Commercial
Insurance for the risk of the insured's business being shut down due to an insured peril.
What is BUSINESS INTERRUPTION INSURANCE?
What is the standard deductible for damages cause by the peril of fire?
What is $0?- no decuctible
This licensed professional aids in matters of insurance.
What is an INSURANCE BROKER?
Of the following vehicles, which would be covered under the liability section of a Homeowner's Comprehensive policy? Motorcycle, Moped, Snowmobile or Motorized Wheel Chair
What is a Motorized Wheel Chair?
An insured who regularly becomes intoxicated and smokes in bed is this type of hazard.
What is a MORAL Hazard?
A person to who goods are entrusted for a stated purpose.
What is a BAILEE?
As auto insurance is provincially mandated, a pooling arrangement created by insurance companies to underwrite the very high risk drivers
What is FACILITY ASSOCIATION?
This is the minimum limit of Errors & Omissions insurance coverage required for a broker in Ontario to satisfy the RIB Act.
What is $3MILLION?
This is replacement cost at the time of the loss, less depreciation.
What is ACTUAL CASH VALUE?
This forms the basis of most insurance contracts?
What is INDEMNITY?
This type of bond may be required from each contractor who tenders for a construction project?
What is a BID BOND?
This is the description of the type of injury that must be sustained to allow a civil action against the at-fault motorist.
What is VERBAL THRESHOLD?
The Ontario Health Insurance Plan lapses after this many days being out of the country
What is 212?
The legal process by which an insurer, who has paid a loss, pursues any rights of recovery against a responsible third party.
What is SUBROGATION?
Sharing the loss of liability between 2 or more insurance companies
What is CONTRIBUTION?
Cost of future care, loss of earning capacity and can be quantified with evidence.
What are PECUNIARY losses?
Accident Benefits coverage on the OAP1 provides a base Income Replacement Benefit of $400 per week. The actual amount is based on this percentage of gross income.
What is 70%?
This type of bank account is held by brokerages for the purpose of holding funds to be paid to insurers.
What is a TRUST ACCOUNT?
Sums of money designed to make a third party whole financially with respect to injury/
What are COMPENSATORY DAMAGES?
A mutual insurance company is owned by these people.
Who are POLICYHOLDERS?
In a Commercial General Liability Policy, this is the maximum that will be paid out for claims during a policy year.
What is the AGGREGATE LIMIT?
This optional coverage, if enacted will continue until the automobile is repaired or replaced, money is offered to settle the claim or the maximum coverage limit has been reached.
What is LOSS OF USE/OPCF 20?
This is the point that a travel policy commences coverage.
What is the moment the insured leaves Canada?
The section of a habitational policy protects the mortgagee if the occupant violates the insurance policy without the knowledge of the mortgagee.
What is the MORTGAGE CLAUSE?
Having the ability to provide a full range of insurance products to clients is referred to as...
What is ADEQUATE CAPACITY?