Quiz #5 Flashcards
A claimant under a liability policy
First party
Second party
Third party
Fourth party
Third party
Carlos suffers a fire at his business premises. Aside from the property damage his business has to close for several weeks while repairs are carried out. The loss of revenue he suffers is known as what type of loss
Indirect loss
Third party loss
Direct loss
Second party loss
Indirect loss
In law a limitation of time within which legal action can be taken by a claimant is known as
Prescription
Subrogation
Coinsurance
Forfeiture
Prescription
The loss of a right as a result of the non-performance of some obligation or condition is
Prescription
Subrogation
Coinsurance
Forfeiture
Forfeiture
Acadia Insurance insures a building for $250,000. Union Insurance insures the same building for $150,000. The building suffers water damage totaling $30,000. How much will Acadia Insurance contribute to the loss
$22,500
$30,000
$11,250
$18,750
$18,750
Leanne has a home worth $325,000. She insures it for $240,000. Her policy has an 80% coinsurance clause. She has a smoke loss of $40,000. How much will she be paid by her insurer (to the nearest dollar)
$36,923
$32,000
$40,000
$29,538
$36,923
Which of the following is NOT one of the brokers roles with respect to an insurance claim
Settle the claim directly with the client
Explain the claims process to the client
Monitor the progress of the claim
Assist the client in reporting the loss to the insurer
Settle the claim directly with the client
Which of the following is a step in the claims process
Completing the application for insurance
Remitting premium to the insurer from the trust account
Renewing the policy
Verifying the policy coverage
Verifying the policy coverage
The magnitude of the loss is the primary determinant of the scope of an investigation
True False
True
An employee of an insurance company who directs the investigations of staff adjusters and independent adjusters, reviews their report, and approves claims settlements is
A claims examiner
A claims supervisor
A public adjuster
A telephone adjuster
A claims examiner
Which of the following is an insurance industry organization that offers two designation programs: the CIP and the FCIP
Insurance Bureau of Canada
Centre for Study of Insurance Operation
Insurance Brokers Association of Canada
Insurance Institute of Canada
Insurance Institute of Canada
Which of the following insurance industry organizations advocates industry positions with consumers, government, members and other stakeholders
Insurance Institute of Canada
Facility Association
Centre for Study of Insurance Operation
Insurance Bureau of Canada
Insurance Bureau of Canada
Which insurance industry organization operates the IBC Investigative Services program to serve member companies and the insuring public by detecting and preventing insurance related crime
Canadian Independent Adjusters’ Association
Insurance Bureau of Canada
Centre for Study of Insurance Operations
Institute for Catastrophic Loss Reduction
Insurance Bureau of Canada
Which of the following is an independent not-for-profit organization that operates a certification service for examination, testing, and certification of devices, construction materials to determine their effect on fire, accident, and property hazards
Institute for Catastrophic Loss Reduction
Facility Association
Centre for Study of Insurance Operations
Underwriters Laboratories of Canada
Underwriters Laboratories of Canada
Most clients judge the quality of their insurance policy by the way their claims are handled
True False
True
