Beststudyguru

What are 3 actions which demonstrate a brokers unethical conduct? to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? commitment to higher

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: Residential (ex. home) Non-mercantile (ex. hospitals, nursing h...

Define positioning advantage Refers to how the brokerage is perceived by clients in relation to competing brokerages. "image of the brokerage" Positioning is in relation to other brokerages operating in the same environment Image is the clients perception of the brokerage Three ways a brokerage can be positioned in relation to its competition 1. Low or high priced 2. Low or high service quality 3. Faster to settle claims Define differential advantage Refers to any feature, service, or ...

What is the need for travel insurance? Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada Most provinces have a reciprocal agreement to reimburse the province that provided the medical costs where the injury occurred What costs do medical plans NOT cover? Ambulance charges, return of vehicle, family visitation Discuss provincial medical plans outside of Canada provincial plans only pa...

Identify 3 elements to organizing effectively: 1. Creating an organizational structure. 2. Defining employee relationships. 3. Establishing position descriptions. Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. 1. Line organization 2. Functional organization 3. Line and staff organization Identify which type of brokerage is best suited for a line organization and briefly explain why this is so. Smaller brokerages in which sen...

What types of claims are paid out under Death & Injury court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property Collision, Comprehensive Why is auto insurance compulsory in all provinces? It is unlikely that people would voluntarily purchase insurance thus leaving society to pay costs associated with replacing property, rehabilitation costs, sup...

Explain "Scheduled Basis" Only the items listed on the policy will be insured Explain "Property of Every Description" Basis Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis All property owned by the insured is insured under a single limit of insurance - this can include property at different locations and may be subject to co insurance Identify 5 components found in the definition of "Building" 1) fixed structures pe...

What is the name given to the collection of written decisions? Case Law Explain the concept of the Rule of Precedent. Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". Compensation in money for the loss or damage suffered. Compensatory damages for bodily injury are an amalgamation of general and sp...

Define the following insurance terms. Bill of Lading Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor Penalty (SURETY BOND) Amount of credit given to the principal by the surety ...

Identify, other than in Quebec two different systems used to insure automobiles in Canada 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms Policy forms developed by the insurance industry for all types of automobile use Identi...