/ gov. ins plans for excess coverages
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5
Q
No fault ins plans
A
- plans are differen but purpose is the same- benefits for ppl injured in car accidents no matter who is at fault
- pure no fault: no legal action against drivers
- threshold no fault: in ON, must meet monetary threshold to take legal action against responsible person
-
Modified no fault: In SK, claimants can claim compesation for inury/death from OWN insurer
- if amts not enough, can take action against responsible person
6
Q
Application form (12)
A
- Applicant full name + address
- policy period (starts at time of app, ends 12:01am std time at insured addr)
- Particulars of described auto
- Driver info
- previous accidents
- History of convictions
- Rating Info
- Insurance Coverages applied for
- Remarks
- Method pmt
- Declaration of applicant
- report of broker/agent
7
Q
Application form: Info req
A
- need Owners form OAF 1 filled out fully
- insures private pasenger + commercial vehicles
- can insure more then 1 auto
8
Q
Application Form: 1. Applicants full name and Addres
A
- Insurer req driver history from prov licencing body
- if being leased: Lessors full name adn Addr req
9
Q
Application Form: 2. Policy Period
A
- Coberages starts at time of applcaitoon
- Coverage ends 12:01 std time at addr of insured
10
Q
Application Form: 3. Particulars of described auto
A
- model, year, make, trade name, body type, VIN, etc…
- If owned or leased
- purchase price (incl options, taxes, etc)
- commuting distance to work, annual drivingdistances
- if any car pooling
- modifications
- Non FACTORY INSTALLED ELECTONIC EQUIPMENT: LIMIT $1500
- May req additional coverage if car:
- being renred/leased
- passengers for compentsqation, hauling a trailer, carrying explosives or radioactive materials
- how many cars in houshold? how many drivers?
11
Q
Application form: 4. Driver info
A
- persons not named can use auto
- Applicant must provide:
- names of all drivers
- approx % of use of auto
- # years licenced
- Applicant must provide:
- retiree discount: must sign declaration of retirement
12
Q
Application Form: 5.Prevoous accidenrs adn Insurance claims
A
- details of previous accidents and claims for last 6 years
- incl if accident was in an employer auto
- applies to all owned vehicles or operation/use pf any auto
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13
Q
Application Form: 6. History of convictions
A
info req:
- convictions history (3 years)
- from impaired driving, failure to yield righ of way, etc even if no accident
- Accident and claims history (6 years)
- INCL:
- accident caused by app.
- caused by others having use of applicants auto
- claims for other damage like fire, hail, theft
14
Q
Aplication form: 7. Rating Information
A
- this section for broker/company use
- develops rating info from previous sections of application
- will determine premium to be charged
15
Q
Application Form: 8. Insurance coverages applied for
A
- clients selects coverages req
- selects limits and deductibles
- total premium shown per vehicle
- premium is estimated and subject to adjustmnet/conformation
- details minimum premium charge in case of cancellation
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