Quiz #2 Flashcards
A non-profit organization that responds to claims of policyholders under most policies issued by P&C insurance companies when an insurer becomes insolvent.
- Property and Casualty Insurance Compensation Corporation
- Public and Company Insurance Compensation Corporation
- Private and Corporation Insurance Compensation Corporation
- Provincial and Company Insurance Compensation Corporation
1.
Property and Casualty Insurance Compensation Corporation
In contract and property law, one to whom goods or property are entrusted for a stated purpose.
- Insured
- Bailee
- Bailor
- Insurer
2.
Bailee
Conditions of a contract that set the minimum performance requirements for the contractor. These conditions also include the rights and responsibilities of the parties involved.
- Statutory Conditions
- General Conditions
- Contractual Provisions
- Statutory Regulations
2.
General Conditions
The fair market value of property, taking into account factors that might augment or reduce the value of the property in question.
- Replacement Value
- Coinsurance
- Contribution
- Actual Cash Value
4.
Actual Cash Value
Incorrect or missing information about a material fact that is offered, or not, by an applicant or insured with or without the intent to mislead.
- Utmost Good Faith
- Insurable Interest
- Contribution
- Misrepresentation
4.
Misrepresentation
A business entity’s ability to meet its long-term financial commitments.
- Solvency
- Corporate social responsibility
- Risk management
- Reputation
1.
Solvency
Special prescribed and standardized conditions that the provincial and territorial insurance acts require to be included in insurance policies.
- General Provisions
- Special Provisions
- Statutory Conditions
- Speical Conditions
3.
Statutory Conditions
An illegal contract. In the law, a contract that was never made or never existed.
- Void Contract
- Valid Contract
- Enforceable Contract
- Voidable Contract
1.
Void Contract
Legislation that deals with federal licensing and supervision of insurance companies and solvency standards for insurers.
- Order of commencement
- Personal Information and Electronic Documents Act
- Insurance Companies Act
- Digital Privacy Act
3.
Insurance Companies Act
An interest that the insured must have in the subject matter of the insurance purchased so that if the event insured against occurs, the insured will suffer an economic loss.
- Agreement Interest
- Insurable Interest
- Consideration
- Capacity to Contract
2.
Insurable Interest
A distinct section or provision in an insurance policy that requires an insured (property owner) to carry separate insurance for a specified amount stated in the policy to be eligible for full coverage.
- Coinsurance
- Contribution
- Deductible
- Capacity to Contract
1.
Coinsurance
A legal principle calling for the highest standards of integrity on the part of the insured and the insurer.
- Good Faith
- Utmost Good Faith
- Indemnity
- Concealment
2.
Utmost Good Faith
An agreed specified amount that the insured must pay on a claim before the insurance company will cover the rest of the claim.
- Replacement Value
- Actual Cash Value
- Deductible
- Contribution
3.
Deductible
The remaining value of property after severe damage by fire or other peril.
- Depreciation
- Indemnity
- Salvage
- Deductible
3.
Salvage
A federal statute that governs the collection and use of personal information. It states that personal information to be collected must be relevant, and that all information that has been collected, or will be collected must be held in the strictest of confidence.
- Personal Insurance Protection and Electronic Documents Act
- Public Information Protection and Electronic Documents Act
- Private Information Protection and Electronic Documents Act
- Personal Information Protection and Electronic Documents Act
4.
Personal Information Protection and Electronic Documents Act
