+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
The term legal liability within the insurance industry mean: ________________.
|
A liability in law for the consequences of being negligent.
|
|
When a person does (or does not) do something that a prudent person would have (have not) done he/she can be found __________.
|
Negligent.
|
|
Negligence can result in death, ________ or property damage as a result of the action or inaction of a person or organization.
|
Injury
|
|
The owner of an insurance policy is also referred to as the ________ ________.
|
Named Insured
|
|
An insurance policy is issued to a _________ _________.
|
Policy owner
|
|
Normally the first party to an insurance contract is the __________ _________ and the ___________ party is the insurance company.
|
Policy owner .......... second
|
|
The _________ ________ to an insurance contract is the person(s) who property has been damaged or who has been injured.
|
Third party
|
|
The intent of no-fault insurance is to reduce the use of the ________ and insurance costs.
|
Courts
|
|
Polly takes out a car insurance policy with ABC Insurance on her new BMW 320i. The policy states that ABC will covers damages to her car after the first $750. This is an example of a __________.
|
Deductible
|
|
Auto insurance laws are governed by the _______________.
|
Provinces
|
|
While on vacation in the United States Gerry has a car accident which he is judged to be at fault. If Gerry is from Alberta, will be insurance cover damages from this accident?
|
Yes, policies issued in provinces other than Quebec, provide coverage while driving in both Canada and the United States.
|
|
_______ costs cover treatment for costs not covered by provincial or private employer based insurance coverage.
|
Medical
|
|
Allison is injury in a car accident. The other driver was deemed to be at fault but was uninsured at the time of the accident. Allison's driver seeks to recover damages from the uninsured motorist. The insurance can do this because Allison has ________ her rights under the policy.
|
Subrogated
|
|
_______________ coverage protects the policy owner if his/her car is involved in an accident that injures or damages the property of another party and he/she is found liable for the loss or damage.
|
Third party coverage
|
|
Jacques was found to be at fault in a car accident. His policy provides coverage up to $500,000 in third party damages. Damages are determined to be $600,000. Jacques can personally be held liable for $________ in third party damages.
|
$100,000
|
