Practise Flashcards
What is a form of temporary ins that can be legally binding whether expressed orally or in writing
Cover note
What is a verbal threshold?
The description of the degree of injury required for a claimant to sue for non-economic loss
On which basis(es) can a professional liability policy be written
Claims made it ocurrence basis
What is provided by the loss assessment coverage in a comprehensive condominium policy?
Coverage for the unit owner, if assessed an amount due to insufficient condominium corporation’s insurance
Which section of a homeowners policy provides coverage to protect individuals & their families for damage or injury they cause to others
Personal liability
Mark is a plumber who installed a bathroom sink for a client. Due to improper installation, the sink leaks and caused damage to the clients home. What type of liability coverage does Mark need to pay for this damage?
Products and completed operations: covers losses arising from completed operations or work insured performs that is defective and results in injury or damage to property
Which provincial legislation included provisions to protect consumers
The insurance Act of Ontario
What is a rate group
A numerical value assigned to a vehicle based on list price new, suggested retail price, or the age
Who performs the day to day tasks for the facility Assocoaltion
Servicing Carriers
Which statutory condition is unique to automobile insurance
Incorrect classification
What is the purpose of the Drivers Automobile Policy OAP 2?
Provides 3rd party liability for a driver who does not have their own vehicle to insure
Additional Condition-Parts
If a property consists of several parts, the insurer is only liable for the insured value of the lost or damaged parts (only pay parts that were damaged)
What is required if you are moving property insured under a fine arts floater
Policy requires that the packaging and unpacking be done by professional packers
What is the purpose of a full average clause included in boat insurance policies
Requires the insured to bear a portion of any loss of the boat is not insured to its full value
What does identity theft coverage provide
Legal fees, costs associated with sending certified mail or notarizing affidavits and earnings lost due to time away from work
What is employers liability
Legal liability for bodily injury to residence employees arising out of their employment for the insured
What actions are included in the definition of unfair or deceptive acts or practices of the Ontario Regulation 7/00?
Causing unreasonable delay or resistance to the fair adjustment and settlement of claims due to any conduct
common law provinces have statutory conditions. What are similar conditions called in Quebec
General conditions
What is the fundamental objective of the underwriter when accepting risk
Ensure the premium charged adequately reflects the potential for loss
When would an insured homeowner be required to purchase a specialized boat or marine policy
When the boat exceeds the value, size, and power restrictions
What task is the duty of a broker in a claims situation
Assist clients in reporting their losses to their insurers
Why do commercial garages require a garage automobile policy
To fill coverage gap in their customers standard owners policy because garage staff are excluded
What is a public automobile
Vehicle used to transport peopel
What coverage sections of a comprehensive homeowner policy covers a standalone garage
Coverage B - Detached Private Structure
What method of providing incline replacement ins treats an interruption of business as over once the physical loss is fixed and business can reopen
Earnings approach
Who most satisfy the courts about materiality that was not disclosed
Insurer
What is the peril insured against in liability ins
Negligence
What document is evidence of a contract and stated the exact terms and provisions of the agreement between the insured and the insurer
Insurance policy
3 ways to calculate Actual Cash Value
- Cost to repair or replace, less depreciation
- Fair market value
- Consideration of all relevant evidence of the value of the damage property
When is a non-disclosure or misrepresentation most likely to be discovered
While adjusting the claim
How do government insurance distribute their products?
Government, direct sales department, or through other government agencies
Can an insured collect the full amount of the same loss from two insurance policies
No, because the concept of contribution means that each ensure would only pay their readable portion of the loss
Which insurance distribution system uses a Commission paid independent salesforce and represents several companies
Independent brokerage
What is contribution?
Sharing of a loss or liability between two or more insurers(insurance companies) covering the same risk
What endorsement is added to a policy that will provide coverage for the cost of using a ride sharing program when the automobile is being repaired?
OPCF 20 - coverage for transportation replacement
OPCF 6B key functions
- Permission to carry passengers.
- Separate limits for specific coverage
- Legal liability coverage to property of passengers.
The liability section of a homeowners policy includes which of the following coverages
Defense, settlement, and supplementary payments, which are in excess of the limit of insurance
Which term describes, an agreement with specifically stated, arrangements, agreed-upon by the insurer in the intermediary
Express contract
What is the purpose of the Sue in labour clause in homeowners insurance policies
Requires the insured, and event of a loss, to take all reasonable steps to protect him, recover the insured property
Who are the owners of a mutual insurance company?
Policyholders
What coverage does the broad homeowners policy provide?
All perils coverage for buildings and named perils for contents
Which term describes, an agreement with specifically stated, arrangements, agreed-upon by the insurer in the intermediary
Express contract
Who are the owners of a mutual insurance company?
Policyholders
What coverage does the broad homeowners policy provide?
All perils coverage for buildings and named perils for contents
What coverage is provided by a basic homeowners policy?
Named perils coverage for buildings, personal property, and additional living expenses
Which regulation deals with the registration and licensing of vehicles and drivers
The highway traffic act
Which coverage would cover the cost of leasing a temporary business location after an insured loss damaged the original premises
Extra expense coverage
