W2 Flashcards
What does liability refers to?
Liability is the responsibility to cover a cost or pay for damages. Liability insurance provides a benefit in the event the insured is found liable; this protects them financially.
What is commercial liability?
Commercial Liability: Protects against potential losses, perhaps from a failed product or a bad employee.
What is professional liability?
Professional Liability: Protects against errors and omissions made while practicing; like bad advice from a broker.
What is director’s insurance?
Director’s Insurance: Protects directors in the event they fail at their duties to an organization.
What is cyber security?
Protects businesses against the costs of electronic security breaches, like hacking.
What is executor insurance?
Protects the executors or representatives of the estate from mistakes and/or losses to the beneficiaries.
What is tenants insurance?
protects those renting a home or office and covers specific perils like fire, flood, or theft. Coverage usually includes liability insurance as well as: Contents (replaces things like furniture, clothes or laptops), Living Expenses (covers costs incurred if the insured is displaced and needs to live elsewhere) Medical Payments & Property Damage (cover voluntary payments for accidental damage or persons injured on the property)
Who determines the minimum standards for legal operation of vehicles?
Each province or territory
Could benefits be paid regardless of responsibility for the accident?
Yes, Third party liability covers the at-fault owner if their vehicle injures another party or damages property.
What factors could affect the price of a premium for auto insurance?
Driver’s experience, driving record, geographic location, vehicle make and model, choice of insurance deductibles, amount of coverage, waiver of depreciation feature
Is home insurance mandatory? what benefits does it provide?
No, it provides benefits for fire, lightning, flood, liability (in case of someone getting injured), burglary (forced entry), robbery (threat or violence) theft (without force or violence) and some explosions.
How are the contents and/or the building benefits calculated?
Based on the replacement cost (costs to purchase today without depreciation, age, wear-and-tear or obsolescence, and actual cash value (current cash value, after age, depreciation…)
Are the condominium shared spaces insured?
Yes, as a common building
What does condo insurance refers to?
The interior of a suite and any upgrades, in covers contents, improvements and betterments (renovations also) and special assessments (resulting from costs over the building’s own insurance coverage can be covered)
What does title insurance refers to?
Reduces the risk that a property won’t be transferred (sold) smoothly or won’t complete due to unforeseen risks
