Home Insurance
This term describes the process of transferring risk from an individual to an insurance company in exchange for payment
Insurance
This type of optional coverage pays for damages to your car caused by something other than collision or upset, such as hail or theft
Comprehensive Coverage
This term describes the process of transferring risk from an individual to an insurance company in exchange for payment
Insurance
This endorsement reimburses the insured up to the limit of liability shown on the endorsement for expenses incurred in obtaining alternate transportation while the insured vehicle is laid up as a result of a physical damage claim.
OPCF 20
Which team is the first point of contact when an insured wants to open a claim
FNOL - First Notice of Loss
This term refers to the initial amount of a claim that the policyholder is responsible for paying before the insurance coverage kicks in
Deductible
This factor, along side your insurance history, greatly influences the cost of your auto insurance and/or insurability
Convictions on MVR
What does ACV stand for
Actual Cash Value
This endorsement is used to eliminate all coverages except limited Accident Benefits coverage for a named person while leaving full policy coverage available for all other drivers.
28A
30 days
This term refers to the process of an insurance company sending a representative to assess the value of property damage before settling a claim
Appraiser
This term refers to coverage that pays for medical expenses if you or your passengers are injured in a car accident
Accident Benefits
What three coverages are optional in the province of Ontario
Comprehensive
Collision
OAB
This endorsement allows the policyholder to protect the value of the described automobile against depreciation during the term of the policy.
19A
Term used to describe the process by which an insurance company seeks reimbursement from a third party responsible for causing the loss that the insurer has already paid
Subrogation
No prior insurance is a decline, unless one of these 3:
1. First time home buyer or renter.
2. Moving out from their parents’ residence,
3. ...
3. Child of an existing CAA Insurance property insured
Your insurance company has how many days to rereview and underwrite your policy? This may result in a premium increase and/or cancellation of the policy
60 days
This method, used by insurance companies to evaluate risk, involves analyzing vast amounts of data to predict potential future events and their likliehood
Actuarial Science
This Policy Change Form waives depreciation if the insured is the original owner/lessee of a new automobile and if the loss or damage occurs within 60 months of the purchase/lease date.
43A
Which team is responsible for investigating situations where an insured deliberately provides false information to the insurance company to receive an unjust payout
SIU
(name depends upon provincial legislation) corporation only insures the common elements such as landscaped areas, roads through the development, visitor parking areas and underground services like sewer and water.
A Vacant Land or Bare Land Condominium
This term refers to the type of coverage that helps pay for damages if you're found legally responsible for an accident
Third Party Liability
Auto insurance in the province of Ontario is regulated by which government body
FSRA -Financial Services Regulatory Authority
This endorsement reduces the deductible associated with court awarded compensation for pain and suffering as defined in the endorsement.
OPCF 48 - Added Coverage to Offset Tort Deductibles
This term represents the estimated funds set aside by an insurance company to cover future claim payments
Insurance Reserves