insurance test 2

The amount you pay for covered health care services before your insurance plan starts to pay.

a provision of an insurance policy or bond referring to hazards, perils, circumstances, or property not covered by the policy.

when a vendor requires or induces a customer to buy a second product.

Brokers on either side of the transaction split the commission, and then each broker splits that commission with any of their agents involved in the deal.

is the value of an item of the same kind, quality and condition at the time of loss- it may be more or less than the original purchase price of the property

another person if they expect to suffer a financial loss if the other person should die

is something of value given in return for a performance or promise of performance by another for the purpose of forming a contract

a contract is not valid until an__________has been made by the offeror to undertake an obligation

the offeree then communicates__________ to the offeror

occurs when an agent acts as an intermediary between a policyholder who wishes to sell a policy (give up or absolute assignment) and a potential buyer

failing to report or falsely reporting any important information that would prevent the insurer from properly assessing the risks of insuring the policy holder.

allowing another person to solicit business and submit it to an insurer under another agent’s name who has not seen or does not know the client at all.

an insurer can recover monies that it has paid to its insured by bringing an action in the name of the insured as against a third party who is responsible for the loss.

not for profit organization that protects Canadian policyholders if their life insurance company should fail.

Deposits at Canadian Banks and member institutions • Up to $100,000 based on account registrations • Savings and deposits – CDN & Foreign

Not-for-profit organized by Securities Regulators • Covers investors’ losses due to the insolvency of an Investment firm • Coverage is available in the amount of up to $1 million for each of a customer's general and separate accounts

Protect depositors of Ontario credit unions and caisses populaires from loss of their deposits due to the insolvency of the institution • $250,000 limit (unlimited for deposits in registered plans); • Not covered – stocks, mutual funds, bonds, foreign currency deposits, ETFs etc

someone who has a responsibility of confidentiality and trust for another

the responsibility of confidentiality and trust

the relationship between a fiduciary and his/her client

Property and casualty insurers licensed are required to be members • Will pay outstanding claims and refund premiums • Limits: • Auto and commercial insurance policies – up to $250,000. • Home insurance policies – up to $300,000 per policy.

Covers investors’ losses due to the insolvency of an MFDA Member firm • Coverage is available in the amount of up to $1 million for each of a customer's general and separate accounts