When will the auto policy of temp substitute coverage respond instead of the policy of the owner of the vehicle?

The borrowed vehicle is uninsured

Who is responsible for the Auto Application form?

The provincial superintendent of insurance

Which is true regarding accident benefits?

Accident Benefits compensates an injured insured party with nominal amounts

Decipher the following: Lang4uage

Bob's Language, Foreign Language

Which is true regarding Accident Benefits?

AB Compensate the injured insured party with nominal amounts

What happens when a frog’s car breaks down?

It gets toad away!, Not his fault, he's newt to the area!, He loses all his green!, He gets hopping mad!

Under TP Liability, the Insurer agrees to:

Investigate, negotiate, and settle all reported claims

What is a Newly Acquired vehicle?

An Automobile purchased as an additional vehicle

If there is a discrepancy in the application to the policy issued, the insurer is obligated to:

Advise the insured of any differences in writing

What’s a pirate’s favorite letter?

?, You'd think it be R, but it be the C!

What do statutory conditions consist of?

The definitions, rules, and regulations which govern auto contracts

What is your Instructor's Name?

Mr. Dad Jokes, Simon, Where's my coffee?, Bob from Accounting

Under a Garage Policy, what is a non-owned Automobile?

Not owned or customer's auto but used for pleasure or business of garage

What is true regarding "Statutory Condition-Termination"?

If insurer cancels, the excess premium is returned to insured pro-rata

What is the objective of the Special Industry Program for Auto Insurance?

Equitable sharing of the residual market by all insurers

TP Liability coverage is designed to provide financial protection against the:

Insured's legal liability for bodily injury caused to others

Which is true regarding Automobile Salvage?

Belongs to the insurer if the insurer pays the ACV of the automobile

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Auto Supplement Quiz 2

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Questions 26

Answers

1
What other document may be needed other than an application to apply for commercial auto insurance?
Commercial Operator's Safety Manual
Commercial Operator's Registration
Commercial Vehicle Supplement
Commercial Driver's log
2
When will the auto policy of temp substitute coverage respond instead of the policy of the owner of the vehicle?
It wouldn't
The borrowed vehicle has excessive policy limits
The driver of the borrowed vehicle has a policy with no deductible
The borrowed vehicle is uninsured
3
Which of these is a general category found in AB section of a policy?
Minor Impairment
Critical Care Benefits
Partial Disability
Death Benefits
4
Who is responsible for the Auto Application form?
The federal superintendent of insurance
None of the above
The provincial superintendent of insurance
Bob in Accounting
5
The majority of a broker's business comes from:
Walk-ins
Referrals
Internet Advertising
Using the Phone Book
6
Which is true regarding accident benefits?
Accident Benefits are paid according to degree of fault
The not-at-fault driver is permitted to sue the TP for medical expenses
The at-fault driver is permitted to sue the TP for medical expenses
Accident Benefits compensates an injured insured party with nominal amounts
7
Decipher the following: Lang4uage
Language of Four
Bob's Language
Foreign Language
Quad Lingual
8
Which is true regarding Accident Benefits?
AB are paid based on the degree of fault of the driver
AB Compensate the injured insured party with nominal amounts
Injured drivers can access AB coverage from either insurer or TP insurer
Injured drivers are permitted to sue the TP to recover medical aid
9
Putting someone back in the same financial position as they were before the loss is:
Genuine Intention
Inconceivable
The right thing to do
Indemnity
10
What happens when a frog’s car breaks down?
It gets toad away!
Not his fault, he's newt to the area!
He loses all his green!
He gets hopping mad!
11
Under TP Liability, the Insurer agrees to:
Pay post-judgment interest assessed against insured beyond policy limits
Pay all medical expenses for injuries suffered by the insured
Defend any criminal action brought against the insured
Investigate, negotiate, and settle all reported claims
12
What is a Newly Acquired vehicle?
An Automobile rented for use when insured automobile has mechanical failure
An Automobile purchased as an additional vehicle
An Automobile rented for a trip within the USA
An Automobile already insured under the policy
13
All Perils is a combination of what coverages?
Specified Perils and Comprehensive
Fire and Theft
Collision and Theft
Collision and Comprehensive
14
The association that may compensate a victim of an uninsured automobile when Uninsured Motorist coverage is unavailable.
Residual Funds Association
Vehicular Damage Association
Facility Association
Automobile Injury Association
15
If there is a discrepancy in the application to the policy issued, the insurer is obligated to:
Advise the insured's broker over the phone of any differences
Advise the insured of any differences in writing
Advise the insured of any policies in person
Advise their in-house legal staff of any policy differences
16
What’s a pirate’s favorite letter?
?
You'd think it be R, but it be the C!
17
What do statutory conditions consist of?
Copy of the policy conditions
The rules/regulations on how to handle a claim over a certain dollar amount
Copy of the signed auto insurance applications
The definitions, rules, and regulations which govern auto contracts
18
What is your Instructor's Name?
Mr. Dad Jokes
Simon
Where's my coffee?
Bob from Accounting
19
Which of the following is a power unit?
Dwayne "The Rock" Johnson
Cyclist
Skateboarder
Limousine
20
Under a Garage Policy, what is a non-owned Automobile?
Auto owned by the insured and rented to customer when auto is at garage
Not owned or customer's auto but used for pleasure or business of garage
Auto in the care, custody, control of the insured
Auto owned by insured and used by the garage business
21
What is true regarding "Statutory Condition-Termination"?
Insurer can only terminate within 60 days of expiry date
If the insured cancels, the excess premium is returned to insured pro-rata
Insured can only terminate within 60 days of expiry date
If insurer cancels, the excess premium is returned to insured pro-rata
22
What is the objective of the Special Industry Program for Auto Insurance?
Create new insurance policies tailored to high-risk individuals
Equitable sharing of the residual market by all insurers
Monitoring of claims handling of all service carriers
Ensure premiums are adequate so underwriting profit is made
23
TP Liability coverage is designed to provide financial protection against the:
cost of renting a vehicle when the insured vehicle is damaged
Insured's legal liability for his own bodily injury
Cost of repairing damage to the insured vehicle
Insured's legal liability for bodily injury caused to others
24
When the vehicle is owned by the government, who is covered for damages in the event of an accident?
The Insured
TP Driver
The Government
Bob in Accounting
25
An ACTION must be commenced on an Accident Benefits claim within _____ in this province.
6 Months
1 Year
2 Years
4 Years
26
Which is true regarding Automobile Salvage?
Belongs to the insured once insurer pays Replacement Cost.
Can be abandoned by the insured if it is a total loss
Belongs to the insurer if the insurer pays the ACV of the automobile
Consists of the useless remains of a vehicle after an accident

Auto Supplement Quiz 2 Flashcards | StudBud