Day 8 Quiz Flashcards
Extended Coverage for a newly acquired vehicle when the previously owned vehicles are with the same insurance provider
Page 8 of OAP1
Liability, Accident Benefits, Uninsured Automobile, Direct Compensation - covered
Replacement auto - has the same coverage as the automobile it replaces as long as insurer is notified within 14 days of delivery of the new automobile
Additional auto - covered if ALL automobiles you own are insured by the insurer for the same type of coverage on the day you take delivery and insurer is notified within 14 days of delivery of the new automobile
Loss or Damage (All Perils, Coll, Comp are covered for both replacement and additional auto - conditions apply)
If a client vehicle is in the shop getting repaired and they are asking, would they be covered if they borrowed a friend’s vehicle, what would you advise?
The insurance for the vehicle being driven will provide coverage in case of a loss. (You lend your vehicle, you lend your insurance, in this case the friend’s insurance will be lent to client)
Bodily Injury claims under Section 5 of the OAP1 - what is the maximum payable - how does this work
Third party has to be IDENTIFIED to file a claim in this section. For unidentified drivers - claim has to be filed against Section 7
Insurer will pay any amounts you or other insured persons have a legal right to recover as damages from the owner or driver of an uninsured automobile for bodily injury resulting from an accident involving an automobile, up to the limits in Section 5.
Limits: We will not pay more than the minimum limits for automobile liability insurance in the jurisdiction where the accident happens - no matter how many people were injured or killed.
In short form, if a claim is caused by an uninsured automobile, the maximum amount the insurer will pay is whatever the minimum liability limit is where the accident happened (example, if the accident is in Ontario, the maximum they will pay is $200K no matter what)
Make sure you understand the Section 6 and 7 calculations for claim payouts (NAF and AF %s)
U can do it u have my full support, you got this, champ XD
Direct Compensation Property Damage
-your insurer pays you directly for the damages to your auto even if the accident is not entirely your fault
-the accident has to happen in Ontario
-at least one other automobile involved has to be insured
-the other automobile’s policy must be issued by an insurance company licensed in Ontario
- If a loss occurred due to ______ & _____perils, the Section 7 deductible would be waived
Fire & lightning
Section 7, Coverage A. Specified Perils
Fire
Theft
Attempted theft
Lightning
Windstorm
Hail
Rising Water
Earthquake
Explosion
Riot or Civil disturbance
Falling or forced landing of aircraft or parts of aircraft
Stranding, sinking, burning, derailment or collision of any kind of transport in, or upon which a described automobile is being carried on land or water
Section 7, Coverage B.
Comprehensive
Losses other than those covered by collision or upset
Those listed under specified perils
Falling or flying objects
Missiles
Vandalism
Section 7, Coverage C
Collision or Upset
Losses caused when a described automobile is involved in a collision with another object or tips over
Object includes:
-Another automobile that is attached to the automobile
-the surface of the ground
-any object in or on the ground
Section 7, Coverage D.
All Perils
Combines the coverage of collision or upset and comprehensive
-includes loss or damage caused if a person in your household steals a described automobile
-also covers if an employee who drives or uses, services or repairs a described automobile, steals it
If someone’s car sinks in Lake Simcoe fishing, what coverage would they require under Section 7 to have coverage for this loss.
All Perils
what OPCF (Ontario Policy Change Forms) can be suggested to cover an underage, non-licenced driver of a snowmobile, on snowmobile paths
OPCF 32 - use of recreational vehicles by unlicensed operators
- What is OPCF44R (Family Protection Endorsement) for? What would it provide to a client regarding coverage limits?
This endorsement covers the shortfall when an at fault third party is inadequately insured to cover the insured’s claims or when the third party is uninsured.
What is OPCF 20 for?
Transportation replacement coverage (keywords LOSS OF USE COVERAGE)
-provides coverage for loss of use of the automobile by theft up to a maximum daily limit and overall maximum
-also available if the client wants to ensure that they have protection against loss of use arising from perils such as collision of vandalism
(provides RENTAL CARS for when described auto can’t be used due to a claim)
What is the OPCF 2? Who benefits from it?
The standard policy wording restricts liability coverage to named insured and their spouse only.
This endorsement expands the definition of insured person for third party liability when operating a non owned or other automobile.
It amends the definition of automobile in section 2 of the policy
