CAIB 3 Chapter 3 Questions and Answers Rated A+

CAIB 3 Chapter 3 Questions and Answers Rated A+ 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 Identify three provinces were compulsory government insurance plans exist 1. British Columbia 2. Saskatchewan 3. Manitoba Identify three types of automobiles that can be insured on an SPF # 1 Private Passenger Commercial vehicles (truck and delivery automobiles) Public automobiles (buses and taxicabs) Identify three ultimate limits that may be required by federal legislation depending on the use of the vehicle 1. Vehicle use out of the province $1,000,000 TPL 2. Carriers of danger goods $2,000,000 TPL 3. Transported to the USA between $750,000 and $5,000,000 TPL Identify the additional hazard faced by insurers of public vehicles Increased number of passengers being carried and that such vehicles are used continuously over long periods of time Identify the three sections of coverage available under the SPF # 1 1. Third-party liability 2. Accident benefits 3. Physical damage Identify five costs provided under section B - Accident Benefits 1. Reimbursement of reasonable medical expenses 2. Rehabilitation costs 3. Funeral expenses 4. Death benefit 5. Loss of income Identify the four options available under Section C - Physical Damage 1. All perils 2. Collision or upset 3. Comprehensive 4. Specified perils The SEF # 44 provides coverage for: