OTL Flashcards

1
Q

What is an Expressed Contract

A

One in which terms of the arrangement have been specifically stated and agreed to by both parties

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2
Q

What is an Implied Contract

A

One in which parties have acted in such a way that it is understood that a principal agent-relationships exists without stating so

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3
Q

What does Causality insurance include

A

Its a blanket term for insurance for subjects other than Life, Fire & Auto

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4
Q

Full average or average clause is similar to what

A

A clause that required full insurance to value. Similar to 100% Coinsurance

This is used for boats

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5
Q

Y/N is Proof of Loss a Statutory Declaration

A

Y
It must be submitted within a specified time period (typically 90 days)
Once received insurer must reimburse within 60 days

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6
Q

Coverages for liability policies are usually written under what 3 basis

A

Accident, Occurrence, or Claims Made

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7
Q

Define an Occurrence Liability Policy

A

Can be defined as an accident including CONTINUOUS or REPEATED EXPOSURE to substantially the same harmful conditions.

Can be reported after policy term

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8
Q

Define Claims Made Liability Policy

A

Required the loss be reported DURING the policy period. Must be caused by an accident or occurrence, and not be excluded. The event can occur PRIOR to the inception of the policy period.

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9
Q

What coverage does Legal Expense provide

A

Financial protection and access to legal resources when an insured is faced with a legal dispute

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10
Q

What is Forfeiture

A

Loss of a right as a result of the non-performance of some obligation or condition

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11
Q

What is Prescription

A

Limitation of time within which legal action can be taken by a claimant

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12
Q

Subscription Policies are

A

a single policy covering a risk that is divided among a number of insurers

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13
Q

What does it mean to have adequate capacity

A

Having the ability to provide a full range of insurance protection to clients

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14
Q

Loss Assessment

A

In condo coverage covers the unit owner’s share of a shortfall in the Condo Corps building policy. Generally assessments made necessary by deductible not covered.

Example: Condo Corp is Underinsured, or there is a penalty under coinsurance clause

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15
Q

What are the 4 coverages in Legal Liability

A

Personal Liability
Premises Liability
Tenants Legal Liability
Employers Liability

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16
Q

CGI Policies have

A

BI & PD
Personal Injury & advertising liability
Medical payments
Tenants legal liability

17
Q

What is the objective of Driver Other Automobiles (OPCF2)

A

Expand the definition of insured person when operating a non-owned or other auto. EX OPCF2 expands your friend to drive a rented auto and covered for TPL, AB, Uninsured auto & DCPD