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C14- Auto INS Ontario > Definitions > Flashcards

Definitions Flashcards

1
Q

Defendant

A

 In civil matters, the person or organization that is being sued

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2
Q

 In civil matters, the person or organization that is being sued

A

Defendant

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3
Q

 The party who brings a legal action against another, called the defendant

A

Plaintiff

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4
Q

Plaintiff

A

 The party who brings a legal action against another, called the defendant

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5
Q

Accident Benefits

A

 Indemnity provided to an insured on a first-party basis towards the cost of medical and rehabilitative care for the treatment and recovery of injuries, arising out of the use or operation of an insured’s automobile. Accident Benefits may include provisions for the partial reimbursement of wage loss and home care expenses. Such benefits may also include funeral expenses and survivor’s benefits in the event of a loss that involves an insured’s fatality

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6
Q

 Indemnity provided to an insured on a first-party basis towards the cost of medical and rehabilitative care for the treatment and recovery of injuries, arising out of the use or operation of an insured’s automobile. Accident Benefits may include provisions for the partial reimbursement of wage loss and home care expenses. Such benefits may also include funeral expenses and survivor’s benefits in the event of a loss that involves an insured’s fatality

A

Accident Benefits

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7
Q

At Fault

A

 Where an insured is held legally liable for damage or injury (a term usually used in automobile or casualty insurance); a concept used in direct compensation in determining the degree of liability and amount of compensation.

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8
Q

 Where an insured is held legally liable for damage or injury (a term usually used in automobile or casualty insurance); a concept used in direct compensation in determining the degree of liability and amount of compensation.

A

At Fault

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9
Q

 An endorsement added to a written document, particularly an agreement between parties, altering its provisions

A

Endorsement

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10
Q

Endorsement

A

 An endorsement added to a written document, particularly an agreement between parties, altering its provisions

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11
Q

 Additional optional vehicle insurance, available as a package policy or customized insurance, purchases by insureds to provide higher coverage limits, lower coverage deductibles, or coverage for additional perils in provinces with mandatory government insurance plans for basic coverage.

A

Extension Insurance

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12
Q

Extension Insurance

A

 Additional optional vehicle insurance, available as a package policy or customized insurance, purchases by insureds to provide higher coverage limits, lower coverage deductibles, or coverage for additional perils in provinces with mandatory government insurance plans for basic coverage.

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13
Q

 An automobile owned by the insured

A

Owned Automobile

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14
Q

Owned Automobile

A

 An automobile owned by the insured

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15
Q

 A policy that protects the insured against third party claims arising out of some other person using his own vehicle in the business of the insured.

A

Non-owned Automobile Insurance

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16
Q

Non-owned Automobile Insurance

A

 A policy that protects the insured against third party claims arising out of some other person using his own vehicle in the business of the insured.

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17
Q

 Insurance that does note participate until all other similar insurance on the same subject is exhausted, or until the loss exceeds a previously agreed- upon amount. Where there are two policies on a risk and both contain a provision that they are “excess to all other insurance”

A

Excess Insurance

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18
Q

Excess Insurance

A

 Insurance that does note participate until all other similar insurance on the same subject is exhausted, or until the loss exceeds a previously agreed- upon amount. Where there are two policies on a risk and both contain a provision that they are “excess to all other insurance”

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19
Q

 A type of potential replacement insurance company policy that indemnifies the insured only in the absence of another primary policy

A

Contingent Insurance

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20
Q

Contingent Insurance

A

 A type of potential replacement insurance company policy that indemnifies the insured only in the absence of another primary policy

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21
Q

 An online-enabled application or website used by persons to prearrange the transportation of passengers for compensation by a transportation network driver.

A

Transportation Network

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22
Q

Transportation Network

A

 An online-enabled application or website used by persons to prearrange the transportation of passengers for compensation by a transportation network driver.

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23
Q

 A contract under which one party (the surety) guarantees the performance of certain obligations of second party (the principal) to a third party (the obligee)

A

Surety Bond

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24
Q

Surety Bond

A

 A contract under which one party (the surety) guarantees the performance of certain obligations of second party (the principal) to a third party (the obligee)

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25
Q

 A legal wrong arising from a duty fixed by law. A breach of this duty that causes injury to persons or property is repressible by legal action for damages. Liability for tort involves a private or civil wrong or injury and is distinct from that under contract in that the duty is owed to people, generally, rather than to a specified individual

A

Tort

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26
Q

Tort

A

 A legal wrong arising from a duty fixed by law. A breach of this duty that causes injury to persons or property is repressible by legal action for damages. Liability for tort involves a private or civil wrong or injury and is distinct from that under contract in that the duty is owed to people, generally, rather than to a specified individual

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27
Q

Negligence

A

 Failure to use the degree of care expected from a reasonable and prudent person

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28
Q

 Failure to use the degree of care expected from a reasonable and prudent person

A

Negligence

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29
Q

 Insurance that agrees to indemnify the insured for sums the insured may be required by law to pay to third parties as damages for bodily injury or damage to property. The maximum amount of insurance provided under a policy of liability insurance

A

Liability Insurance

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30
Q

Liability Insurance

A

 Insurance that agrees to indemnify the insured for sums the insured may be required by law to pay to third parties as damages for bodily injury or damage to property. The maximum amount of insurance provided under a policy of liability insurance

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31
Q

 The burden or responsibility of proof and is sometimes referred to by its Latin Term, Onus Probandi

A

Onus of Proof

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32
Q

Onus of Proof

A

 The burden or responsibility of proof and is sometimes referred to by its Latin Term, Onus Probandi

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33
Q

Driver’s fault chart

A

 A set of accident scenarios to determine fault or liability between drivers involved in an accident and the compensation payable. It takes into account the Highway Traffic Code and case law.

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34
Q

 A set of accident scenarios to determine fault or liability between drivers involved in an accident and the compensation payable. It takes into account the Highway Traffic Code and case law.

A

Driver’s fault chart

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35
Q

 A legal decision that serves as a bass to resolve subsequent disputes in similar cases

A

Precedent

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36
Q

Precedent

A

 A legal decision that serves as a bass to resolve subsequent disputes in similar cases

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37
Q

 In the event of an accident, each insured will obtain compensation from his or her insurer according to the insured’s degree of fault for an accident

A

Direct Compensation

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38
Q

Direct Compensation

A

 In the event of an accident, each insured will obtain compensation from his or her insurer according to the insured’s degree of fault for an accident

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39
Q

 To provide compensation for loss or expenses incurred

A

Indemnify

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40
Q

Indemnify

A

 To provide compensation for loss or expenses incurred

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41
Q

 Covers damage to, or the loss of use of, an automobile or its contents, to the extent that the driver of another vehicle was at fault for the accident. It is called “direct compensation” because even though someone else caused the damage, the insured person collects directly from his or her insurer instead of from the person who caused the accident

A

Direct Compensation-property damage

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42
Q

Direct Compensation-property damage

A

 Covers damage to, or the loss of use of, an automobile or its contents, to the extent that the driver of another vehicle was at fault for the accident. It is called “direct compensation” because even though someone else caused the damage, the insured person collects directly from his or her insurer instead of from the person who caused the accident

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43
Q

 Liability imposed by law on individuals or corporations to pay for harm done to others. Such law may be the common law, statute law, or customs that over a period of time have taken on the same status of law. Legal liability may also be assumed under the terms of a contract

A

Legal Liability

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44
Q

Legal Liability

A

 Liability imposed by law on individuals or corporations to pay for harm done to others. Such law may be the common law, statute law, or customs that over a period of time have taken on the same status of law. Legal liability may also be assumed under the terms of a contract

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45
Q

 Any person (including a corporation) covered by an insurance policy. In some policies, the term may be defined exhaustively to limit the coverage or defined broadly to expand coverages

A

Insured

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46
Q

Insured

A

 Any person (including a corporation) covered by an insurance policy. In some policies, the term may be defined exhaustively to limit the coverage or defined broadly to expand coverages

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47
Q

 A term used in auto and liability policies meaning physical injury, including sickness, disease, mental injury, shock, or death

A

Bodily Injury

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48
Q

Bodily Injury

A

 A term used in auto and liability policies meaning physical injury, including sickness, disease, mental injury, shock, or death

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49
Q

 The person or party designed in the policy as the insured, who has certain rights under the policy, as opposed to someone who may be covered by the policy but is not specifically named and does not have the same rights as the named insured

A

Named Insured

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50
Q

Named Insured

A

 The person or party designed in the policy as the insured, who has certain rights under the policy, as opposed to someone who may be covered by the policy but is not specifically named and does not have the same rights as the named insured

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51
Q

 A person other than the named insured who is protected by the terms of the policy. The additional insured may be named or unnamed

A

Additional Insured

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52
Q

Additional Insured

A

 A person other than the named insured who is protected by the terms of the policy. The additional insured may be named or unnamed

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53
Q

 The smallest amount of third-party liability insurance that may be purchased in any Canadian Jurisdiction

A

Minimum Limits

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54
Q

Minimum Limits

A

 The smallest amount of third-party liability insurance that may be purchased in any Canadian Jurisdiction

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55
Q

Priorities of payment

A

 A system that specifies how much of the minimum policy limit will apply to bodily injury claims and how much will apply to property damage claims in situations where there is not enough insurance to coverage all the combined claims

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56
Q

 A system that specifies how much of the minimum policy limit will apply to bodily injury claims and how much will apply to property damage claims in situations where there is not enough insurance to coverage all the combined claims

A

Priorities of payment

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57
Q

Absolute Liability

A

 Liability associated with very dangerous actions. Often found in cases involving explosives and in many automobile laws. Negligence does not have to be proven

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58
Q

 Liability associated with very dangerous actions. Often found in cases involving explosives and in many automobile laws. Negligence does not have to be proven

A

Absolute Liability

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59
Q

 Special prescribed and standardized conditions that the provincial and territorial insurance acts require to be included in insurance policies

A

Statutory Conditions

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60
Q

Statutory Conditions

A

 Special prescribed and standardized conditions that the provincial and territorial insurance acts require to be included in insurance policies

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61
Q

Non-Economic Loss

A

 Payment for loss or harm that is not assessable in money. Where personal injury occurs, compensation may be payable for non-economic loss in the form of pain and suffering during serious illness and also physical defects, disfigurement, or other permanent aftereffects. Also called non-pecuniary loss

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62
Q

 Payment for loss or harm that is not assessable in money. Where personal injury occurs, compensation may be payable for non-economic loss in the form of pain and suffering during serious illness and also physical defects, disfigurement, or other permanent aftereffects. Also called non-pecuniary loss

A

Non-Economic Loss

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63
Q

 Damages or loss that can be quantified in money. Also known as pecuniary loss

A

Economic Loss

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64
Q

Economic Loss

A

 Damages or loss that can be quantified in money. Also known as pecuniary loss

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65
Q

 The words or language describing the nature and type of injury that must be suffered in order to be able to commence a legal action against the responsible party

A

Verbal Threshold

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66
Q

Verbal Threshold

A

 The words or language describing the nature and type of injury that must be suffered in order to be able to commence a legal action against the responsible party

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67
Q

 An agreed specified amount that the insured must pay on a claim before the insurance company will cover the rest of the claim. This amount is agreed upon by both the insurer

A

Deductible

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68
Q

Deductible

A

 An agreed specified amount that the insured must pay on a claim before the insurance company will cover the rest of the claim. This amount is agreed upon by both the insurer

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69
Q

 Many accidents are the partial fault of both parties who are involved in the accident. The plaintiff who sues another party for damages who also be guilty of some negligence, which is a concurrent cause of the damage, and is therefore guilty of contributory negligence

A

Contributory Negligence

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70
Q

Contributory Negligence

A

 Many accidents are the partial fault of both parties who are involved in the accident. The plaintiff who sues another party for damages who also be guilty of some negligence, which is a concurrent cause of the damage, and is therefore guilty of contributory negligence

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71
Q

 A wrongdoer- A party guilty of tort

A

Tortfeasor

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72
Q

Tortfeasor

A

 A wrongdoer- A party guilty of tort

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73
Q

 Damage to the insured’s own vehicle

A

Own Damage

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74
Q

Own Damage

A

 Damage to the insured’s own vehicle

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75
Q

 Legal process by which an insurance company, after the payment of a loss, is assigned the rights of the insured to recover the amount of the loss from those who are legally liable for it

A

Subrogation

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76
Q

Subrogation

A

 Legal process by which an insurance company, after the payment of a loss, is assigned the rights of the insured to recover the amount of the loss from those who are legally liable for it

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77
Q

 Simply, it means paying certain claims without reference to who was at fault. Used to describe a system for improving the compensatory process for automobile accident victims by eliminating costly and lengthy litigation. An automobile insurance system where accident victims are compensated by their insurer regardless of fault

A

No-Fault

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78
Q

No-Fault

A

 Simply, it means paying certain claims without reference to who was at fault. Used to describe a system for improving the compensatory process for automobile accident victims by eliminating costly and lengthy litigation. An automobile insurance system where accident victims are compensated by their insurer regardless of fault

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79
Q

 Rules set out in automobile insurance legislation that are used by insurers to determine fault or responsibility for direct compensation property damage claims, but not for injury claims

A

Fault Determination rules

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80
Q

Fault Determination rules

A

 Rules set out in automobile insurance legislation that are used by insurers to determine fault or responsibility for direct compensation property damage claims, but not for injury claims

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81
Q

 An unusual, fortuitous, unexpected, or unforeseen event or occurrence
 A mishap that is not expected or designed

A

Accident

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82
Q

Accident

A

 An unusual, fortuitous, unexpected, or unforeseen event or occurrence
 A mishap that is not expected or designed

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83
Q

 One who has a right because of possession in or control over certain property or premises; one who acquires title by occupancy; a person who lives in or is the established user of a place such as a home or office or automobile; includes the driver who is in or on a vehicle or getting into, on, out of, or off of a vehicle.

A

Occupant

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84
Q

Occupant

A

 One who has a right because of possession in or control over certain property or premises; one who acquires title by occupancy; a person who lives in or is the established user of a place such as a home or office or automobile; includes the driver who is in or on a vehicle or getting into, on, out of, or off of a vehicle.

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85
Q

Consumer price index (CPI)

A

 An index that measures changes in the price level of a market basket of consumer goods and service purchased by households

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86
Q

 An index that measures changes in the price level of a market basket of consumer goods and service purchased by households

A

Consumer price index (CPI)

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87
Q

 One who enlists others to act as “claimants” in a scheme to commit fraud in exchange for a monetary benefit. The people recruited pay a fee to participate in the scam and in return, are offered a portion of the accident benefits

A

Recruiter

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88
Q

Recruiter

A

 One who enlists others to act as “claimants” in a scheme to commit fraud in exchange for a monetary benefit. The people recruited pay a fee to participate in the scam and in return, are offered a portion of the accident benefits

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89
Q

Uninsured Automobile

A

 One for which neither the owner nor driver has liability insurance to coverage bodily injury or property damage arising out of its ownership, use, or operation, or the insurance is not collectible. This does not include an automobile owned by or registered in the name of the insured person or his or her spouse

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90
Q

 One for which neither the owner nor driver has liability insurance to coverage bodily injury or property damage arising out of its ownership, use, or operation, or the insurance is not collectible. This does not include an automobile owned by or registered in the name of the insured person or his or her spouse

A

Uninsured Automobile

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91
Q

 One whose owner or driver cannot be determined for example, in a hit and run. It is deemed to be in fact “uninsured”

A

Unidentified automobile

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92
Q

Unidentified automobile

A

 One whose owner or driver cannot be determined for example, in a hit and run. It is deemed to be in fact “uninsured”

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93
Q

 A fund used to pay losses arising out of automobile accidents in which there is no applicable insurance. In most cases, the fund is financed by the government from general taxes and license fees; in some jurisdictions, it is financed and underwritten by insurance companies as a group

A

Unsatisfied judgement fund

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94
Q

Unsatisfied judgement fund

A

 A fund used to pay losses arising out of automobile accidents in which there is no applicable insurance. In most cases, the fund is financed by the government from general taxes and license fees; in some jurisdictions, it is financed and underwritten by insurance companies as a group

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95
Q

 The event that caused a loss covered by the policy; for example- fire, windstorm

A

Peril

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96
Q

Peril

A

 The event that caused a loss covered by the policy; for example- fire, windstorm

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97
Q

 An item of coverage in an automobile physical damage policy insuring against loss or damage resulting from numerous miscellaneous causes such as fire, theft, windstorm, flood, or vandalism. Usually, does not include loss by collision or upset

A

Comprehensive automobile coverage

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98
Q

Comprehensive automobile coverage

A

 An item of coverage in an automobile physical damage policy insuring against loss or damage resulting from numerous miscellaneous causes such as fire, theft, windstorm, flood, or vandalism. Usually, does not include loss by collision or upset

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99
Q

 A term used in marine insurance for a loss that is shared by interests such as the owner of the ship, owners of the cargo, receivers of the freight charges, etc. that arises from a voluntary sacrifice for the benefit of all. For example, a part of the cargo may be jettisoned to save the ship and the rest of the cargo from sinking

A

General average

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100
Q

General average

A

 A term used in marine insurance for a loss that is shared by interests such as the owner of the ship, owners of the cargo, receivers of the freight charges, etc. that arises from a voluntary sacrifice for the benefit of all. For example, a part of the cargo may be jettisoned to save the ship and the rest of the cargo from sinking

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101
Q

 The remaining value of property after severe damage by fire and other peril. The overall loss is reduced by the salvage value. Undamaged property may be quite saleable and some property may be only partially damaged, thus repairable and then saleable

A

Salvage

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102
Q

Salvage

A

 The remaining value of property after severe damage by fire and other peril. The overall loss is reduced by the salvage value. Undamaged property may be quite saleable and some property may be only partially damaged, thus repairable and then saleable

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103
Q

 An automobile that is used by an insured temporarily because the described automobile is out of service because of breakdown, repairs, servicing, theft, sale, or destruction. The TSA cannot be owned by the insured or by anyone living in the same dwelling with the insured. The coverage of described automobile applies to the TSA, even though the vehicle may be insured by its owner

A

Temporary substitute automobile (TSA)

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104
Q

Temporary substitute automobile (TSA)

A

 An automobile that is used by an insured temporarily because the described automobile is out of service because of breakdown, repairs, servicing, theft, sale, or destruction. The TSA cannot be owned by the insured or by anyone living in the same dwelling with the insured. The coverage of described automobile applies to the TSA, even though the vehicle may be insured by its owner

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105
Q

 A declaration made under statutory authority before a justice of the peace or commissioner of oaths asserting knowledge of a circumstance, event, or fact. This may be substituted for a statement under oath or affirmation

A

Statutory declaration

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106
Q

Statutory declaration

A

 A declaration made under statutory authority before a justice of the peace or commissioner of oaths asserting knowledge of a circumstance, event, or fact. This may be substituted for a statement under oath or affirmation

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107
Q

 The fair market value of property, taking into account factors that might augment or reduce the value of the property in question. Actual cash value (ACV) is usually calculated in one of 3 ways; 1. cost to repair or replace, less depreciation

  1. fair market value
  2. consideration of all relevant evidence of the value of the damaged property
A

Actual Cash Value (ACV)

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108
Q

Actual Cash Value (ACV)

A

 The fair market value of property, taking into account factors that might augment or reduce the value of the property in question. Actual cash value (ACV) is usually calculated in one of 3 ways; 1. cost to repair or replace, less depreciation

  1. fair market value
  2. consideration of all relevant evidence of the value of the damaged property
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109
Q

 A vehicle that does not exist or is already wrecked

A

Phantom vehicle

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110
Q

Phantom vehicle

A

 A vehicle that does not exist or is already wrecked

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111
Q

 When parties conspire to create the illusion of a legitimate accident using either pre-damaged vehicles or by intentionally and covertly inflicting damage on the suspect’s vehicle(s). Generally, law enforcement is not called to the scene of the accident

A

Paper Collision

112
Q

Paper Collision

A

 When parties conspire to create the illusion of a legitimate accident using either pre-damaged vehicles or by intentionally and covertly inflicting damage on the suspect’s vehicle(s). Generally, law enforcement is not called to the scene of the accident

113
Q

 Methods used to deceive to cause an unwarranted favorable decision for one’s own benefit
 Deliberate misrepresentation or misstatement
 Concealment of facts that should at the time be made known

A

Fraud

114
Q

Fraud

A

 Methods used to deceive to cause an unwarranted favorable decision for one’s own benefit
 Deliberate misrepresentation or misstatement
 Concealment of facts that should at the time be made known

115
Q

 The number usually found on the dashboard of a vehicle on the driver’s side, usually listed on the vehicle registration and title. The VIN is a combination of letters and numbers 17 characters in length that can be used to identify the made, model and year of the car.

A

Vehicle identification number (VIN)

116
Q

Vehicle identification number (VIN)

A

 The number usually found on the dashboard of a vehicle on the driver’s side, usually listed on the vehicle registration and title. The VIN is a combination of letters and numbers 17 characters in length that can be used to identify the made, model and year of the car.

117
Q

 One who recovers or assists in recovering damage property, especially property damage by fire

A

Salvor

118
Q

Application

A

 A request by an insured for insurance. Applications may be done verbally, in writing, or online. The insured provides information relating to the subject for insurance. The insurer then assesses this information and decides whether to accept the risk for insurance and on the terms of such acceptance

119
Q

Salvor

A

 One who recovers or assists in recovering damage property, especially property damage by fire

120
Q

 A request by an insured for insurance. Applications may be done verbally, in writing, or online. The insured provides information relating to the subject for insurance. The insurer then assesses this information and decides whether to accept the risk for insurance and on the terms of such acceptance

A

Application

121
Q

 The person or firm requesting insurance. That party answers oral questions or completes and signs written forms that contain information to assess the risk

A

Applicant

122
Q

Applicant

A

 The person or firm requesting insurance. That party answers oral questions or completes and signs written forms that contain information to assess the risk

123
Q

 A legal principle calling for the highest standards of integrity on the part of the insured and the insurer

A

Utmost good faith

124
Q

Utmost good faith

A

 A legal principle calling for the highest standards of integrity on the part of the insured and the insurer

125
Q

 Incorrect or missing information about a material fact that is offered, or not, by an applicant or insured with or without the intent to mislead

A

Misrepresentation

126
Q

Misrepresentation

A

 Incorrect or missing information about a material fact that is offered, or not, by an applicant or insured with or without the intent to mislead

127
Q

 The price of insurance protection for a specified risk for a specified period of time

A

Premium

128
Q

Premium

A

 The price of insurance protection for a specified risk for a specified period of time

129
Q

 A three-year record of a driver. Includes information such as driver’s name and license number, class, expiry date, conditions/ restrictions, and or license status information

A

Driver Abstract

130
Q

Driver Abstract

A

 A three-year record of a driver. Includes information such as driver’s name and license number, class, expiry date, conditions/ restrictions, and or license status information

131
Q

 Amount charged to an insured that reflects the expectation of loss for a covered risk, insurance company expenses, and profit. In other words, it is the basis of premium calculation for the insurance provided for the exposure.

A

Rate

132
Q

Rate

A

 Amount charged to an insured that reflects the expectation of loss for a covered risk, insurance company expenses, and profit. In other words, it is the basis of premium calculation for the insurance provided for the exposure.

133
Q

 Duration of policy, most often one year in property and casualty insurance. Also called policy term

A

Policy period

134
Q

Policy period

A

 Duration of policy, most often one year in property and casualty insurance. Also called policy term

135
Q

 One who holds a registered claim (referred to as a “lien”) against a given property as security or collateral against a loan or workmanship performed in relation to that property. The financial commitment associated with a registered lien must be fully discharged and satisfied before the property in question may be liquidated, sold or transferred to another party

A

Lienholder

136
Q

Lienholder

A

 One who holds a registered claim (referred to as a “lien”) against a given property as security or collateral against a loan or workmanship performed in relation to that property. The financial commitment associated with a registered lien must be fully discharged and satisfied before the property in question may be liquidated, sold or transferred to another party

137
Q

 An interest that the insured must have in the subject matter of the insurance purchased so that if the event insured against occurs, the insured will suffer a pecuniary loss

A

Insurable interest

138
Q

Insurable interest

A

 An interest that the insured must have in the subject matter of the insurance purchased so that if the event insured against occurs, the insured will suffer a pecuniary loss

139
Q

 A premium discount or rebate given under private passenger automobile insurance for all new drivers who have successfully completed an approved driver training program

A

Driver training credit

140
Q

Driver training credit

A

 A premium discount or rebate given under private passenger automobile insurance for all new drivers who have successfully completed an approved driver training program

141
Q

 A premium specified on an individual policy that is the minimum amount retained by the insurer in the event that the policy is cancelled midterm by the insured

A

Minimum retained premium

142
Q

Minimum retained premium

A

 A premium specified on an individual policy that is the minimum amount retained by the insurer in the event that the policy is cancelled midterm by the insured

143
Q

 That portion of premium earned or charged for the period of time a policy remained effective. For Example, an annual policy paid for in advance would be one-twelfth “earned” at the end of the first full month of its term
 An amount calculated by taking the earned premium written during the period, less the unearned premium reserve at the end of the period
 Premium actually exposed to loss

A

Earned premium

144
Q

Earned premium

A

 That portion of premium earned or charged for the period of time a policy remained effective. For Example, an annual policy paid for in advance would be one-twelfth “earned” at the end of the first full month of its term
 An amount calculated by taking the earned premium written during the period, less the unearned premium reserve at the end of the period
 Premium actually exposed to loss

145
Q

Underwrite

A

 To insure. More commonly, to scrutinize a risk and then decide on its eligibility for insurance

146
Q

 To insure. More commonly, to scrutinize a risk and then decide on its eligibility for insurance

A

Underwrite

147
Q

 An entity established by the Canadian automobile insurance industry to ensure that automobile insurance is available to all owners and licensed drivers of motor vehicles where such owners or drivers are unable to obtain automobile insurance through the voluntary insurance market

A

Facility Association

148
Q

Facility Association

A

 An entity established by the Canadian automobile insurance industry to ensure that automobile insurance is available to all owners and licensed drivers of motor vehicles where such owners or drivers are unable to obtain automobile insurance through the voluntary insurance market

149
Q

 A manual containing rates and underwriting rules for use by a company’s staff, agents, and or brokers

A

Rate manual

150
Q

Rate manual

A

 A manual containing rates and underwriting rules for use by a company’s staff, agents, and or brokers

151
Q

 The amount of liability the ceding company (primary insurer) retains for its own account. It may be a percentage or a dollar amount of each risk
 Also refers to the part of the risk retained by clients without insuring it (either because insurance is deemed to expensive of the loss is not insurable)

A

Retention

152
Q

Retention

A

 The amount of liability the ceding company (primary insurer) retains for its own account. It may be a percentage or a dollar amount of each risk
 Also refers to the part of the risk retained by clients without insuring it (either because insurance is deemed to expensive of the loss is not insurable)

153
Q

 The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract

A

Risk

154
Q

Risk

A

 The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract

155
Q

 A hazard arising from the character, interest, habits, and lack of integrity of the insured or person concerned; for example, the failure of individuals to pay bills on time or manage their finances

A

Moral Hazard

156
Q

Moral Hazard

A

 A hazard arising from the character, interest, habits, and lack of integrity of the insured or person concerned; for example, the failure of individuals to pay bills on time or manage their finances

157
Q

 A hazard arising from the physical condition or characteristics of the object that is insured; for example, using and storing volatile materials and substances on the premises

A

Physical Hazard

158
Q

Physical Hazard

A

 A hazard arising from the physical condition or characteristics of the object that is insured; for example, using and storing volatile materials and substances on the premises

159
Q

 The hazard threatening a risk because of external or internal physical conditions

A

Exposure

160
Q

Exposure

A

 The hazard threatening a risk because of external or internal physical conditions

161
Q

 The rules used by insurance companies to assess the insurability companies and may differ for each class of business

A

Underwriting rules

162
Q

Underwriting rules

A

 The rules used by insurance companies to assess the insurability companies and may differ for each class of business

163
Q

 A pricing method in which an insurer uses rates that are based on its own experience rather than on that of a specific group for which it is calculating a premium

A

Manual rating

164
Q

Manual rating

A

 A pricing method in which an insurer uses rates that are based on its own experience rather than on that of a specific group for which it is calculating a premium

165
Q

 An additional charge including in an insurance rate to reflect a hazard not contemplated in the basic rate for the class

A

Loading

166
Q

Loading

A

 An additional charge including in an insurance rate to reflect a hazard not contemplated in the basic rate for the class

167
Q

 The mathematical premise that states that the degree of uncertainty is reduced as the number of events increases

A

Law of large numbers

168
Q

Law of large numbers

A

 The mathematical premise that states that the degree of uncertainty is reduced as the number of events increases

169
Q

 Portion of total premium that is needed to pay expected losses. It does not take into account money needed for company expenses

A

Pure premium

170
Q

Pure premium

A

 Portion of total premium that is needed to pay expected losses. It does not take into account money needed for company expenses

171
Q

 The part of a premium rate that represents the cost to the insurer of producing and maintaining the policy

A

Expense loading

172
Q

Expense loading

A

 The part of a premium rate that represents the cost to the insurer of producing and maintaining the policy

173
Q

 The cost of putting a business on the books and acquiring the premium. The items involved are not standard with all insurers but generally include agents/ brokers commissions, field representatives costs, premium tax, and perhaps some of the relevant head office acquisition costs of operation

A

Acquisition cost

174
Q

Acquisition cost

A

 The cost of putting a business on the books and acquiring the premium. The items involved are not standard with all insurers but generally include agents/ brokers commissions, field representatives costs, premium tax, and perhaps some of the relevant head office acquisition costs of operation

175
Q

 Compensation based upon the amount of production; example, independent insurance agents are compensated on basis of a percentage of the premium. The percentage varies with different lines of insurance

A

Commission

176
Q

Commission

A

 Compensation based upon the amount of production; example, independent insurance agents are compensated on basis of a percentage of the premium. The percentage varies with different lines of insurance

177
Q

 Insurance purchased by an insurance company form another insurance company (reinsurer) to provide it protection against large losses on cases it has already insured; essentially, insurance for insurance companies. A transition in which one party, the reinsurer, in consideration of a premium paid to it, agrees to indemnify another party, the reinsured, for part or all of the liability assumed by the reinsured under a policy of insurance that it has issued. The reinsured may also be referred to as the “original” or “primary” insurer or the ceding company.

A

Reinsurance

178
Q

Reinsurance

A

 Insurance purchased by an insurance company form another insurance company (reinsurer) to provide it protection against large losses on cases it has already insured; essentially, insurance for insurance companies. A transition in which one party, the reinsurer, in consideration of a premium paid to it, agrees to indemnify another party, the reinsured, for part or all of the liability assumed by the reinsured under a policy of insurance that it has issued. The reinsured may also be referred to as the “original” or “primary” insurer or the ceding company.

179
Q

 A collection of statistical information that all automobile insurers who write business in Canada must record and file as prescribed by the superintendent of insurance. Commonly known as the Green Book.

A

Automobile Statistical Plan (ASP)

180
Q

Automobile Statistical Plan (ASP)

A

 A collection of statistical information that all automobile insurers who write business in Canada must record and file as prescribed by the superintendent of insurance. Commonly known as the Green Book.

181
Q

 A manual that sets out the statistical data reporting requirements of each participating jurisdiction. Currently, on Ontario participates in this plan

A

Commercial Liability Statistical Plan-Ontario (CLSP)

182
Q

Commercial Liability Statistical Plan-Ontario (CLSP)

A

 A manual that sets out the statistical data reporting requirements of each participating jurisdiction. Currently, on Ontario participates in this plan

183
Q

 Every insurer that writes automobile insurance in Ontario must report its data in accordance with the OSABSP manual. The OSABSP was introduced in 1994 to Provide insight into the cost drivers of accident benefits claims

A

Ontario Statutory Accident Benefits Statistical Plan (OSABSP)

184
Q

Ontario Statutory Accident Benefits Statistical Plan (OSABSP)

A

 Every insurer that writes automobile insurance in Ontario must report its data in accordance with the OSABSP manual. The OSABSP was introduced in 1994 to Provide insight into the cost drivers of accident benefits claims

185
Q

 In automobile insurance, a policy insuring a number of cars for one owner

A

Fleet policy

186
Q

Fleet policy

A

 In automobile insurance, a policy insuring a number of cars for one owner

187
Q

 Four- Wheeled motor vehicle of the private passenger, station wagon, or van type, designed for use on public highways and subject to motor vehicle registration

A

Private passenger vehicle

188
Q

Private passenger vehicle

A

 Four- Wheeled motor vehicle of the private passenger, station wagon, or van type, designed for use on public highways and subject to motor vehicle registration

189
Q

 The amount actually paid in losses during a specified period of time

A

Paid losses

190
Q

Paid losses

A

 The amount actually paid in losses during a specified period of time

191
Q

 Losses that have been incurred but have not yet been paid

A

Outstanding losses

192
Q

Outstanding losses

A

 Losses that have been incurred but have not yet been paid

193
Q

 An estimate of the amount of an insurer’s (or self-insurer’s) liability for claim-generating events that have taken place but have not yet been reported to the insurer or self-insurer. The sum of IBNR losses plus incurred losses provide an estimate of the insurer’s eventual liabilities for losses during a given period.

A

Incurred but not reported (IBNR) losses

194
Q

Incurred but not reported (IBNR) losses

A

 An estimate of the amount of an insurer’s (or self-insurer’s) liability for claim-generating events that have taken place but have not yet been reported to the insurer or self-insurer. The sum of IBNR losses plus incurred losses provide an estimate of the insurer’s eventual liabilities for losses during a given period.

195
Q

Lost costs

A

 The proportion of the insurance rate that covers costs claims. Rates generally also include proportions for expenses, profit, and contingencies

196
Q

 The proportion of the insurance rate that covers costs claims. Rates generally also include proportions for expenses, profit, and contingencies

A

Lost costs

197
Q

 The total amount of paid claims and loss reserves associated with a particular period of time, usually a policy year. Incurred losses are customarily computed in accordance with the following formula: losses incurred during the period, plus outstanding losses at the end of the period, loss outstanding losses at the beginning of the period. This does not ordinarily include incurred but not reported (IBNR) losses

A

Incurred losses

198
Q

Incurred losses

A

 The total amount of paid claims and loss reserves associated with a particular period of time, usually a policy year. Incurred losses are customarily computed in accordance with the following formula: losses incurred during the period, plus outstanding losses at the end of the period, loss outstanding losses at the beginning of the period. This does not ordinarily include incurred but not reported (IBNR) losses

199
Q

 One who specializes in the mathematics of insurance, mortality rates and the like

A

Actuary

200
Q

Actuary

A

 One who specializes in the mathematics of insurance, mortality rates and the like

201
Q

 The process of adjusting statistics for premiums and losses to current or anticipated future levels to represent changes in insurance experience from economic and demographic forces, and to use data to determine present and anticipated future levels of cost

A

Trending

202
Q

Trending

A

 The process of adjusting statistics for premiums and losses to current or anticipated future levels to represent changes in insurance experience from economic and demographic forces, and to use data to determine present and anticipated future levels of cost

203
Q

 A method for classifying different models of cars for insurance purposes by using historical claims data, including collision, comprehensive, direct compensation-property damage, and accident benefits coverages.

A

Canadian Loss Experience Automobile Rating (CLEAR)

204
Q

Canadian Loss Experience Automobile Rating (CLEAR)

A

 A method for classifying different models of cars for insurance purposes by using historical claims data, including collision, comprehensive, direct compensation-property damage, and accident benefits coverages.

205
Q

 The trade association of the property/casualty insurance industry in Canada. It concerns itself with such matters as public relations, the collection of statistics, the promulgation of forms, etc. It has a substantial permanent staff but also many committees made up of volunteers from the senior ranks of insurance companies

A

Insurance Bureau of Canada (IBC)

206
Q

Insurance Bureau of Canada (IBC)

A

 The trade association of the property/casualty insurance industry in Canada. It concerns itself with such matters as public relations, the collection of statistics, the promulgation of forms, etc. It has a substantial permanent staff but also many committees made up of volunteers from the senior ranks of insurance companies

207
Q

 Insurance coverage to pay compensation to anyone who sustains loss or damage resulting from an insured’s negligent conduct or omission

A

Third-party liability

208
Q

Third-party liability

A

 Insurance coverage to pay compensation to anyone who sustains loss or damage resulting from an insured’s negligent conduct or omission

209
Q

 Occurs when those with higher risks may purchase insurance in greater amounts than those with lower risks. Much of insurance law and practice is designed to control adverse selection. Insurers protect themselves from adverse selection by attempting to measure risk and either charging more for the higher risks or refusing to cover them at all

A

Adverse selection

210
Q

Adverse selection

A

 Occurs when those with higher risks may purchase insurance in greater amounts than those with lower risks. Much of insurance law and practice is designed to control adverse selection. Insurers protect themselves from adverse selection by attempting to measure risk and either charging more for the higher risks or refusing to cover them at all

211
Q

 A federal statute that governs the collection and use of personal information. It states that personal information to be collected must be relevant, and that all information that has been collected, is being collected, or will be collected must be held in the strictest of confidence

A

Personal information protection and electronic documents act (PIPEDA)

212
Q

Personal information protection and electronic documents act (PIPEDA)

A

 A federal statute that governs the collection and use of personal information. It states that personal information to be collected must be relevant, and that all information that has been collected, is being collected, or will be collected must be held in the strictest of confidence

213
Q

 Those changes that would influence a reasonable and prudent insurer to decide whether to stay on the risk or influence the terms on which the risk is retained. The general context of this condition can, however, encompass a wide range of possible changes

A

Material Change

214
Q

Material Change

A

 Those changes that would influence a reasonable and prudent insurer to decide whether to stay on the risk or influence the terms on which the risk is retained. The general context of this condition can, however, encompass a wide range of possible changes

215
Q

 A court document commanding the defendant to enter an appearance within a specified number of days if he wishes to dispute the claimant’s claim

A

Writ

216
Q

Writ

A

 A court document commanding the defendant to enter an appearance within a specified number of days if he wishes to dispute the claimant’s claim

217
Q

 A written statement by a plaintiff detailing the facts that support the claim against the defendant and the relief sought

A

Statement of Claim

218
Q

Statement of Claim

A

 A written statement by a plaintiff detailing the facts that support the claim against the defendant and the relief sought

219
Q

 Notification received by the insurance company from the insured that a loss has occurred. Failure to give such notice has been held to be a bar against recovery

A

Notice of Loss

220
Q

Notice of Loss

A

 Notification received by the insurance company from the insured that a loss has occurred. Failure to give such notice has been held to be a bar against recovery

221
Q

 A formal statement of facts about a loss, attested to by the claimant, in a form specified by the insurer. A proof of loss may need to be notarized. An insurer must respond to a proof of loss after a specified time period with a formal disposition of the claim (approved or denied)

A

Proof of Loss

222
Q

Proof of Loss

A

 A formal statement of facts about a loss, attested to by the claimant, in a form specified by the insurer. A proof of loss may need to be notarized. An insurer must respond to a proof of loss after a specified time period with a formal disposition of the claim (approved or denied)

223
Q

 The maximum amount , as stated in the policy, that an insurer is bound to pay in a case of a loss

A

Limit of Liability

224
Q

Limit of Liability

A

 The maximum amount , as stated in the policy, that an insurer is bound to pay in a case of a loss

225
Q

 Refers to the replacement of damaged, destroyed, or lost property with used property of similar type and condition

A

Like, kind, and quality (LKQ)

226
Q

Like, kind, and quality (LKQ)

A

 Refers to the replacement of damaged, destroyed, or lost property with used property of similar type and condition

227
Q

 Loss of all the insured property

 A loss involving the maximum amount for which a policy is liable

A

Total loss

228
Q

Total loss

A

 Loss of all the insured property

 A loss involving the maximum amount for which a policy is liable

229
Q

 Cancellation of an insurance policy or bond with the return premium credit being the full proportion of premium for the unexpired term of the policy

A

Pro- rata cancellation

230
Q

Pro- rata cancellation

A

 Cancellation of an insurance policy or bond with the return premium credit being the full proportion of premium for the unexpired term of the policy

231
Q

 The cancellation by the insured of a policy before its natural expiration; the insurer pays a return premium that is less than the proportionate part that remains unearned

A

Short rate cancellation

232
Q

Short rate cancellation

A

 The cancellation by the insured of a policy before its natural expiration; the insurer pays a return premium that is less than the proportionate part that remains unearned

233
Q

 The charge required for insurance or bonds taken for less than one year

A

Short rate

234
Q

Short rate

A

 The charge required for insurance or bonds taken for less than one year

235
Q

 The vehicle identified in an insurance policy

A

Described automobile

236
Q

Described automobile

A

 The vehicle identified in an insurance policy

237
Q

 An automobile or trailer an insured newly owns that is not covered by any other insurance policy. It must be a replacement or an additional automobile (not a rental or one belonging to a household member); the insured will be covered automatically for a specified number of days after the delivery for the same coverage under the existing policy if the insurer is informed of the new automobile and is paid the required premium

A

Newly acquired automobile

238
Q

Newly acquired automobile

A

 An automobile or trailer an insured newly owns that is not covered by any other insurance policy. It must be a replacement or an additional automobile (not a rental or one belonging to a household member); the insured will be covered automatically for a specified number of days after the delivery for the same coverage under the existing policy if the insurer is informed of the new automobile and is paid the required premium

239
Q

 An automobile that is used by an insured temporarily because the described automobile is out of service because of breakdown, repairs, servicing, theft, sale, or destruction. The TSA cannot be owned by the insured of by anyone living in the same dwelling with the insured. The coverage of the described automobile applies to the TDA even though it may have insurance.

A

Temporary substitute automobile (TSA)

240
Q

Temporary substitute automobile (TSA)

A

 An automobile that is used by an insured temporarily because the described automobile is out of service because of breakdown, repairs, servicing, theft, sale, or destruction. The TSA cannot be owned by the insured of by anyone living in the same dwelling with the insured. The coverage of the described automobile applies to the TDA even though it may have insurance.

241
Q

 A non-owned automobile: that is, not owned by anyone in the household and does not have insurance coverage

A

Other automobile

242
Q

Other automobile

A

 A non-owned automobile: that is, not owned by anyone in the household and does not have insurance coverage

243
Q

 Written document stating that insurance is in effect. Includes general statement of policy’s coverage

A

Certificate of insurance

244
Q

Certificate of insurance

A

 Written document stating that insurance is in effect. Includes general statement of policy’s coverage

245
Q

 The maximum operating weight/mass of a vehicle as specified by the manufacturer, including the vehicle’s chassis, body, engine, engine fluids, fuel, accessories, driver, passengers, and cargo carried, but excluding that of any trailers. Also referred to as gross vehicle mass (GVM)

A

Gross vehicle weight rating (GVWR)

246
Q

Gross vehicle weight rating (GVWR)

A

 The maximum operating weight/mass of a vehicle as specified by the manufacturer, including the vehicle’s chassis, body, engine, engine fluids, fuel, accessories, driver, passengers, and cargo carried, but excluding that of any trailers. Also referred to as gross vehicle mass (GVM)

247
Q

 A situation in which one party- for example, an employer- is held partly responsible for the unlawful actions of a third party, an employee. Vicarious liability can arise in situations where one party is supposed to be responsible for (and have control over) a third party, and is negligent in carrying out that responsibility and exercising that control

A

Vicarious liability

248
Q

Vicarious liability

A

 A situation in which one party- for example, an employer- is held partly responsible for the unlawful actions of a third party, an employee. Vicarious liability can arise in situations where one party is supposed to be responsible for (and have control over) a third party, and is negligent in carrying out that responsibility and exercising that control

249
Q

 An arrangement set up by means of a website or mobile app in which a passenger travels in private vehicle driven by its owner, for free or for a fee

A

Ridesharing

250
Q

Ridesharing

A

 An arrangement set up by means of a website or mobile app in which a passenger travels in private vehicle driven by its owner, for free or for a fee

251
Q

 An arrangement set up by means of a website or mobile app that links renters and car owners. Sometimes called vehicle sharing or peer-to-peer car rental services

A

Carsharing

252
Q

Carsharing

A

 An arrangement set up by means of a website or mobile app that links renters and car owners. Sometimes called vehicle sharing or peer-to-peer car rental services

253
Q

 One that holds real or personal property under a lease, for example, a tenant of a rented premises

A

Lessee

254
Q

Lessee

A

 One that holds real or personal property under a lease, for example, a tenant of a rented premises

255
Q

 A contract by which one party called the lessor, conveys to another, called the lessee, real estate, equipment, or facilities for a specified term and for a specified rent

A

Lease

256
Q

Lease

A

 A contract by which one party called the lessor, conveys to another, called the lessee, real estate, equipment, or facilities for a specified term and for a specified rent

257
Q

 To bring together

 The total sum, mass or assemblage; overall total

A

Aggregate

258
Q

Aggregate

A

 To bring together

 The total sum, mass or assemblage; overall total

259
Q

 The exposure for injury or death to occupants of public automobiles

A

Passenger hazard

260
Q

Passenger hazard

A

 The exposure for injury or death to occupants of public automobiles

261
Q

Underinsured motorist coverage

A

 An optional bodily injury and property damage coverage that applies in an accident involving a third party who does not carry adequate liability insurance

262
Q

 An optional bodily injury and property damage coverage that applies in an accident involving a third party who does not carry adequate liability insurance

A

Underinsured motorist coverage

263
Q

 A charge upon real or personal property as security for some debt or duty. Also, the security interest created by a mortgage. The conditions of an insurance policy require the disclosure to the insurer of any existing lien on the insured property

A

Lien

264
Q

Lien

A

 A charge upon real or personal property as security for some debt or duty. Also, the security interest created by a mortgage. The conditions of an insurance policy require the disclosure to the insurer of any existing lien on the insured property

265
Q

 A statute that requires motorists to be able to establish their financial responsibility. Essentially, it assures the availability of money to pay damages awarded to the victim of an automobile accident. The most usual form of proof is an insurance policy.

A

Financial responsibility law

266
Q

Financial responsibility law

A

 A statute that requires motorists to be able to establish their financial responsibility. Essentially, it assures the availability of money to pay damages awarded to the victim of an automobile accident. The most usual form of proof is an insurance policy.

267
Q

 Special programs to ensure insurance availability for risks that, from an underwriting standpoint, are less desirable and more hazardous

A

Residual Markets

268
Q

Residual Markets

A

 Special programs to ensure insurance availability for risks that, from an underwriting standpoint, are less desirable and more hazardous

269
Q

 A measurement of an insurer’s exposure. It means an automobile insured for a period of 12 months. For example, a single policy providing coverage on three automobiles for a six-month term would represent an exposure to the insurer of 1.5 car years

A

Vehicle years (or car years)

270
Q

Vehicle years (or car years)

A

 A measurement of an insurer’s exposure. It means an automobile insured for a period of 12 months. For example, a single policy providing coverage on three automobiles for a six-month term would represent an exposure to the insurer of 1.5 car years

271
Q

 A method where a group of individuals form a network to pool their premiums to insure against a risk

A

Peer to Peer ( P2P) insurance

272
Q

Peer to Peer ( P2P) insurance

A

 A method where a group of individuals form a network to pool their premiums to insure against a risk

273
Q

 Damages awarded by a court of law for the pain and suffering of an individual; applies in a third-party injury claim

A

General damages

274
Q

General damages

A

 Damages awarded by a court of law for the pain and suffering of an individual; applies in a third-party injury claim

275
Q

 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

A

Special damages

276
Q

Special damages

A

 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

277
Q

Trending

A

Trending is the process of adjusting statistics for premiums and losses to current or anticipated future levels to represent changes in insurance experience from economic and demographic forces and to use data to determine present and anticipated future levels of cost

C14- Auto INS Ontario (3 decks)

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