CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct

CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct What is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- 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? - Answer- Ambulance charges, return of vehicle, family visitation Discuss provincial medical plans outside of Canada - Answer- provincial plans only pay the fees outlined in their plan regardless of fees charged where the injury or illness occurred or any other costs How can Insurance Policies be purchased? - Answer- policies are available for those travelling for both pleasure & business, can be purchased by individuals or families, can be purchased as a single trip or as an annual policy What is the Insuring Agreement in Travel Insurance Policies? - Answer- the insurer agrees to insure the named insured against sickness or injury sustained outside of their province or territory while on a trip What are 2 requirements to qualify for travel insurance? - Answer- must be a resident of canada & be covered under a provincial health plan When does insurance commence? - Answer- when the insured leaves their province following the application date and effective date When does insurance expire for Single Trips & Multi Trips - Answer- Single Trip: the return date on the policy. Multi Trip: the date the insured returns or 30 days after departure Define Insured - Answer- the applicant for insurance, their spouse and dependant children