Principles of Insurance
This principle prevents a person from taking out a policy or an insured from making a claim or collecting payments for something unless he owns it or loss would cause economic or other hardships.
What is the PRINCIPLE OF INSURABLE INTEREST.
This is the full name of the product used to insure Seadoo Jet Skis
What is PERSONAL WATERCRAFT
The extra charge for a change during the policy period, which increases the hazard or the Company's liability.
What is ADDITIONAL PREMIUM
In what part of ALIS are documents kept?
What is DOCUMENT MANAGEMENT SYSTEM (DMS)
This principle ensures an insured gets no more and no less money than what is required or allowed by the policy to put them back in the position they enjoyed prior to the loss.
What is the PRINCIPLE OF INDEMNITY
This is the email address that issued documents are sent to by JET automatically so Forward can document them.
docs@forwardinsurance.ca
This product would be for a homeowner who has multiple mortgages.
What is NON-STANDARD HOMEOWNERS
Liability which would not rest upon a person except that he has accepted responsibility by contract expressed or implied.
What is ASSUMED or CONTRACTUAL LIABILITY
Where are two places you can enter notes in ALIS?
What is FILE NOTES and DOCUMENT NOTES
This principle requires honesty and full disclosure by the insured, insurance company and agent/broker, starting with the application phase. It prevents both the insured and insurer from concealing or misrepresenting facts during the application phase, prevents the insurer from ever altering the policy without full disclosure during the time the policy is in force and, in the event of a loss, requires the insured to provide a full, honest representation of the facts surrounding the event and loss. Violating this principle can be the basis of a case for fraud.
What is the PRINCIPLE OF UTMOST GOOD FAITH
What transaction can brokers not process in JET on their own ?
What is a CANCELLATION or FUTURE DATED MTA
A home care support worker could be insured under this program.
What is ALLIED AND ALTERNATIVE HEALTHCARE
DOUBLE JEOPARDY!!!!
In property insurance, this is a clause under which the insured shares in losses to the extent that he is underinsured at the time of loss.
What is COINSURANCE
In ALIS, tasks are attached to what?
What is DOCUMENTS
This principle allows an insurer to assume the rights of the insured after paying a claim. In other words, it gives the insurer the right to pursue a third party that caused the loss to the insured.
What is the PRINCIPLE OF SUBROGATION
What is FORTY NINE
This is a policy that piggy backs the existing property policy which reduces the Insured’s existing earthquake deductible on their current policy to a more manageable level.
What is EARTHQUAKE DEDUCTIBLE BUY DOWN
The EC referenced is a common extension of a property insurance policy beyond coverage for fire and lightning, adding cover for loss by the perils of windstorm, hail, explosion, riot, and more.
What is EXTENDED COVERAGE
What does ALIS stand for?
What is ALL LINES INSURANCE SUITE
This principle says the insurer will consider the cause of the loss or damage, and will only cover the loss if it is caused by an insured peril. In simpler terms, this principle means that the insurance company will only pay out for a claim if the nearest reason for the loss or damage is covered under the policy
What is the PRINCIPLE OF PROXIMATE CAUSE
DOUBLE JEOPARDY!!!!!!
What are the names, in order, of the steps shown in the quote process within the step indicator on the left side of a quote on the application screen in JET?
What is
1. Applicant
2. Risk Info
3. Coverages
4. Quote
5. Issuance Info
6. Issue Policy
7. Policy Docs
This product includes the ability to increase limits for deductible assessment coverage up to $100,000.
What is CONDOS or VACANT CONDOS
These are the four things considered by COPE
What is
CONSTRUCTION
OCCUPANCY
PROTECTION
EXPOSURE
What function would you use when correcting the premium breakdown of an invoice after it has been transacted in ALIS?
What is REVOKE POLICY