Broker's Liability
Duty of the Insured
Insurance Basics
Legal Principles
100

Ruling in Fine’s Flowers Ltd. et al v General Accident Assurance Co of Canada et al

What is the broker's duty to provide a reasonable amount of expertise and care when bargaining for a policy that the insured requires?

100

To notify your broker of a material change


What is duty to disclose

100

This is the formal request made by a policyholder to their insurance company for payment of a loss.

What is a claim

100

The insured must disclose all relevant and material information whether or not the insured has asked, while the insurer must disclose all information relevant to the deal the insured is entering.

What is the principle of utmost good faith in an insurance context?

200

If the insured’s broker has breached their duty the insured must...

What is prove that the policy requested would have covered the loss and prove that if they knew it was not covered, would have actually obtained the coverage?

200

Consequences of non-disclosure and misrepresentation

What is no coverage, premium returned?

200

This practice involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize the impact of those risks.

What is risk management

200

This occurs when the insured makes a false statement about a material fact, and that false statement induces the insurer to enter into the contract or to continue coverage.

What is material misrepresentation?

300

Instances where a broker might be held liable

What is if a broker failed to sufficiently explain the importance of disclosure or misled the insured?

300

To Read/understand your policy and its exclusions 

What is duty to be informed 

300

Individuals who investigate losses and/or negotiate the settlement claims on behalf, usually of insurers

What is an adjuster

300

The party that is "more innocent" has the...

What is moral high ground?

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