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QAFP > General Insurance > Flashcards

General Insurance Flashcards

1
Q

Actual cash value of property

A

Market value of comparable in kind, quality and condition - the depreciation is deducted

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2
Q

Replacement value

A

Cost to replace with brand new, no depreciation deduction

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3
Q

Salvage value

A

Not completely destroyed, value deducted from total loss

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4
Q

3 ways to value insured property

A

Salvage
Actual cash value
Replacement value

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5
Q

Information required for car insurance. 4

A

Type of vehicle
Optional coverage, deductible etc
Vehicle use
Drivers info

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6
Q

Facility association

A

Non profit unincorporated entity set up by automobile insurance companies for high risk drivers

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7
Q

Liability coverage

A

Negligence resulting in bodily injury, death,damage to property of third person
- specific amount is required in each province- pink card

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8
Q

What is accident death coverage

A

Benefit that client may be entitled to if injured or killed in accident involving their own car
- everyone in car is covered

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9
Q

What benefit are covered under accident benefit

A

Funeral, medical, rehabilitation, loss of income or death

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10
Q

Is accident benefit coverage no fault

A

Yes

Client who was not at fault can sue at fault party

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11
Q

Uninsured auto coverage

A

If injury or death caused by hit abs run, uninsured person, or underinsured that was at fault
- can sue at fault uninsured driver

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12
Q

Direct compensation, property damage coverage

A

Damage to insured clients vehicle from an accident that was not entirely clients fault
- client submits claim to insurer regardless of who was at fault - no fault benefit

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13
Q

Homeowners policy covers

A

Owner occupied only

No renters
No home business
No unoccupied

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14
Q

A peril is

A

An event that may cause injury or a loss or damage to property

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15
Q

Types of coverage based on covered perils 3

A

Comprehensive
Basic
Broad

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16
Q

What does comprehensive homeowners insurance cover

A

All physical damage or loss to building or contents for all perils, unless specifically excluded

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17
Q

What does basic homeowners insurance cover

A

Specified perils for building and content

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18
Q

What does broad homeowners insurance cover

A

Cover building for all perils and content for specified only

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19
Q

Homeowners policy provide coverage under 3 sections

A

Property
Liability
Additional options

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20
Q

Property coverage section include

A

Dwelling building
Detached private structures
Personal property
Additional living expenses

21
Q

Typical homeowners policy covers building and structure attached - dwelling building section

A

Permanent equipment
Pools. Hot tubs

Optional for seasonal temporary removed and trees

22
Q

How much does insurer require building to be insured

A

At least 80%

23
Q

Section on detached private structures

A

Detached buildings covered here, garage, shed

Limited to 10% of coverage on building

24
Q

Personal property coverage refers to

A

Contents, including those taken away. I.e. trip

- can be extended to items belonging to student living away

25
Q

Minimum insurance amount on personal property

A

60 - 70% of building amount, sone insurers want more

26
Q

What does additional living expenses cover

A

Relocation due to insured peril
20% of building coverage is available

If tenant, then 20% of personal content insurance

27
Q

What does liability coverage include

A

Homeowners actions anywhere in the world, or from owning, using, or occupying premise

28
Q

Liability coverage covers voluntary payments that insured would like to make to injured, but must not be result of legal. Three goodwill payments that client may make

A

Voluntary medical payment
Voluntary payment for damage to property
Voluntary compensation for residence employee

29
Q

Goodwill payment for voluntary medical payment

A

Within one year of injury or death

30
Q

Range of liability coverage

A

$500k to $2M

31
Q

Additional coverage may be added to third section. May include 5

A 
Personal articles or fine art endorsement 
Sewer backups 
Flood
Earthquake 
Windstorm/ hailstorm
32
Q

Factors that impact cost of premiums for homeowners insurance 7

A 
Replacement cost of home
Age of building 
Wood stove 
Geographic location 
Proximity to body of water 
Proximity to fire hydrant / station 
Security system
33
Q

3 types of coverage in tenant insurance

A

Personal property
Additional living expenses
Personal liability

34
Q

Two main types of title insurance

A

Owners policy

Lenders policy

35
Q

What does an owner’s title insurance policy cover

A

Protects owner from loss related to title, in effect as long as property is owned by buyer

36
Q

What dies a lenders title insurance policy cover

A

Protects lender who is unable to recover funds

37
Q

Liability insurance usually involves three entities

A

First party - insured
Second party - insurer
Third party - claimant

38
Q

Three forms of liability insurance

A

Cyber liability
Director liability
Environmental impairment liability

39
Q

Cyber liability insurance

A

Covers third parties that are harmed in cyber attack

40
Q

Directors liability insurance

A

Professional liability insurance for directors and executives

41
Q

Environmental impairment liability insurance

A

Covers third party liability resulting from polluting the environment

42
Q

Time it takes for Heath card to arrive

A

90 days

43
Q

Requirements for provincial health card. 3

A

Application
Proof of eligibility
Proof of residence

44
Q

Most travel insurance includes 5

A 
Emergency hospital and medical care
Accidental death 
24hrtravel assistance 
Return trip home 
Arrange for family travel
45
Q

Additional cost to add to travel insurance. 3

A

Trip cancelation
Trip interruption
Lost baggage

46
Q

Factors affecting price of travel insurance 4

A

Age
Duration
Coverage amount
Health history

47
Q

Post claim underwriting

A

Policy issued without preappoval, investigation after claim

48
Q

Things normally excluded in travel insurance. 10

A 
Preexisting not disclosed 
Unstable preexisting
Misrepresented facts
War
Alcohol and drugs 
Mental disorders 
Pregnancy 
Self inflicted 
Elective treatments 
Travel advisory areas

QAFP (12 decks)

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