Acronym

Question 1

name the 6 functions of insurance

Answer 1

S- source of employment
A- aid to credit 
L- loss prevention
S- source of capital 
A- aid to security 
S- spread of risk

Question 2

when can a contract be transferred to another person?

Answer 2

B- bankruptcy
O- operation of law
D- death

Question 3

Name the 3 other forms of policies

Answer 3

OAP 2- drivers policy
OAP 4- Garage policy
OAP 6- standard non-owned auto policy

Question 4

what can an endorsement do to your policy?

Answer 4

M- modify
A- add
R- reduce
T- take away

Question 5

How can you deal with risk?

Answer 5

E- eliminate
A- assume
T- transfer

Question 6

How does priority of payments work with accident benefits?

Answer 6

O- own policy
O- occupant in your car
A- any other car in the accident
O- Ontario motor vehicle accident claims fund

Question 7

why should you re insure?

Answer 7

P- provide stability 
R- reduce the effect 
I- increase capacity 
M- maintain proper reserves 
E- enable insurer to cease operations