Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CAIB - Bia > FOI > Flashcards

FOI Flashcards

1
Q

Five elements of a contract

A

Agreement, consideration, Legality of the object, legal capacity, genuine intention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

three special elements to INSURANCE CONTRACT

A

Insurable interest, indemnity, utmost good faith

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Property Policy Exclusion

A

Classes of property that usually will be excluded under personal and commercial property insurance policies. Exists because a greater than normal loss potential, expensive to insurer or specialized insurance already exists (specialized insurance: example automobile insurance)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Factors used to determine the amount to be paid for a claim

A

Replacement cost. ACV = RC - DEPRECIATION
Interest of the insured (how much of the property they own)
Limit of insurance
Whichever is less amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Debris Removal coverage

A

additional 5% of the amount of Coverage A

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The broadest definition of a disability is found in policies providing..

A

own occupation = if the insured is unable to perform important activities of their regular occupation, full benefits would continue to be paid even if they were working at another occupation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The most limiting definition of a disability is contained in policies providing

A

any occupation = there is no benefit if the insured is able to engage in any occupation for which they are reasonable fitted by education, training, experience and income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Business interruption: Recommended form when potential for lost customers

A

Profit form

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Recommended form for business that needs to reopen ASAP

A

Extra Expense Form

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Compulsory Autoplan

A

BC, SK, MB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Exclusions common to both personal and commercial insurance property policies are:

A

Flood, War, Earthquake, Nuclear incident, wear and tear, smoke due to agricultural or industrial operations, sewer back up, increase cost to repair or construction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Provinces that provide government insurance

A

BC, SK, MB, QB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Loss resulting from the taking of property by a person breaking into the premises is defined as

A

Burglary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Comprehensive Form covers

A

All risk of direct physical loss or damage, subject to the policy conditions and exclusions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Payment is made for as long as the business result are affected by the interruption, subject to specified limits

A

profit form

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If the insured wishes to sue the insurer for failure to pay a claim, how long do they have to initiate the action?

A

One year from the date of the loss or damage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

People entrusted with the safe keeping, servicing or repairing of another’s good are called

A

Bailees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

According to the Canadian Legal System, the Insurance Act is

A

Statute Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

unlicensed motor vehicle can be purchase to provide coverage for

A

an unlicensed dump truck in storage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

roadstar package does not cover

A

cost to replace or recode locks, keys, or remote keyless

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Principle of indemnity

A

Allow the insured to receive the actual amount of the loss, nothing more, nothing less

22
Q

Types of general insurance

A

Auto
Property
Liability

23
Q

Property policies provide coverage for property removed to another location for how long

A

30 days

24
Q

Liability policies cover which type of tort?

A

Unintentional

25
Q

Strict Liability

A

Performance of a reasonable activity in an unreasonable setting (covered by insurance)

26
Q

SEF No. 20 - Loss of Use Endorsement, the usual limit for personal automobiles is…

A

$50/day - 30 days max

27
Q

Section A - 3rd Party Liability, the deductible for coverage is…

A

$0

28
Q

BC minimum third party liability

A

$200,000

29
Q

If an insurance company turns out to be insolvent, who steps in to indemnify policy holders?

A

Property & Casualty Insurance Compensation Corporation (PCICC)

30
Q

All Perils, Specified Perils or Comprehensive, coverage for loss of use due to theft of the entire automobile.

A

$25/day for 30 days

31
Q

Commercial vehicles entering the province are required to register immediately if they are over how much weight?

A

5000kg

32
Q

Define all the components of bodily injury.

A

injury from external sources, sicknesses that manifest internally and death resulting from bodily injury or from sickness.

33
Q

Vicarious liability means…

A

Indirect liability for the act or omission of another. EX: an employer being vicariously liable for the actions of their employee)

34
Q

Coverage D - Additional Living Expenses will provide any extra expenses needed to maintain your normal quality of life when your home is uninhabitable due to damage by an insured peril. If you were forced to evacuate due to a nearby insured peril (i.e. forest fire), Coverage D would cover you for how many days?

A

14 days

35
Q

Homeowners Forms:
Section I - Property Coverage

A

Coverage A – Dwelling Building
Coverage B – Detached Private Structures
Coverage C – Personal property
Coverage D – Additional living expenses

36
Q

Homeowners Forms:
Section II - Liability Coverage

A

Coverage E - Personal liability
Coverage F – Voluntary medical payments (no deductible)
Coverage G -Voluntary payment for property damage
Coverage H – Voluntary compensation for residence employees (no deductible)

37
Q

Homeowners Form (BASIC FORM)

A

13 Named Perils
7 exclusions: vacant, application of heat,

38
Q

Homeowners Broad Form

A

Named perils from basic form plus building coverage for ALL risk

39
Q

Comprehensive Form

A

Named perils + property coverage for all risks

40
Q

Utility vehicles and off road vehicles (ORVs) that are permitted on public land. Don’t need license but must display ORV sticker plate

A

snowmobiles, dirt bikes, golf carts, all terrain vehicles

41
Q

third party liability coverage for heavy commercial vehicles (more thank 5,000 kg) commercial trailers, buses, taxis and limos

A

$1 million

42
Q

Liability for vehicles that carry dangerous goods

A

$2 million

43
Q

Priority of Claims = Priority of claim rule (90/10 rule)

A

BC regulates that when claims made for both injury and property damage equal or exceed a policyholder third party liability the injury claim is to be paid first.

44
Q

Under the Homeowners’ Basic Form (IBC 1151) only the following loss is covered:

A

Smoke damage due to the faulty operation of the basement furnace

45
Q

the Uninsured or Unidentified Motorist Protection coverage provided by Basic Autoplan would provide for the following payment

A

$400

46
Q

In British Columbia, the administrative functions related to licensing, handling complaints, and the disciplining of brokers are the responsibility of

A

The Insurance Council of BC

47
Q

Property policies exclude certain types of property. The following is NOT EXCLUDED

A

Building that to the insured’s knowledge has been vacant for more than 15 days

48
Q

Misrepresentation

A

Statement made by the applicant which lead the insurer to think that the risk is better than it actually is

49
Q

Homeowners Comprehensive Form does NOT COVER

A

Damage to the dwelling caused by an earthquake tremor

50
Q

Amount of Insurance Applicable to Coverage B - Detached Private Structure

A

10% of coverage A, which is in addition to the amount of insurance stated for Coverage A

51
Q

To get coverage for accidents caused by an unidentified motorist, you must notify the police w/ in 24 hours and give a statement to the insurer within…

A

30 days

CAIB - Bia (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions