C11 - CHAPTER7. Principles of Insurance. 19 terms. Initially Canada only had large British insurance â¦ act within terms of contract between them and their principals, follow instruction as to what type of risk is to be written, collect premiums and hold in trust until the are sent to insurer, send premiums to insurer within a specified time limit, advise the insurer of all claims notified to the agent or broker, Assist in completion of insurance contracts between clients and insurers, act within the scope of the contract and with the insurer and within the authority of their license, broker's responsibility to the client is based on the business relationship that exists between them, client places trust in broker so the broker's activities must be above reproach from both client and insurer, public look to brokers for advice as to what insurance is most suitable for their needs, avoid acting for both insured and insurer at the same time to avoid conflict of interest, operate with the scope of their contract with insurer, time manage effectively and look for new business, regulate and monitor federally chartered and foreign insurance companies, supervise and enforce safeguards so that inadequately financed insurancee companies are not established and existing ones remain healthy, concerned with supervision and control that will affect admin of company funds and ensure that public is adequately protected against misuse or mismanagement of funds, there to ensure financial integrity of insurer, superintendent issue licenses for private sector insurance companies operating in the province or territory,brokers agents and adjusters, sets out basic provisions of life insurance, accident and sickness insurance, fire insurance and automobile insurance policies, prescribes statutory conditions required to form part if each of these policies, general rules such as what is a contract, basic contents of a policy, grounds fro voiding policy, provincial/territorial regulators must permit self regulation before it can occur, act that governs the collection and use of personal information, personal information collected must be relevant, all info collected, being collected, or has been collected or will be collected must be held in strict confidence, can only be used for purpose it is collected for, must obtain permission to use for any other purpose, exception: when agents and brokers are required by a court of law to disclose the clients information, Accidental: employee loses a memory stick or laptop containing client's personal information, Deliberate: hacker gains unauthorized access to a firm's information systems to steal its customers' banking information, when more than one insurance contract is covering a loss an insured may only collect an amount equal to the loss, if these contracts or applicable statute law contain no provision forbidding other insurance; the insured could choose to collect the applicable amount from each of them, if insureds were to collect from each this would be against principle of indemnity, contribution is the sharing of loss or liability between two or more insurance companies covering the same risk, common law:offer/acceptance, considerations, genuine intent to form legal contract, legal capacity, legality of purpose, Quebec: consent, capacity to contract, cause of contract, object of contract, distinct elements specific to insurance: insurable interest, indemnity,utmost good faith, indemnify is to place people back in the same financial position that they were in immediately before the loss, principle of indemnity is that the insured are to collect the amount of their financial loss-no more no less, methods of calculating indemnity include actual cash value and replacement value, amount of indemnity owed is usually the subject of some negotiation between parties to the contract, insurance policies of compensation are not contracts of indemnity, determine total premium, including loadings, insurer may not insure that class of business, risk may be too hazardous: if more hazardous than average then the potential for loss is almost certain, potential for improving or upgrading may exist, but the applicant is not prepared to carry out suggested improvements, evidence of the insurance contract that states the terms and provisions of the agreement made between insurer and insured, modified form of a policy that certifies its existence, issued as a convenience to a party with an interest in the insurance, Cover note: a form of temporary insurance issued by agents and brokers to confirm to the insured that the described insurance has been set up, Binder: a form of temporary insurance issued to record the agreement to insure a risk pending the writing of a policy, any writing on the back of a policy that varies the terms of the contract, in practice usually an attachment to a policy, termination conditions state requirements that must be met for a policy to be cancelled, for fire, a&s and auto these conditions are in the Statutory Conditions/General Conditions, most casualty policies even if not subject to Statutory Conditions contain a termination clause, insurer can cancel by giving a set number of days notice in writing by registered mail or hand delivery and returning the pro rata premium, insured can cancel anytime, but the insurer will retain premium collected on a short rate basis, coverage summary:parties to the contract,inception-expiry, term,premium and rate, amounts insured, insuring agreement: subject matter of the insurance, perils insured against, exclusions, circumstances under which insured may receive proceeds of insurance, Statutory conditions:fire,auto,a&s policies, must be printed, policy conditions: provisions that state the rights and duties of the insured and insurer, signature clause: policy is signed by insurer only, pro rata policy holder is fully refunded premium pid, short rate policy holder is refunded premium with penalty, courts will construe policy conditions strictly against the insurer, if it has not complied with every detail of the conditions a policy's cancellation will not be effective and will remain in force until conditions are met, exact type and form of contract under which the risk is bound, any other information required to meet provincial legislation, an insured property is not totally destroyed or lost, some portion of the property remains and usually has some value, if the insured is reimbursed for the loss as though the property were totally destroyed-a total loss- the insurer is entitled to possession of the property remaining, the insurer can then sell that property and retain the proceeds as salvage, this enables the insurer to reduce its loss, if insured wants to keep salvage then its value is deducted from the total loss settlement so that the insured does not profit from the loss, allow a person to make a claim at any time after an event has occurred would be unjust and would produce chaos, difficult to investigate, prove or disprove claim if it were reported years after events occurred, many actions could be started long after the parties concerned and witnesses have disappeared, each coinsurance clause contains provisions stating when adequate insurance is considered to exist, may be expressed as a % of the value of the property or as a specifically stated amount, percentage required is mainly governed by the type of property covered, 100, 90, 80, 50 are usual, when a dollar amount is stipulated it is called a stated amount coinsurance clause, if at the time of loss the insured is carrying an amount of insurance that is less than the policy coinsurance requirement, the coinsurance penalty will apply, insured reports loss to broker, agent, insurers online reporting tool or call centre, claims handler records the prelim information and asks for details of incident, claims handler does an initial check of policy coverage, if loss looks covered, a loss adjuster is assigned to the claim to the claim and proceeds with next steps, verify coverage, investigate loss,evaluate/asses/deny claim, arrive at settlement, recommend payment, review for subrogation, salvage, and contribution, assist the client in reporting the loss to the insurer, explain the claims process to the client, thereby reducing anxiety and settling realistic expectations, advocate on the insured's behalf when the client has concerns, advocate for the insurance carrier when needed, make sure they have authority to handle claim, supply the insurer with relevant docs such as preliminary notice of loss or accident report, investigate(interview insured, visit scene of loss, contact third parties, witnesses, police officers, others who may have info on loss), keep insurer informed of all developments and follow the insurer's instructions-how this is done is dependent on the type of adjuster, advocate industry positions with consumers, government, members, and other stakeholders, identify/monitor issues,develop policy positions, respond to legal developments, stay on top of issues of strategic importance to industry, investigative services- insurance crime related investigations, auto theft, and loss recovery services, info exchange, public affairs and marketing, insurance information- access to web based business apps and other info related to auto insurance in canada, all drivers must be able to obtain insurance, to ensure access to insurance for high risk drivers industry developed a pooling arrangement where all high risk drivers could be underwritten in a common pool, profits or losses of the pool are shared by all auto insurers in the province or territory where it is operating, under the pooling arrangement several companies become servicing carriers and are available to those drivers who are experiencing difficulty obtaining insurance, all agents and brokers in the province or territory have one of these servicing carriers to underwrite and provide all necessary insurance services, premiums are higher to reflect loss exp of high risk drivers, Reputation as a dependable source of insurance advice, accurate and adequate accounting and office methods, broker: clients can engage with broker who may assist in resolving issues, insurer complaint handling protocol:client can deal directly with insurer through its own system of complaint handling, Ombudsman:in some jurisdictions an ombudsman employed by the insurer or by the insurance regulator is available to answer insurance queries or to help resolve claims complaints, Consumer Information Centre:IBC maintains a national telephone hotline to answer any consumer questions, General Insurance Ombudservice(GIO):claims problems that are not resolved are referred to the GIO after the insurer issues a final position letter, legal right held by most insurance companies to pursue a third party that caused an insurance loss to the insured, done in order to recover the amount of the claim paid by the insurer to the insured for the loss. C11 - Study 1 What is risk.pdf View Download; C11 - Study 2 Principles and Practice .pdf View ... C13 Insurance Against Liability C13 Study Summary Notes 7 Pages Long.pdf View Download STUDY 1 â Introduction to Liability Insuran... C130: Essential Skills for the Insurance â¦ The code was enacted by the Quebec legislature. equivalent of a property of the same age and condition and subject to the same wear and tear as the property lost or destroyed, is the voluntary relinquishment of a known right, is an agreement between to parties recognizing that there is a possible right (such as to deny liability) but in the interest of both parties, a note will be made of it and the matter will be allowed to proceed without prejudice to either party. Leaving car unlocked. Notes Principles of General Insurance Principles of Insurance 54 5.0 INTRODUCTION After studying, the life insurance and its importance, the over aspect of insurance other than âLife Insuranceâ would is General Insurance. Define pure risk: Definition. - Not an insurance company but an insurance market. - Agreement between insurer and reinsurer. Insurance Study On Line ... Cip Notes uploaded a video 6 years ago 1:20. is a statute that sets out the time period within which specific legal actions must be taken. Start studying C11 - Principles and Practices of Insurance Chapter 11 & 12. 09/15/2011. As we discussed before, insurance is actually a form of contract. C11 Principles and Practice â Study 2 Insurance has developed through many centuries to meet the changing needs of society. 17 terms. Read this essay on Executive Summary of Facilities Scheduling at Mayer Manufacturing Case Study. Gambling. Identify: You would have to identify the risks. if loss occurs before actual policy is issued but the binder has been issued the loss is covered in the same manner as if the policy had been issued. Can be affirmed or rejected at the option of an aggrieved party. Sign up here. Silence where there exists an obligation to speak. Common law: is found in all provinces or territories other than Quebec. Sorry if you can't find the notes you are looking for. Click here to study/print these flashcards. Principles and Practice of Insurance/THE INSURERS. C11 Principles and Practice of Insurance. C11 Principles & Practice of Insurance Chapter 3&4. Start studying C11 Principles & Practice - CH10 - Insurance Documents and Processes. Requirements of a valid contract under the Civil code of Quebec : 5 things Supreme court of Canada and the types of cases and issues that it handles: - Production: Product knowledge, Product targets, Prospecting and selling, time control, curiosity. Definitions & Questions. ... Quiz C11 Principles and Practice December 2012 .pdf (163k) Is written law that will override any common law on a particular issue. 1] Utmost Good Faith. Some of the earliest types of insurance were; robbery insurance, life insurance, cargo insurance, marine insurance and fire insurance. Either a chance of loss or gain. C11 Principles and Practice of Insurance C11 - Study 1 What is risk.pdf View Download C11 - Study 2 Principles and Practice ... C16: The Business of Insurance ... C13 Insurance Against Liability C13 Study Summary Notes 7 Pages Long.pdf View Download STUDY 1 â Introduction to Liability Insuran... C32: Bodily â¦ These Study Notes have been designed to prepare candidates for the Insurance Intermediary Qualifying Examination in the subject of â¦ Necessary elements of a legally binding contract under common law: Performance - Once cheque is cashed and deed is done both parties have performed their obligations. Otherwise, Temporary insurance is cancelled the same way as a policy is per the statutory conditions/Quebec general conditions. Principles and Practice of Insurance is an overview of insurance in Canada and the initial building block of your Chartered Insurance Professional studies. An applicant for insurance is presumed to be a prudent and reasonable person who knows the material facts of the risk. When an insurance company cannot afford to take on a full risk they get a insurance company to be the reinsurer for a portion of the risk. STUDY. 18 terms. Ways of protecting and enforcing rights and duties. C11 Principles and Practice of Insurance C11 - Study 1 What is risk.pdf View Download C11 - Study 2 Principles and Practice ... C16: The Business of Insurance ... C13 Insurance Against Liability C13 Study Summary Notes 7 Pages Long.pdf View Download STUDY 1 â Introduction to Liability Insuran... C32: Bodily â¦ Is codified law. Utah Administrative Code. Final cause in chain of events leading to a loss: Is responsible for federal regulation and supervision of insurers through the Insurance companies act. Is a fact that would influence a prudent underwriter in setting the premium or determining whether to accept or reject the risk. Methods. MODULE - 2 Principles of Insurance Notes 1 Risk & Insurance DIPLOMA IN INSURANCE SERVICES All examples and case studies used in our study guides, exams, and workbooks are actual, redacted office visit and proce-dure notes donated by AAPC members. 02/27/2019. This study was a secondary analysis of nationally representative data from the 2010 Health Tracking Survey. states that a preset amount is payable when an event occurs. Specifies an amount is payable on the occurrence of an event. In this chapter, we cover various aspect of General Insurance such as Principles of â¦ C11:Principles and Practice of Insurance. Subject. Lloydâs of London Press â Introduction to Insurance, D. S. Hansell Study Notes for the Insurance Intermediaries Qualifying Examination ( Principles and Practice of Insurance, General Insurance) The Chartered Insurance Institute â Principles and Practice of Insurance, Steele John T John Murray â Success in Insurance, â¦ Total marks: 200 You must hand in this paper and any paper used for rough work to the supervisor when you leave the examination room. Hence there are certain principles that are important to ensure the validity of the contract. C11 download Principles and Practice of Insurance (1) C110 (10) C110 Essentials of Loss Adjusting Complete Study Notes (1) C111 (1) C111 Advanced Loss Adjusting (1) C12 (11) C12 Insurance on Property Download (1) C120 (20) C13 (1) C13 Insurance Against Liability â Part 1 Download (1) C130 (1) C131 (10) C14 (17) C14 Automobile Insurance â¦ Fronting. (Pierre owns a pen but shandra has possession of it. Courts will consider how the article has been interpreted in the past but are not bound by it. Create your own flash cards! The amount ceded is called cession, is the amount an insurer retains for its own account not including reinsurance, is when the policyholder cancels before a policy reaches its natural expiration date. Section A: Multiple-Choice â¦ Professional. PLAY. create, study and share online flash cards, contract where the terms of the agreement have been specifically stated and agreed to by both parties. It must be one of the first four courses you take in the CIP Program and CIP certification, but we highly recommend that you take this insurance foundations course first. The Examination will be based upon these Notes. Voidable contract; may be confirmed by the injured party. K-12 and Higher Ed On-demand coaching to answer your questions at any education level. Increase the insurer's capacity to write business, 1.) EdTech Coaching . Example: Tyler agrees to pay his dealer 280$ for some Purple dank and it turns out to be snickle frits the contract is void. 1.) Insurance is â¦ It is an unwritten law based on the rule of precedent. PLAY. C11 Study 1: Introduction to Risk and Insurance Answer Key for Practice Questions Multiple-Choice Questions (2 marks each) Which type of risk can be insured? STUDY. Illegal risk B. Arrived by multiplying the rate times the amount of insurance. A. Reasons why written application is preferable: Reserves are required by law as savings to pay out claims and unearned premiums. Precedent requires that all decisions be reached based on previous similar court cases (case law). Total Cards. The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).. The insured should not gain or lose with indemnity. Created. Level. Classification of risks - Broad categories work way down. Example change the speed limit. Principles and Practice â Study 2 Insurance has developed through many centuries to meet the changing needs of society. Cases are decided based upon the interpretation of the appropriate article in the civil code. when a reinsurer cedes part of its business to another reinsurer that is a retrocession and the second reinsurer is called a retrocessionaire, when a company reinsures its liability with another company it cedes business. Total cost of an insurance policy or portion of a policy Is one that is treated as if it never existed. Everything about it is illegal and court will not enforce it. Failure to do so may result in disqualification. A memorandum of an agreement to insure, issued by the insurer to record the transaction pending the writing of a policy; a confirmation that insurance is in effect; may be oral or written. nees. NOTE: For a list of rules that have been made effective since January 1, 2020, please see â¦ C11 (12) C11 Definations (1) C11 download Principles and Practice of Insurance (1) C110 (10) C110 Essentials of Loss Adjusting Complete Study Notes (1) C111 (1) C111 Advanced Loss Adjusting (1) C12 (11) C12 Insurance on Property Download (1) C120 (20) C13 (1) C13 Insurance Against Liability â Part 1 Download (1) C130 (1) C131 â¦ Martin agrees to fix Susie's car in return for her cutting his grass once a week during the month of May. Can be oral or written, written avoids any misunderstanding on responsibilities and obligations, could result in dispute due to lack of specific terms, Click here to study/print these flashcards, Pure Risk: when there is a chance of loss and no chance of profit (ex auto collision, Speculative Risk: when there is a chance of loss and a chance of profit (playing casino game where there is a chance to win or lose), Peril: an event that may cause a loss (ex.fire), insurance is provided against loss arising from the occurrence of an insured peril, Hazard: condition that may cause a peril to occur or make the loss more severe, Hazards can be divided into physical hazards and moral hazards, Identify and analyze exposure - to determine which perils could occur, Formulate options- loss control, loss financing, Select the best techniques- consider overall objectives and cost effectiveness, Implement the Risk Management Plan- implementation plan, communication plan, method to allocate costs, Monitoring Results - monitor and change plan if new exposures develop or are eliminated, Stray golf balls- install nets at each hole, Heart attack: install emergency contact equipment (defibrillators), CPR certify employees, Serving tainted food: train in food safety, use trusted food suppliers, Severe weather events causing injury: policy to close course when severe weather occurs, Theft of golf carts: theft insurance, store unused carts in secure area, Diversity of type of risk: write insurance on as many different types of risk as possible, Diversity of location- write in as many different places as practical, pay into a pool of funds(through paying premiums), fund used for member of the group who suffer a loss, not an insurance company--an insurance market, consists of independent businesses that provide capital to the market and underwrite in syndicates, known for providing specialist insurance and reinsurance, Lloyd's does not deal with clients directly, but through a global network of insurance brokers, syndicates are groups of members that employ professional underwriters to accept risk on their behalf, each syndicate is run by a managing agent, syndicates can compete for business or work together, insurance company organized as a stick company has the same capital structure as any other capital enterprise, shareholders have an equitable interest in the corporation and hope to make a reasonable profit, stock insurers seek returns from both underwriting profit and investment income, after company is established is is anticipated that the insurer's income will cover its expenses, in theory if a company expenses exceed income it must draw on paid up capital and accumulated surplus to cover the difference, based on a very large number of insured risks; it should be possinle to estimate future losses with some degree of accuracy, by increasing # of policies accuracy of predicting loss estimates increased, can attract investors because of degree f accuracy of prediction, degree of accuracy will never reach certainty, random forces, human error, an increasingly complez commercial infrastructure, changing standards of social behaviour and costly global environmental changes mean can never be certain, actuaries analyze the data and perform calculations that determine the price of insurance, actuaries are responsible for basic ratemaking, determine the amount of money that is adequate to cover certain required reserves, pricing actuaries are responsible for analyzing and performing calculations to price insurance, reserving actuaries determine the amount of money to be held in bulk claim reserves, investigate and pay losses to indemnify insureds who suffer loss, head office responsible for admin and efficiency of the company's claim function, branch offices may have considerable autonomy in some cases, all contact with adjuster would be through branch, branch claims handle claims in their jurisdiction, investigate, negotiate and settlement of the claim according to the provisions of the contract take place in the branch, responsible for keeping the books of account and producing financial statements and income tax returns, investment department manages investment portfolio, large insurance companies market their policies through the independent brokerage system, appoint independent brokers to be their sales force to bring clients to them, pay commission for each policy they issue on behalf of the broker's clients, broker can represent more than one insurer or a single insurer, gives authority to intermediary to bind an insurer to a contract of insurance and to issue a binder, Agents/brokers can bind up to a certain limit, binding authority is stated in the agency agreement or contract. - Objective: Provide insurance at a low cost Reciprocals: - Ownership: Members - Structure: Risk-Sharing arrangement - Objective: Reduce loss costs Stock companies: - Ownership: Shareholders - Structure: C.E.O responsible for overall operations - Objective: Make profit for shareholders Insurance pools: - Ownership: â¦ Oh no! Example: life insurance, accident and sickness. Insurance. Description. In Pierres presence shandra sells the pen to Sid. - A convenience to provide coverage to prior to the issuance of the policy. These Study Notes have been prepared to correspond with the various Chapters in the Syllabus for the Principles and Practice of Insurance Examination. is an arrangement whereby an insurer issued a policy at the request of another insurance company with he latter of carrying the whole or most of the risk and the former being paid for a fee for the use of its name. It must be monetary value though need not be adequate. is a contractually based risk hating arrangement that is like a group captive insurer. A contract of insurance must be made based on utmost good faith ( a contract of â¦ C11 Past Exams, Chartered Insurance Professional Notes, Jokes, Insurance Learning, Insurance Students Resources Tuesday, January 28, 2014 Principles and Practice â Study 1 C11 Principles and Practice of Insurance. Example: Access to mortgage money hinges on having home insurance, protects the lenders investments. Some of the earliest insurance â¦ arises when a person is forbidden by law to speak against his own act or deed. Pure risk. Subject. C11 - CHAPTER 8. A document issued by an agent or broker confirming to the insured that insurance is in effect; similar to a binder. Examples: Martin agrees to pay Suzie $200 to cut his grass once a week during the month of May. Some of the earliest types of insurance were; robbery insurance, life insurance, cargo insurance, marine insurance and fire insurance. Chartered Insurance Professional Courses Study Notes, CIP Courses Notes, Insurance Courses, Learn Insurance and Download Class Self Study Notes. Spread of risk - volume, diversity of risk, location, 1.) Feedback: Pure risk entails a chance of loss but no chance of profit. A promise present or future of a payment or service given in exchange for the act of a service or good of another. Premium. Post-Graduate. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Principles and Practice of Insuranceis an overview of insurance in Canada and the initial building block of your Chartered Insurance Professional studies. When there is any ambiguity in a wording it will be constructed against the insurer. 6 Steps of protecting insurer's interest? A contract that is deemed to have never existed. Created. C11 Principles and Practice of Insurance C11 - Study 1 What is risk.pdf View Download C11 - Study 2 Principles and Practice ... C12: Insurance on Property ... C13 Insurance Against Liability C13 Study Summary Notes 7 Pages Long.pdf View Download STUDY 1 â Introduction to Liability Insuran... C32: Bodily â¦ Example: jewelry, paintings, antiques. Insurance is the method of sharing the losses of few in a group who suffer them among the many members of the group who do not. Pure risk C. Speculative risk D. Moral risk; Answer: B. Temporary insurance should issue a document stating a fixed period of time so that when the time passes, the temporary coverage ends. - Reinsured placed on an individual case basis. Expressed in dollars and cents or percentage. Level. We assessed the factor structure of health eâmavenism using confirmatory factor analysis and examined socioâdemographic variables, healthârelated factors and use of technology as potential predictors of â¦ Is the authority given to a broker/agent by an insurer to bind certain insurance coverages without first submitting an application to the insurer for approval. 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