Back to Basics
This term means the chance of a loss.
Risk
Target Markets
The process of revealing all facts during the application process.
Disclosure.
What is the term for jurisdictions where an intermediary has no choice but to provide the requested automobile insurance coverage.
All-Comers Rule.
Intermediaries who plan out their tasks based on prioritization use this type of management.
Time management.
The 'P' in the abbreviation of COPE stands for this.
Protection.
This term refers to replacing property of similar type and condition.
Like, Kind, and Quality - LKQ.
This type of risk involves his or her conduct
Liability Risks
This sort of insurance program might be offered to individuals sharing a common interest.
This section of the application is where you'd find information about the risk being insured.
Subject of insurance.
An alternative term used for binders.
Interim receipt.
This term describes the limitation period in which legal action can be taken by a claimant
Prescription.
Heating, electrical, plumbing, and roof are examples of this.
Building Services.
This clause prevents someone from claiming both earrings were lost when only one has gone missing.
Pair and Set.
This is the kind of broker who possesses specialized expertise in a particular line of coverage.
Wholesale Broker
An insurance company who develops a niche product to stand out amongst competitors in the industry has done this.
Market Differentiation
An intermediary wishing to add additional information on the application to the insurer can use this section of the application to do so.
Agent's and Broker's Report.
A broker should be weary of this sort of request from an insured as it could indicate potential fraud.
Backdating.
This type of language is often preferred when speaking with clients who don't understand insurance jargon.
Plain language.
A customer who is looking to move to a new home needs to advise their intermediary of this so the insurer can decide if this change impacts the insurance.
Material Change.
TRUE OR FALSE - A detached garage is still considered part of the primary dwelling building.
FALSE - it's a detached private structure.
This law outlines the relationship between agents and principals
Law of Agency
When an intermediary arranges coverage through a wholesale broker, the intermediary becomes this.
Sub-broker.
TRUE OR FALSE - Does an applicant need to provide permission for obtaining an MVR (Motor Vehicle Record).
TRUE.
TRUE OR FALSE - Should binders include any riders or endorsements added to the policy?
TRUE
TRUE OR FALSE - Coverage be bound via voicemail.
These two terms are for the two general types of hazards found in residential and commercial.
Special and Common.
This type of coverage is for when insureds need to pay for hotels, meals, and car rentals when displaced from their homes.
Additional Living Expenses - ALE.
Something that would affect a contract of insurance enough that could influence an insurer's decision to insure a risk is considered this.
Material Fact
A hazard that threatens a risk.
Exposure
Loadings.
Under which section of the policy would you find effective and expiry dates.
Declarations* (or Insuring Agreements).
FALSE - The intermediary should advise the client they will respond via email or phone.
This type of coverage covers the costs to repair a building even if it costs more than what was insured for.
Guaranteed Replacement Cost.
A person with 10 fur coats might consider this type of coverage on their policy.
Floater.
Errors and Omissions
This is a method intermediaries use to keep track of expiration dates for prospects they haven't successfully landed.
X-Dating.
A client who has a $50,000 engagement ring might consider adding this type of coverage for the ring.
Scheduled coverage.
Under which part of a policy would you find applicable coverages.
Insuring Agreements
An intermediary who is tailoring the way they speak to a client's preferences is doing this.
Mirroring.
TRUE OR FALSE - Mobile homes cannot be moved.
FALSE
This coverage includes accidental water entrance from surface water at or above ground level.
Overland Water Coverage.
TRUE
A broker who is assessing a clients attitude towards risks and insurance is assessing this.
Moral Hazard.
TRUE OR FALSE - A generic loss payee will still receive payment in a claim even if the claim is denied to the insured.
FALSE (Only Mortgagees have the special clause for this).
Where would you find the warranty information if it applied to EVERY policy with that specific wording.
Exclusions.
Unlike it's interchangeable 'cousin', this term defines a deeper connection one might feel for a client and contains a degree of objectivity.
Empathy.
This is term used for a dwelling that has no one living at it and has no furnishings.
Vacant.
TRUE OR FALSE - Fire caused by earthquakes is covered.