C14 Automobile Test #3

Card Set Information

C14 Automobile Test #3
2014-04-02 18:56:03
C14 Automobile Test

C14 Automobile Test #3
Show Answers:

  1. 1) Discuss no-fault as it relates to automobile insurance.
  2. 2a) What factors enter into the make-up of automobile rates and why?
  3. 2b) In general terms, what information does the Green Book (Grey Book in Quebec) contain?
  4. 2c) What is meant by pure premium?
  5. 2d) What is meant by expense loading?
  6. 2e) What is meant by trend factor?
  7. 3a) What is a "residual market" for automobile insurance?
  8. 3b) What are the 2 primary objectives of any special industry plan to make automobile insurance available to "substandard" risks?
  9. 3c) Why does the Facility Association not operate in Manitoba?
  10. 4a) Trace the evolution of direct compensation for vehicle damage.
  11. 4b) What are the aims of direct compensation?
  12. 4c) Why must fault still be considered when claims are settled under direct compensation plans and how is fault determined under such plans.
  13. 5a) Why is automobile insurance in Quebec sometimes referred to as a "split" system?
  14. 5b) Briefly summarize the duties of the following:

    1) The Societe de l'assurances automobiles du Quebec

    2) The Groupement des assureurs automobiles
  15. 5c) For each of Alberta, British Columbia, Newfoundland, Nova Scotia, Prince Edward Island, and Saskatchewan

    1) Explain how coverage is provided and by whom; and

    2) Outline the basic compulsory coverages.