C81 Part 1: Study 8 &9

Question 1

Trust

Answer 1

The transference of property to an individual or corporation, known as the trustee, whi holds the property fir the benefit of an individual known as the beneficiary

Question 2

Trust Account

Answer 2

An account managed by sn individual or a corporstion for the benefit of another, known as the beneficiary

Question 3

Operating Account

Answer 3

An accounr hsed to hold funds for the day to day operstions of a buisness

Question 4

Direct Billing

Answer 4

A system for coll cting premiums whreby an insuter bills & collects the premium directly from the insured as opposed to the agent ir briker being s middleperson

premiums are usually collected monthly by direct debit from the insured’s bank account

Question 5

Order of Commencement

Answer 5

A document issued by the superintendent of financial institutions, giving s company approval to the commence & carry on the buisness of insurance

Question 6

Warranty

Answer 6

Statement of stipulation or promise in an insurance contract, the breach of which may nullify the contract

Question 7

Personal Information Protection & Electionic Documents Act

(PIPEDA)

Answer 7

A federal statue that governs the collection and use of personal info. States that personal info to be collected must be relevant & that all info that has been collected, us being collected must be held in strictest of confience