INITIATIVES & ORGANIZATIONS
Code of Conduct
New Business
Definitions
Broker Agent
100

The national trade association of the private property and casualty insurance industry. Its main focus is to strengthen the business environment for the p&c insurance industry. It identifies and monitors key policy issues affecting the industry and develops appropriate policy paper plans. Keeps a very close watch on proposed legislation and members are informed of changes or proposed changes in federal and provincial law that would affect them....

What is Insurance Bureau of Canada (IBC)

100
Brokers are responsible for the protection of clients....?
What is privacy
100
A hazard arising from the nature of the insured or any other person involved in the insurance, including their character interest, habits, lack of integrity or some combination thereof. This would encompass those instances where the chance of loss is increased by the insureds carelessness, incompetence, recklessness, indifference to loss or fraudulent nature
What is Moral Hazard
100
A general term used to identify a broker or agent who is licensed to sell insurance
What is Producer
100
act on behalf of the insurance companies they work for
What is Agent
200
Formerly known as the Insurance Crime Prevention Bureau (ICPB), operates under the umbrella of IBC. It provides insurance crime investigation and information services to detect and prevent insurance crime. When appropriate it assists public law enforcement authorities. A data bank is maintained that helps insurers to anticipate and detect crime. It is used to detect fraud before settlements are paid and also provides valuable loss information to evaluate risk.
What is IBC Investigative Services Division
200
Brokers will provide their clients with the highest level of service
What is Conscientious and Quality of Service
200
A hazard that is based on the insureds attitude towards the insured belongings. This hazard exists when the insured no longer cares about his or her possessions because they are insured. i.e. leaves doors open or unlocked and windows open at home because they have insurance. If there is a burglary however insurance will cover any loss or damage suffered Again Broker/Agent on frontline to detect fraud but underwriter can use HITS, MVR, Inspections to detect morale hazards i.e. multiple small losses on property and/or auto Large companies less of a risk than small business in which the owner is the chief employee
What is Morale Hazard
200
A vehicle that does not exist or is already wrecked
What is Phantom Vehicle
200
choose amongst several insurance markets which they represent
What is Brokers
300
Committed to advancing the educational standards of insurance people and providing timely information continuously to improve professionalism within the insurance industry. This organization and it's sister provincial association make a contribution to the control of insurance fraud through training and education programs.
What is Insurance Institute of Canada
300
Brokers are to conduct their affairs with their clients, the public, fellow members and insurers with?
What is Integrity
300
Where applicant live?,Why post office box only?, Frequent address changes. Why?, No phone number, why?, Unable to get phone, why?, No drivers license, why?, Who is principle operator of car?, Under age principle operator? are examples of
What is application questions
300
A name given to an insurance policy that covers each and every loss except for those specifically excluded. If the insurer does not exclude it, then it’s automatically covered. This is the broadest type of coverage that can be purchased.
What is All risk Policy
300
Independent contracts with at least two or more insurance companies to sell their insurance policies to the public
What is Agent
400
An international organization that includes more than 70,000 members in 25 countries. Chapters of the association operate throughout Canada. A diploma is given to individuals who have successfully completed a set of examinations or have accredited experience in auditing or accounting, criminology, fraud investigation, or related areas of legal practice.
What is Association of Certified Fraud Examiners (ACFE)
400
Brokers will apply their knowledge and skill in a manner consistent with what is expected of the profession
What is competence
400
A written or oral agreement given by an insurer to inure a risk, pending the issuance of a formal policy. Deemed to be the policy and must be cancelled in the same manner. Not usually issued by telephone request or accompanying urgency
What is a Binder
400
A provision generally in property insurance coverage, to provide a substitute of the damaged or lost property with something similar including having the same sue but not necessarily identical to the property being replaced without extra cost to the insured
What is Replacement Cost Coverage
400
Liaise between insurer and insured
What is Broker Agent
500
A national organization with chapters in most provinces. It's membership include police, fire, legal, engineers and insurance personnel. According to their web sight, their mission is to "promote the TEAM concept" by keeping all parties involved and informed in an attempt to reduce property loss through arson and fraud"
What is Canadian Association of Fire Investigators (CAFI)
500
Brokers will safeguard clients money and property entrusted to them; they will preserve clients property and take care of property entrusted to them
What is Financial Reliability, safekeeping, and Preserving Clients Property
500
An official mark present on jewellery, a mark of assurance providing a clear indication of the quality of metal having been tested at one of the countries assay offices
What is Hallmark
500
– A policy in which the perils insured against are listed as opposed to one that insures against “all risk”
What is Named Perils Policy
500
Communicate the information assembled to the insurer
What is Broker Agent
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