Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
federal, provincial statutes > ensure? |
financially competent, discharge obligations
contracts drafted regularly business to public benefit |
|
|
provincial superintendent of insurance > three main areas of responsibility?
|
supervising terms, conditions
licensing insurers, agents, brokers, adjusters (IABA) monitoring solvency of prov licensed insurers |
|
|
property, casualty insurance compensation corp (pacicc) > purpose?
|
pay all valid claims in case of bankruptcy
|
|
|
pacicc > max amounts claimed under?
|
$250k/all claims, occurrences
70% unearned premiums, $700/policy |
|
|
fire policy > three basic coverages must be in every one (insurance act state)
|
fire
lightning explosion of natural, coal, manufactured gas |
|
|
fire > define
|
visible flame, glow
ignition, burning |
|
|
friendly fire > define
|
contained in receptacle
|
|
|
hostile fire > define (ex)
|
passes outside limits assigned
loss to carpeting by spark thrown from fire |
|
|
"fire" losses > three other types (damage from)
|
extinguishers, water
firefighters, physical damage to building prevent spread, other actions |
|
|
lightning damage to building > covered?
|
If directly
|
|
|
concussion-type losses > considered explosion?
|
no, because > result of build-up of internal working pressure of items (hot water heaters, boilers used in heating)
|
|
|
all insurance policies > two types of common exclusions?
|
property
losses |
|
|
exclusions inserted to remove coverage for property/losses > why? two
|
more specialized coverage forms available
uninsurable |
|
|
standard exclusions > legislated to be in fire insurance policies
|
(ALEC RIC RIC WAM)
Application of heat Lightning damage (to electrical devices/appliances) Electrical currents Contamination Riot (disturbance) Insurrection (angry at gov) Civil commotion (revolt for gen purposes) Rebellion/revolution Invasion Civil war War Act of foreign enemy Military power |
|
|
coverages insurers provide though not required to do so by Insurance Acts (improving on coverages provided under basic legislated policy) > three
|
lightning damage (to electrical devices/appliances)
riot civil commotion (Alec's right hand and both feet) |
|
|
policies with "statutory conditions" (in addition to fire policies) > two
|
accident, sickness
automobile |
|
|
Statutory Conditions applicable to contracts > fifteen
|
Misrepresentation |
|
|
misrepresentation, forms of > three
|
description false (property), prejudice of insurer
misrepresentation (material fact) fraudulent omission (material fact) |
|
|
misrepresentation > effect on a contract (ex)
|
prove misrepresentation directly linked with loss |
|
|
material fact > define
|
insurer determined crucial in determining: |
|
|
material facts > what might be considered? three
|
details concerning previous... |
|
|
change of interest (generally not allowed in fire contracts) > situations where would be allowed, four
|
authorized assignment under Bankruptcy Act
change of title by: succession operation of law death |
|
|
material change > any change with control, knowledge of insured which..? two
|
arises after policy issued
serves to increase chance of loss |
|
|
material change > when reported to insurer, insurer may...? two
|
cancel policy, return unearned premium
retain risk, advise Insureds in writing of additional premium required |
