omvic chapter 9 correctly answered graded A+ 2024/2025

omvic chapter 9 correctly answered graded A+ 2024/2025Extended warranties must be backed or guaranteed financially to ensure their viability. List two methods by which this backing can be provided. - correct answer The seller of the warranty has provided security to the Compensation Fund (for the extended warranties that it supplies) in the form of an irrevocable letter of credit in the following amounts: If a dealer wishes to offer their own uninsured extended warranty, theymust provide to the Compensation Fund an irrevocable letter of credit in the amount of - correct answer $100,000 Provide three pieces of information related to the coverage offered by the warranty that must be included in the warranty contract. - correct answer A description of the components covered by the warranty that is sufficient to identify them with certainty and if the warranty is related to the manufacturer's warranty, a description indicating how the warranty extends the manufacturer's warranty. The commencement date and end date of the warranty, expressed by way of calendar date, kilometres the vehicle has been driven, or a combination of both ,The maximum individual claim limits, if any. The maximum total liability, if any. The amount of the deductible, if any. The sale price of the warranty, including an itemized list of all fees or costs that must be paid at the time of purchase or afterwards. The obligations of the warranty holder under both the warranty and the manufacturer's warranty, if applicable Whether the warranty is transferable to another owner or lessee of the Dealers must send all payments and documents detailing the contract to the warranty company within: - correct answer Seven days True or False: Service plans must be backed by an insurance company - correct answer False Contracts for service plans must disclose in a clear, comprehensible and prominent manner: - correct answer The goods and services provided under the plan and a specific description for each item listed. All restrictions, limitations and conditions. The locations at which the vehicle can be serviced. Information stating whether or not the service plan is transferable to another owner or lessee.