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Restricted Auto > The Basics > Flashcards

The Basics Flashcards

1
Q

Saskatchewan Insurance Act (SIA)

A
  • Requires all companies, agents, brokers, adjusters, and agencies to be properly licensed and regulated
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2
Q

The Insurance Companies Act of Canada

A

Gives authority to the Office of the Superintendent of Financial Institutions

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3
Q

Automobile Accident Insurance Act

A

Sets out requirements for compulsory insurance, only sold through SGI

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4
Q

Office of the Superintendent of Financial Institutions

A

Strict financial standards established by the OFSI for insurance companies
Ensures insurance companies are financially solvent and provide reasonable and fair protection

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5
Q

Role of Provincial Government

A

If licensed provincially, insurance companies are under jurisdiction of the Superintendent of Insurance

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6
Q

Superintendent of Insurance

A

Monitors solvency, supervise terms and conditions, license and regulate, delegates authority to General Insurance Council of Saskatchewan

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7
Q

General Insurance Council of Saskatchewan

A

Regulatory body, license and regulate agents/agencies/adjusters, set standards of professionalism, investigates, disciplines, sets out requirements for licensing

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8
Q

Ethics of Insurance Agents/Brokers

A 
Most suitable Product for Customer 
Duty to client
Fair and honest with Insurance Companies
Utmost  good faith (uberrima fides)
Absolute honesty
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9
Q

Professional Liability Insurance/Errors and Omissions

A 
Lack of Standard of care 
legally liable for negligence 
Failure to obtain all information
-ensure vehicle is registered 
-failure to recommend adequate insurance
- cancelling or revising on wrong vehicle
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10
Q

Preventing risk

A

E&O insurance
Complete Documentation (rec. coverages, limits, deductibles, pertinent information)
Potential claims reported ASAP
Binding coverage comply with insurer

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11
Q

Insured

A

1st party, protected by policy

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12
Q

Insurer

A

2nd party, provides insurance

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13
Q

Others

A

3rd party, involved in crash

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14
Q

Cooperative Insurance Companies

A

Owned by members

Mutual benefit to the members

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15
Q

Mutual Companies

A

Owned by policyholders, insurance at low cost, community involvement, low operating costs

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16
Q

Stock Companies

A

limited liability, making profit for stakeholders

17
Q

Government Insurers

A

Crown corporation

18
Q

Insurance Agent

A 
Intermediary between client and insurer
Independent
Sells w/ one insurance company
Collect & retain prem
Solicit & service insurance 
binding authority
19
Q

Ins. Broker

A

Agent of the insured
independent
1+ insurance companies
Collect prem and hold in trust & remit

20
Q

Insurer

A

meet needs of policyholders
profit for their owners
licensed federally or provincially

21
Q

Lenders

A

interest in insurance contracts

want to see loans (chattel or real property) INSURED

22
Q

Chattel Property

A

Mobile assets
No obligation to lender
Insurer to pay any loss jointly w/ lender & insured

23
Q

Real property

A

real estate

“standard mortgage clause”

24
Q

Leasing companies

A

Lessee owes money to lessor to purchase an asset lessee “rents” the asset and insures it
Lessor continues to own asset
Lessor can be sued for damages as the owner
Insurance protects lessors

25
Q

Adjusters or Appraisers

A

Estimates damage or value
Training in auto repair
Can be employees of insurance companies or independent
Adjusts: first and third party claims

26
Q

Telephone adjustes

A

adjust large volumes of claims

27
Q

Staff adjusters

A

investigate, negotiate, and settle claims

28
Q

Independent adjusters

A

accept work from many insurers, licensed

29
Q

Submitting a claim

A
  • Broker verifies coverages
  • Collect basic facts
  • Report claims to insurer
  • Insurer investigates claims
  • Insurer pays for repair, or replacement
30
Q

Independent Brokerage

A

Appoint independent brokers

Client lists belongs to broker, not insurer

31
Q

Exclusive Agency Company

A

Market policies through exclusive agents

Client lists belongs to company not agent

32
Q

Direct Writing Company

A

Employ a force of producers to sell policies

Business belongs to insurer

Restricted Auto (9 decks)

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