Insurance Law

Question 1

Where an insured person has suffered an insurable loss, it his responsibility to give BLANK to the insurer. Most contracts say that this must be given immediately but in any event no later then 30 days from the date of loss.

Answer 1

Notice of Loss

Question 2

A BLANK is a clause added to a standard contract of insurance right from the start which adds to or alters the coverage offered.

Answer 2

Binder

Question 3

An BLANK alters the coverage at some point while the contract is already in force.

Answer 3

Endorsement

Question 4

The regulation of the insurance industry is within the BLANK law - making jurisdiction.

Answer 4

Provincial

Question 5

Insurers insure people they think are good risks, meaning that their way of choosing who they want to insure might in other contexts be seen as prohibited grounds of ***BLANK ** so insurers have exemption from certain human rights legislation.

Answer 5

Discrimination

Question 6

BLANKinsurance provides payment if a person performing professional services gives negligent advice that leads to a loss for a client.

Answer 6

Errors and Omissions Insurance

Question 7

If a court has to interpret an insurance contract and the words used in the contract are not clear enough to determine what the intent of the parties was, then the words are given a meaning that favor the *BLANK

Answer 7

Customer

Question 8

One of the ways the court gives effect to that approach is the idea of BLANK which means that the words of a contract are to be construed more strongly against the person who drafted them.

Answer 8

Contra Proferentem

Question 9

A person who works for an insurance company selling insurance is a(n) **BLANK **

Answer 9

Agent

Question 10

An insured who suffers a loss must provide the insurer with BLANK, which generally includes evidence that the loss actually occurred and evidence of the value of loss.

Answer 10

Proof of loss

Question 11

Even though buying insurance is forming a contract, insurers usually provide car owners with a BLANK instead of an actual copy of the contract.

Answer 11

Pink Slip

Question 12

A car owner has a duty to tell his insurer about BLANK to his situation, such as selling the car.

Answer 12

Material changes

Question 13

Provinces that have BLANK auto insurance system in place have reduced a victim’s right to sue in tort for an injury received.

Answer 13

No Fault

Question 14

A customer need not disclose facts which, being BLANKshould be known to the insurer. It is the insurer’s duty to find out certain matters from public sources.

Answer 14

Public Domain

Question 15

If the insurer has withheld payment but later the court says it must pay the customer, in addition to the amount of the judgement, the customer will also receive BLANK calculated from the date of written notice of the claim until the date of payment.

Answer 15

Prejudgment Interest

Question 16

Life, accident and sickness insurance may be bought by a customer against his own death or injury, or against the death of injury of anyone else with whom the customer has a BLANK connection.

Answer 16

Family or Financial Interest

Question 17

The principle of BLANK means that a person who suffers loss can be compensated for it, but that person should not profit from the situation.

Answer 17

Indemnity

Question 18

Because insurers are generally more sophisticated than their customers when it comes to understanding the insurance business and negotiating contracts, there are now BLANK laws in place to regulate the industry

Answer 18

Consumer Protection

Question 19

Claiming a loss for non - existent property, making claims for losses that did not occur and inflating losses are examples of BLANK

Answer 19

Insurance Fraud

Question 20

If a customer’s car is covered by more than one auto insurer, and the customer has an accident which results in one of his insurers being sued by a third party, then the insurer being sued is entitled to have the second insurer BLANK to share the liability.

Answer 20

made a party to the action,

Question 21

BLANK are obligations under an insurance contract which a customer must satisfy in order to maintain coverage.

Answer 21

Conditions

Question 22

Where there are multiple people insured under a contract, persons who are insured BLANK are not prejudiced by the misconduct of other insureds.

Answer 22

Severely

Question 23

Whereas persons who are insured BLANK are prejudiced by the misconduct of other insureds.

Answer 23

Jointly

Question 24

If a moving car hits a car that is stopped at a light, and the stopped car then as a result hits a pedestrian, the pedestrian’s medical and rehabilitation costs will be paid for by the insurer of the BLANK car.

Answer 24

Second or Moving

Question 25

When a customer wants to advise his insurer about a loss and make a claim for it, he should direct his information to the head office of the insurer or to the BLANK

Answer 25

Authorized officer

Question 26

If an individual’s home is insured for fire by two different insurers, the individual is said to have BLANK coverage.

Answer 26

Overlapping

Question 27

If the home burns down, each insurance company is responsible for paying a BLANK of the loss.

Answer 27

Proportionate Share

Question 28

The owner of a life insurance contract on his own life will designate a *BLANK who will receive the money from the insurance company when the insured dies.

Answer 28

Beneficiary

Question 29

If this designation is made BLANK, it may never be changed in the future.

Answer 29

irrevocably

Question 30

Homeowner’s insurance often covers the property not only of the person who owns the contract but also that of BLANK

Answer 30

Family Members

Question 31

In a standard car insurance contract, insurance applies not only to the named insured but also to anyone else driving the car, so long as that person has BLANK

Answer 31

Permission

Question 32

The amount paid for insurance is called

Answer 32

A premium

Question 33

BLANKinsurance provides payment if a person performing professional services give negligent advise that leads to a loss for a client.

Answer 33

Errors and Omissions

Question 34

Three different kinds of insurance are:

Answer 34

Business, Auto, Property

Question 35

An insurance policy is a form of BLANK, between the insured and the insurer

Answer 35

Contract

Question 36

Both the Inured and the Insurer have a duty to BLANKany change in facts or circumstances which may impact insurance coverage.

Answer 36

Disclose

Question 37

The purpose of liability insurance is to provide BLANK to the insured for any loss incurred by them as a result of a third party’s negligence.

Answer 37

Indemnification

Question 38

An insurance professional who acts as a go between for an Insurance company, and the Insured is a BLANK

Answer 38

Broker

Question 39

Someone who sells insurance for an insurance company is called an

Answer 39

Agent

Question 40

An insurance professional who works with Insured parties to assess damage or loss on behalf of an insurance company is called an

Answer 40

Adjuster

Question 41

This is the portion of the loss or damage that the insured party is responsible for paying

Answer 41

Deductible

Question 42

In Alberta, it is mandatory for insured parties to carry Sections BLANK and BLANK, insurance coverage under their auto insurance policies.

Answer 42

A and B

Question 43

The principle of insurance that requires an insurer to restore the insured to his pre - loss condition

Answer 43

Indemnity

Question 44

These do not form a part of a basic insurance policy

Answer 44

Binder

Question 45

Contracts between insured and insurer must be entered into under this principle, which includes disclosing facts

Answer 45

Utmost Good Faith

Question 46

A policy may be amended with this

Answer 46

Endorsement

Question 47

When both parties rely on statements made to each other when writing a contract, this contract is known as a

Answer 47

Disclosure

Question 48

Limits of liability, amount of coverage, effective date of coverage etc…

Answer 48

Declarations

Question 49

This portion of an insurance contract sets out the perils insured against

Answer 49

Insuring agreement