Mod 3 Study 9 + 10

Question 1

IIC

Answer 1

Insurance Institute of Canada
Education
Two designation programs: Chartered Insurance Professional (CIP) & Fellow Chartered Insurance Professional (FCIP)

Question 2

IBC

Answer 2

Insurance Bureau of Canada
National industry association
advocating industry positions
monitoring issues

Question 3

IBAC

Answer 3

Insurance Brokers Association of Canada
Not-for-profit
Goals are to elevate the status of independent insurance intermediaries

Question 4

FA

Answer 4

Facility Association
Not-for-profit
offers insurance to high-risk insureds at a higher premium
Not in BC
In QC it is known at Groupement des assureurs automobiles administers the Risk Sharing Plan

Question 5

Fonds d’indemnisation (Indemnity Fund)

Answer 5

Compensation of innocent victims of automobile accidents cause by uninsured or unidentified motorists.

Combined function of Highway Victims Indemnity Fund and Uninsured Motorist in other provinces