Policy Basics
the three main components of a commercial insurance policy
Declarations, insuring agreements, and conditions/exclusions.
A customer slips on a wet floor. What type of coverage responds?
General Liability Insurance
What tool in EPIC allows you to search for client accounts quickly?
The Access Icon or Global Search bar
What does FSRA regulate in Ontario?
Financial services including insurance, pensions, and credit unions
This CM is NEVER crabby! Even though seafood is one their favorite foods!
Analyn
the purpose of a risk management plan
to reduce or eliminate potential losses
What’s the first step a business should take after a loss?
Notify their insurance provider and document the damage.
What is the purpose of the “Underwriting” section in Policy Works?
To input and review risk details, coverages, and rating information.
What is the purpose of E&O insurance for brokers?
What is the purpose of E&O insurance for brokers?
If this Insurance thing doesn't work out, this CM would be able to sing for their supper - they have a background in Musical Theatre!
Trudy
Name one way a small business can reduce property risk
install fire alarms, security systems, or conduct regular maintenance
A fire damages a business and its neighbor. What policies are triggered?
Property and General Liability Insurance
What function in Policy Works allows integration with Applied EPIC once you have completed an endorsement?
Finalize
What is a material misrepresentation?
Providing false or incomplete information that affects underwriting
We already think this CM is a ROCKSTAR! They just happened to play drums for a decade too!
Brooke
What is business interruption insurance?
It covers lost income when a business is unable to operate due to a covered loss.
What is subrogation in the context of claims?
The insurer seeks reimbursement from a third party responsible for the loss.
What is the function of “Activities” in Applied EPIC?
They track tasks, reminders, and follow-ups for client servicing and internal workflows.
What is the consequence of failing to disclose a known risk?
The policy may be voided or a claim denied
We already know this CM is a STAR! They also have a talent for running into famous people like Mark Messier and David Suzuki to name a few!
Scott
How can a small business reduce cyber liability exposure?
Use firewalls, employee training, and data encryption
A business is sued for a product defect. What type of coverage applies?
Product Liability Insurance
What is the benefit of using templates in Policy Works?
They standardize submissions and reduce manual entry for common policy types.
What is the role of the Insurance Act in Ontario?
It governs how insurance is sold and regulated in the province
When this CM is entering information look for their green thumbs! They love gardening! They also love horseback riding!
Sandra