Investigative Issues in Property Losses - Study 6

Question 1

PIPEDA

Answer 1

Personal Information Protection and Electronic Documents Act

Question 2

A single policy covering a risk that is divided among a number of insurers; the policy is issued by the “lead” company (usually the one with the largest percentage) and signed by all participating companies.

Answer 2

subscription policy

Question 3

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.

Answer 3

material change

Question 4

A formal statement of facts about a loss, attested to by the claimant, in a form specified by the insurance. It 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).

Answer 4

proof of loss