OTL Study guides, Class notes & Summaries

OTL Practice Exam A 2023| Complete Verified Solution 100% a) It does not certify the existence of insurance. Which of the following is not a definition of "Certificate of Insurance"? a) It does not certify the existence of insurance. b) May be a modified form of a policy. c) Issued as a convenience to a party who may have interest in the insurance. d) None of the above. d) Accident and Sickness, Crime and Robbery. The Casualty Department underwrites: a) Homeowner policies. b) Mar...

Which type of fire is arson? - Hostile Fire How much does a vehicle use/access ridesharing applications? - What is the purpose of the compulsory automobile act? - When its covered by a personal articles endorsement have more sentimental value than financial value on what basis are they covered? - What does it mean to underwrite? - Before an insured has claim, what can insurance be considered? -

How is professional liability insurance typically provided to an engineer? - A standalone policy is required What is the caregiver benefit limit? - $250 per week and an additional $50 for each dependant Where would an agent/broker find the exact details of what constitutes a condominium unit? - The declaration of the specific condominium corporation The ability for an agent or broker to provide a full range of insurance protection to a client, is the description for which term? - Capac...

insurance - A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils. risk - The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract. speculative risk - An insurance term for a situation where the possibility of eithe...

d. All of the above - Coverage's available under auto policies across Canada include a. Uninsured Motorist Coverage, Accident Benefits and Loss of or Damage to Insured Auto b. Accident Benefits and collision c. Third Party Liability, Accident Benefits and Loss of or Damage to Insured Auto d. All of the above d. No coverage applies to temporary substitute vehicles - Which statement is FALSE? a. A newly acquired auto is automatically insured for a specified period of time if it replaces a...

OTL Practice Exam A 2023| Complete Verified Solution 100% a) It does not certify the existence of insurance. Which of the following is not a definition of "Certificate of Insurance"? a) It does not certify the existence of insurance. b) May be a modified form of a policy. c) Issued as a convenience to a party who may have interest in the insurance. d) None of the above. d) Accident and Sickness, Crime and Robbery. The Casualty Department underwrites: a) Homeowner policies. b) Mar...

insurance - ️️A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils. risk - ️️The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes referred to as the subject of an insurance contract. speculative risk - ️️An insurance term for a situation where the poss...

How is professional liability insurance typically provided to an engineer? - ️️A standalone policy is required What is the caregiver benefit limit? - ️️$250 per week and an additional $50 for each dependant Where would an agent/broker find the exact details of what constitutes a condominium unit? - ️️The declaration of the specific condominium corporation The ability for an agent or broker to provide a full range of insurance protection to a client, is the description for wh...

List the five (5) elements of a contract. - ️️Agreement Consideration Genuine Intentions Capacity to Contract Legality of Purpose Name the three (3) elements specific to insurance contracts. - ️️Indemnity Insurable Interest Utmost Good Faith What are the three (3) ways Actual Cash Value (ACV) can be determined? - ️️Cost to repair or replace less depreciation Fair market value Consideration of all relevant evidence of the value of the damaged property List the three (...

Which type of fire is arson? - ️️Hostile Fire How much does a vehicle use/access ridesharing applications? - ️️ What is the purpose of the compulsory automobile act? - ️️ When its covered by a personal articles endorsement have more sentimental value than financial value on what basis are they covered? - ️️ What does it mean to underwrite? - ️️ Before an insured has claim, what can insurance be considered? - ️️ What is tort? - ️️ Which province us...