Chapter 1 Section 2 Part 1

Question 0

Provincial superintendent of insurance; three main areas of responsibility?

Answer 0

• Solvency (of prov. licensed insurers) (Monitoring)
• Terms, conditions (Supervising)
• Insurers, agents, brokers, adjusters (Licensing)

Question 1

federal, provincial statutes ensure?

Answer 1

• Financially competent
• Contracts drafted regularly
• Public benefit

Question 2

Property, casualty insurance compensation corp (PACICC) purpose?

Answer 2

Pay, bankruptcy

Question 3

Max $ PACICC

Answer 3

• 250k/all claims, occurrences
• 70% unearned premiums
• $700/policy

Question 4

Fire, 3 mandatory coverages

Answer 4

• fire
• lightning
• explosion of natural, coal, or manufactured gas

Question 5

fire

Answer 5

• visible flame
• glow
• ignition
• burning

Question 6

PACICC

Answer 6

Property and Casualty Insurance Compensation Corporation

Question 7

Friendly fire

Answer 7

Contained in receptacle

Question 8

Hostile fire (+ex)

Answer 8

Passes outside limits assigned (spark thrown by fire to carpeting)

Question 9

Three other types of fire damage losses

Answer 9

Extinguishers (water)
Firefighters (physical damage to building)
Other preventative actions

Question 10

Lightning damage to building covered?

Answer 10

If directly