Regulatory

Question 1

Insurance institute of Canada (IIC)

Answer 1

Offers two designations
(1) the charted insurance professional (CIP)
(2) fellow charters insurance professional (FCIP)

Question 2

Insurance bureau of Canada (IBC)

Answer 2

National industry association representing Canada’s private P&C insurers

Question 3

Centre for study of insurance operations (CSIO)

Answer 3

P&C insurers, brokers, and software providers. Focused on improving the efficiency and competitive position of the broker distribution channel by overseeing the development, implementation, and maintenance of technology standards and solutions such as telematics and electronic documents and signatures

Question 4

Underwriter Laboratories of Canada (ULC)

Answer 4

Independent, not-for-profit organization that operates laboratories and a certification service for the examination, testing, and certification of devices, construction materials, and services to determine their effect on fire, accident, and property hazards

Question 5

Insurance Brokers Association of Canada (IBAC)

Answer 5

Not-for-profit trade association that is the national body of Canada’s organized brokers

Question 6

Canadian Independent Adjuster’s Association (CIAA)

Answer 6

Provide leadership to Canada’s independent adjusters through advocacy, education, and recognized professional standards

Question 7

Canadian Insurance Claims Managers Association (CICMA)

Answer 7

Promotes and enhances the image and general welfare of the insurance industry in matters relating to claims settlement through a high standard of ethics in claims handling

Question 8

Facility Association

Answer 8

Pooling arrangement established whereby all high-risk drivers could be underwritten in a common pool and the profits or losses of the pool would be shared by all automobile insurers in the province or territory

Question 9

Steps in a typical insurance claim

Answer 9

1) insured party reports the loss to a broker
2) claims handler records preliminary information & asks for details of the incident
3) claims handler does an initial check of policy and coverage
4) does the policy period cover the loss? Are there any issues with the prescription period?
5) claims handler may need to promptly advise the insured party that the loss is not covered by the policy
6) if the loss appears to be covered, a loss adjuster is assigned to the claim & proceeds with the next steps