Chapter 2 (Industry Association Supplement)

Question 1

Which group is responsible for ensuring auto insurance rates are affordable in Alberta?

Answer 1

Alberta Automobile Insurance Rate Board (AAIRB)

Question 2

What services do the Canadian Independent Adjusters Association provide?

Answer 2

Education, advocacy, and setting professional standards

Question 3

The Canadian Inter-company Arbitration Agreement is managed by..?

Answer 3

Canadian Insurance Claims Managers Association (think sigma spelt CICMA

Question 4

The Canadian Inter-company Arbitration Agreement exists to..?

Answer 4

Encourage companies to settle disputes through arbitration (Basically 3rd party settles disagreements)
This helps ensure the inexpensive settling of insurer-insurer lawsuits over claims
Which ALSO helps keep premium costs low for consumers

Question 5

The Centre for Study of Insurance Operations (CSIO) is a joint venture between..?

Answer 5

Insurance brokers, Insurance companies, and Software Vendors

Question 6

The ultimate goal of CSIO is to..?

Answer 6

Increase broker efficiency

Question 7

What is the Institute for Catastrophic Loss Reduction?

Answer 7

A non profit organization that looks to educate people on disaster prevention and reduce human and financial consequences of natural disasters

Question 8

What does the Underwriters Laboratories of Canada do?

Answer 8

Test products for safety and enforce regulations. (They don’t make the regulations btw)