Mod 1 Study 1, 2, 3 + 6 Flashcards
What are the 4 requirements for forming a binding contract in Quebec under Civil Code
- Consent
- Capacity to contract
- Cause of contract
- Object of contract
Insurers designated by the Association are also called
Servicing Carriers
The declarations page of an insurance policy contains
The identify of the insured and the policy period
Three associated principles of indemnity are
- Salvage
- Subrogation
- Contribution
A direct writing agent represents
Insurer
What does a Subscription Policy do
Usually used to insure large risks. One insurer prepares the policy but one or more other insurers subscribe to it or participate in covering that risk
A representation is
A factual statement about risk
Primary difference of a Captive Insurance Company is
It has few shareholders and insures very few clients
Insurance Bureau of Canada is
Non-profit
Federal Organization
Insurance to value means
Insurance in the amount that the item is worth
A peril is
A happening that may cause a loss
The law of agency applies when
An agent is authorized to do something on behalf of a principal
What is the Highway Traffic Act
Governs registration and licensing of a motor vehicles, licensing of drivers, and traffic control of vehicles on highways.
Define claims-made
When third-party first makes a claim against the insured if the damage occurred earlier but was within the policy
ex: parking garage, damage to car happened earlier, but claim was submitted within policy
Define claims-occuring
When damage occurs during their policy term
