Auto Chapter 1

Question 1

All forms must be approved by whom

Answer 1

Superintendent

Question 2

what is FSCO/FSRA

Answer 2

Financial Services Commission of Ontario/ Financial Services Regulatory Authority

Question 3

OAF 1

Answer 3

Ontario Application for Automobile Insurance (Auto Application)

Question 4

OAP 1

Answer 4

Ontario Automobile Policy (Owner’s Form)

Question 5

What types of forms are approved by the superintendent? (C-CAP)

Answer 5

Claims, continuation certificate, application of insurance, policy endorsement or renewals.

Question 6

What provinces use government insurers?

Answer 6

BMSQ, Bc, Manitoba, Saskatchewan, Quebec.

Question 7

What are the 4 mandatory coverages for auto

Answer 7

DUAL- direct compensation, uninsured automobile, accident benefits, and liability

Question 8

Section 1 of OAF1

Answer 8

Applicants name and postal address

Question 9

Section 2 of OAF1

Answer 9

Policy Period: always expires at 12:01am on the date listed

Question 10

Section 3 of OAF1

Answer 10

Describe the automobiles; price, unprepared damages, use, lease, registered owner vs actual owner, ect.

Question 11

Section 4-6 of OFA1 (and yrs of history rated)

Answer 11

License History(6 yrs); recognized in US and CAN. Insurance History (3yrs). Claims History(6 yrs); for all drivers in household. Convictions History (3 yrs); does not include parking tickets.

Question 12

Section 7 of OFA 1

Answer 12

Rating info, computed by agent to calculate premium. uses all info from sections 1-6

Question 13

Section 8 of OFA1

Answer 13

insurance coverage applied to… mandatory=DUAL. plus any optional coverages they may want

Question 14

Section 9 of OFA1

Answer 14

Remarks: any extra info or factors relating to rating

Question 15

Section 10 of OFA 1

Answer 15

Method of payment.. in application states that premium is an estimate, and may be confirmed by insurer.

Question 16

Section 11 of OFA 1

Answer 16

Declaration of Applicant; applicant is cautioned to read this part before signing, just shows that if they mislead or lied then their coverage could be void when attempting a claim.

Question 17

Section 12 of OFA 1

Answer 17

Report of Broker/Agent; Has the broker or agent bound the risk? is the business new to the agent? what type of motor vehicle liability card was issued- temporary, permanent, or none ? How long has the agent known the applicant? How long has the agent known the principal driver?

Question 18

Liability (bodily injury and property damage) (brief)

Answer 18

covers insured persons if liable, ie someone else is injured or property damage in auto accident

Question 19

Accident Benefits(( brief sum)

Answer 19

pays benefits insured are entitled to if injured or killed

Question 20

Uninsured Automobile coverage (brief sum)

Answer 20

Provides coverage is insured is injured by uninsured motorist.

Question 21

Direct compensation Property Damage (DCPD)

Answer 21

covers insured for damage when a third party is responsible.

Question 22

Optional Loss Or damage coverage

Answer 22

insured may pick one or more of; specified perils, comprehensive, collision or upset, and all perils.