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