Lucindajohns

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: Residential (ex. home) Non-mercantile (ex. hospitals, nursing h...

What are 3 actions which demonstrate a brokers unethical conduct? to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? commitment to higher ethical standards, have a high standard of educational preparedness with mandatory continuous education, have a formal association regulating power over its members What responsibilities do b...

Define in pure insurance terms "risk" The chance of financial loss to which an object of insurance is exposed List the 3 categories of risk generally faced by people Personal Risk; Property Risk; Liability Risk State 4 possible options people can choose to deal with risk Avoidance of Risk; Controlling Risk; Retention of Risk; Transfer of Risk Give a brief explanation and example of Avoidance of Risk When chance of financial loss is eliminated. (Ex. People who rent rather than purchase t...

Successful leadership results in knowledgeable, dedicated and motivated employees working effectively together to achieve the brokerage's mission, strategies, objectives and goals. Identify the six components of leading. 1. Delegating 2. Motivating 3. Communicating 4. Managing conflict 5. Managing change 6. Coaching Delegating is the art of accomplishing objectives and achieving goals through the involvement of others and by giving them the authority and the responsibility to accomplis...

Organizing involves determining the way the brokerage's activities will be divided into manageable units. Identify 3 elements to organizing effectively. 1. Creating an Organizational Structure 2. Defining employee relationships 3.Establishing Position Descriptions Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. 1. Line Organization- best suited for smaller brokerages in which senior management personally directs the activitie...

Organizing involves determining the way the brokerage's activities will be divided into measurable units. Identify the three elements to organizing effectively. 1. Creating an Organizational Structure 2. Defining Employee Relationships 3. Establishing Position Descriptions The organizational structure is the skeleton upon which the brokerage grows and interacts. The structure also defines who has authority and responsibility for activities. Identify three basic forms of organizational st...

What guarantees are provided by various licence and permit bonds? 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship A guarantee of performance made by one person or entity for another. It's basic function is to eliminate risk to the person to ...

What is the name given to the collection of written decisions? Case Law Explain the concept of the Rule of Precedent. Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". Compensation in money for the loss or damage suffered. Compensatory damages for bodily injury are an amalgamation of general and sp...

Define the following insurance terms. Bill of Lading Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor Penalty (SURETY BOND) Amount of credit given to the principal by the surety ...

Identify, other than in Quebec two different systems used to insure automobiles in Canada 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms Policy forms developed by the insurance industry for all types of automobile use Identi...