Chapter 12 Flashcards
Automobile insurance is Distributed in two ways, lost them
- By private insurance companies, which seem their products - directly to the public ( direct writers settling directly to the public without intermediaries or direct response companies seeking directly to the public, through mail, telephone, internet, and other forms of communication
- through brokers or agents settling on behalf of a number of private companies or
- through independent brokers or agents who sell the products of private companies - By crown corporations or agencies specifically set up by provincial governments for this purpose, which sell their products through
- private brokerage firms
- direct sales departments
- other government agencies, such as vehicle license offices
Define peer-to-peer insurance
A method where a group of individuals form a network to pool their premiums to insure against risk
What is insuretech bringing to the insurance industry?
Insuretech is bringing new innovations, such as smartphone apps, peer to peer insurance, custom policies and more to the insurance sphere. Intertek innovators are seeking to disrupt the insurance marketplace to the benefit of consumers and insuretech companies
List the provinces and territories with private insurance systems
Alberta New Brunswick Newfoundland and Labrador Nova Scotia Ontario Prince Edward Island Northwest territories Nunavut Yukon
What does compulsory coverage include in a private insurance province
Third party liability
Accident benefits
Direct compensation- property damage in new brunswick, Newfoundland and labrador, Nova scotia, ontario, and Prince Edward Island
uninsured motorist coverage, which may be included under accident benefits or may be separate line of coverage - some provinces, such as British Columbia manitoba, also have compulsory uninsured motorist protection, what other provinces have it as a coverage endorsement that may be optional but is usually included on qualifying owners policies
Provinces with government insurance systems how do they work?
saskatchewan, Manitoba and British Columbia have crown corporations that provide the basic compulsory automobile coverages. The premium is paid annually when the vehicle license plate is renewed, and in some cases a fee is charged when the driver’s license is renewed. No policy is issued, but a motor vehicle certificate of registration is issued, and then identical copy serves as the owner certificate of insurance. Additional optional coverages may be purchased either through Crown corporation or through private insurers. These additional coverages are similar to The standard automobile policies you should in non-government insurance restrictions.
How is automobile insurance marketed in Canada list 3 ways
Automobile insurance is marketed in three ways in Canada
Through an independent agents or brokers selling on the half of various companies
by direct writing companies through their captive agency system
by provincial government Crown corporations specifically set up for this purpose
Describe Saskatchewan automobile accident Insurance act
an insurance premium is payable on every motor vehicle license at the time the license is purchased. A premium is not paid on the driver’s license, however, if the operator of an automobile is involved in an accident where the automobile, unknown to the operator, is in properly licensed, The operators driver’s license will provide insurance. There is a separate system based on accumulated driving points where hazardous drivers are assessed fines are not permitted to transact with SGI without fines first being paid.
no policy is issued under the act, but it defines the coverage, who is insured, the ensuring agreements, and the insurable risks. the regulations under the ACT make it possible to make certain changes to the act without act of legislator. rating units may be set or varied. The regulations can be compared to endorsements that may attach to a policy and as such are designed to facilitate coverage and permit a wider scope of variations and underwriting. The automobile accident Insurance act is the master policy, and the registration certificate and driver’s license are proof of insurance
Define compulsory coverage in Saskatchewan
Third party liability
Personal injury benefit - compensates insureds who are injured in an automobile accident
physical damage coverage cold comprehensive insurance in Saskatchewan but comparable to all perils and other jurisdictions - covers basic amounts of loss or damage to the automobile and is subject to a deductible
What is extension insurance called when purchased as a bundle from SGI?
Auto Pak
Define general damages
Damages awarded by a court of law for the pain and suffering of an individual, applied in third-party injury claims
Define special damages
actual loss from the natural, not the necessary, consequences of the subject of complaint, for example specific payments for medical bills or car repairs. In third-party claims, it means the damages that may be proved with documents
What is the basic compulsory coverage in Manitoba?
Third party liability
Accident benefits (personal injury protection plan)
All perils physical damage coverage- subject to a limit per vehicle and a deductible, and specified classes of vehicles may be excluded from this coverage
True or false In British Columbia there is no policy. The vehicle registration serves as evidence of insurance
True
What is the compulsory coverage in BC and what are the optional coverages?
The basic compulsory consists of
Third party liability
Underinsurance motorist protection
Accident benefits
Optional coverages
Extended third party liability limits
Extended underinsured motorist protection
Collision, comprehensive, or specified perils physical damage
Various endorsements
