Key terms
The intentional and voluntary relinquishment of a known right
What is a waiver?
If the business has seasonal operations
What is business operation red flags?
The fair market value of property taking into account depreciation
What is ACV?
Number of claims on the account is higher than average
What is an area that triggers a review on renewal?
Safeguarding and Examination of property
What is policy condition in Quebec?
What is fiduciary duty?
No previous insurance carrier or proof of prior coverage
What is automobile red flag?
The provision to provide a substitute of the damaged property with something similar
What is replacement cost?
May encourage greater emphasis on writing the business for the premium income rather than assessing it's insurability
What is a competitive environment?
What is misrepresentation?
The destruction of evidence
What is spoliation?
Housekeeping and cleanliness
What is property inspection red flags?
A policy that specifically excludes water damage
What is all risks policy?
What is an appraisal?
Details of other insurance on the property, the location of property at time of the loss, detailed inventory of undamaged goods
What are requirements after loss?
A hazard that is based on the insured's attitude towards their belongings
What is morale hazard?
Is new to the broker
What is background red flags?
Additional coverage for moveable items
What is a floater policy?
Determine insurance needs, giving advice on insurance protection, getting to know the client
What are basic functions of selling insurance?
Provides the fact in issue without the need to infer or make presumptions
What is direct evidence?
An official mark that is present on jewellery
What is a hallmark?
Applicant is deeply in debt
What is financial red flag?
A vehicle that does not exist or is already wrecked
What is a phantom vehicle?
Mission is to promote the TEAM CONCEPT
What is CAFI?
The test to establish whether a party has succeeded in proving a fact or an issue
What is standard of proof?