Owners stand to incur costs if their vehicle is damaged, greater potential for injury or death to insured or others and threat of lawsuit
Why is auto insurance mandatory in Canada.
Provides substitute of the damaged/lost property with something similar, including having the same use but not necessarily identical to the property being replaced
What is replacement cost?
Provincial Jurisdiction
Which level of government has jurisdiction over the regulation of the insurance industry?
An employee of an insurance company who directs the investigations of staff adjusters and independent adjusters, reviews their reports, and approves claim settlements
Who is a Claims Examiner?
The chance of loss.
What is risk?
Saskatchewan, Manitoba and British Columbia
Coverage for the additional expenses incurred when an insured’s dwelling is damaged by an insured peril to such an extent that one cannot live in it until repair. Reimburses loss of rental income as well if dwelling was rented before.
What is Additional Living Expenses?
A duty of care exists
The duty was breached
There is a causal relationship between the breach and the damage
What is the ABC rule?
Who are adjusters?
The minimization (at a minimum cost) of the detrimental effects of risk by identifying, measuring and controlling the risk
What is risk management?
How many years of previous accidents and insurance claims are reviewed to assess a personal automobile risk?
Betters and Improvements
What is unique to Condo insurance policies?
A class of wrong that arises out of unreasonable, unwarranted, or unlawful use of by a person of his own property or personal conduct, producing an annoyance, inconvenience, discomfort or hurt to others or their property.
What is nuisance?
Used on large property claims when insureds are having disputes
Who are public adjusters?
To insure. More commonly, to scrutinize a risk and then decide on its eligibility for insurance
What is underwrite?
Age, driving experience, territory and vehicle usage.
What are some examples of traditional rating factors?
Possibility of loss caused by an insured peril in a neighbouring building
What is Exposure?
A person who has permission to enter a premises for his/her own purposes
Who is a Licensee?
The period of time in which a claim may brought by the policyholder.
What is prescription?
Intermediary has no choice but to provide the requested automobile insurance
What is "all-comers rule"?
The peril of theft.
What is an example of a peril covered under Comprehensive insurance?
General characteristics of the area in which risk is located.
What is exposure?
Covers BI or PD caused by the goods that clients make or sell, e.g. food
What is Products Liability?
Designed to encourage insureds to carry adequate amounts of insurance on their property
What is co-insurance?
Policy is treated as it never existed
What is void?