Term
| Role of federal government when insurers receive federal licensing. |
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Definition
| The federal gov't monitors federally licensed insurers on an ongoing basis to ensure that they are financially stable. |
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Term
| Role of provincial government. |
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Definition
1. Supervising the terms & conditions of insurance contracts
2. Licensing of insurers
3. Monitoring financial stability of provincially licensed insurers |
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Term
| The role of the Property & Casualty Insurance Compensation Corporation (PACICC), including amounts available to consumers. |
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Definition
When a bankruptcy occurs & claims cannot be paid, the Corporation pays all valid claims.
- A maximum of $250,000 for all claims arising from a single occurrence;
A refund of up to 70% of unearned premiums, subject to a maximum of $700 per policy. |
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Term
| Contents of all insurance policies. |
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Definition
1. Parties to the Contract
2. Policy Period
3. Loss Payable or Payee, If Any
4 Type(s) of Insurance Coverage(s) & Amounts for for Which Insurer May be Liable
4. Rate & Premium Charged
5. Subject Matter of Insurance
- Item(s) insured
- The location(s) of the insured item(s) |
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Term
| Conditions applying to the Removal Clause. |
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Definition
a)The insurer must extend policy coverages to a location(s) not insured by the policy when "insured property is necessarily removed from the location(s) specified to prevent loss, destruction or damage or further loss.
b) The amount of insurance available for any loss to property while at the unnamed location will be reduced by the amount paid for the loss at the named location.
c) the obligation on the insurer to extend insurance coverages to property at an unnamed location is for a limited time only. The insurer's obligation ends after seven (7) days or upon expiry of the policy, whichever is sooner. |
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Term
| Who is entitled to amend terms or conditions of insurance contracts. |
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Definition
| It must be submitted in writing and signed by a person who is authorized by the insurer. Usually this is an officer of the insurance company. |
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Term
| Standard exclusions contained in policies insuring peril of fire. |
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Definition
1. Application of heat.
2. Lightning damage to electrical devices or appliances.
3. Electrical Currents (other) - This exclusion would not apply to loss or damage if cause by a resultant fire
4. Contaminations by radioactive material. |
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Term
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Definition
1. Imposed by provincial legislation. The insurer is prohibited from making any change(s) to them even though the insured may agree to such change(s).
2. They outline the rights & responsibilities of all parties to the contract. This ensures that both parties are treated fairly in the insurance process. |
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Term
| Every policy that insures against the peril of fire contains 15 Statutory Conditions, including: |
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Definition
1. Misrepresentation
2. Property of Others
3. Change of Interest
4. Material Change
5. Termination
6. Requirements After Loss
7. Fraud
8. Who May Give Notice and Proof
9. Salvage
10. Entry, Control, Abandonment
11. Appraisal
12. When Loss Payable
13. Replacement
14. Action
15. Notice |
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