Podcast
Questions and Answers
What is the maximum aggregate amount payable by the insurer to the insured in CDN dollars?
What is the maximum aggregate amount payable by the insurer to the insured in CDN dollars?
1,000,000
What are the two main categories of travel insurance coverage?
What are the two main categories of travel insurance coverage?
Travel insurance covers expenses incurred due to substance abuse treatment.
Travel insurance covers expenses incurred due to substance abuse treatment.
False
What are the primary conditions that must be met for a dependent child to be insured under a travel insurance policy?
What are the primary conditions that must be met for a dependent child to be insured under a travel insurance policy?
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What are the basic requirements for an insured applicant to be covered by travel insurance?
What are the basic requirements for an insured applicant to be covered by travel insurance?
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Under the travel insurance policy, the coverage is limited to emergency medical treatment expenses in the province or territory of residence only.
Under the travel insurance policy, the coverage is limited to emergency medical treatment expenses in the province or territory of residence only.
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What type of insurance protects brokers from financial loss due to negligence, errors, or omissions?
What type of insurance protects brokers from financial loss due to negligence, errors, or omissions?
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What is the maximum amount that a travel insurance policy will cover for the return of a vehicle to the insured's home?
What is the maximum amount that a travel insurance policy will cover for the return of a vehicle to the insured's home?
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What term designates the date when the insurance coverage ceases for a single trip?
What term designates the date when the insurance coverage ceases for a single trip?
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Travel insurance companies usually cover the cost of returning an insured child under 19 years of age to their home if their accompanying parent is hospitalized.
Travel insurance companies usually cover the cost of returning an insured child under 19 years of age to their home if their accompanying parent is hospitalized.
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Under travel insurance, how long will coverage automatically extend for a trip that is delayed beyond the scheduled return date?
Under travel insurance, how long will coverage automatically extend for a trip that is delayed beyond the scheduled return date?
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What is the maximum amount that a travel insurance policy will cover for medical expenses that occur after the trip termination date, if the insured is still confined to a hospital and prevented from returning to their residence?
What is the maximum amount that a travel insurance policy will cover for medical expenses that occur after the trip termination date, if the insured is still confined to a hospital and prevented from returning to their residence?
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Travel insurance policies may cover expenses related to pre-existing medical conditions.
Travel insurance policies may cover expenses related to pre-existing medical conditions.
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If a travel insurance claim is filed, what must the insured provide as evidence of trip duration?
If a travel insurance claim is filed, what must the insured provide as evidence of trip duration?
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Travel insurance coverage is automatically extended to include family members of the insured applicant.
Travel insurance coverage is automatically extended to include family members of the insured applicant.
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What is the common practice for travel insurance companies to coordinate payment for emergency treatment expenses?
What is the common practice for travel insurance companies to coordinate payment for emergency treatment expenses?
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Travel insurance companies are responsible for ensuring the availability, quality, or results of medical treatment received by the insured.
Travel insurance companies are responsible for ensuring the availability, quality, or results of medical treatment received by the insured.
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Study Notes
Insurance Training & Education
- The company's name is ensure TRAINING & EDUCATION
- CAB1 General Insurance is a topic being taught
- An attendance poll is asking if the students can hear and see the slides
Important Course Terms
- Students should take a few minutes to write down important terms that have been covered so far in the chat window
- The Forgetting Curve is important to remember during learning
- Reviewing information is useful to maintain knowledge
- Ebbinghaus, a review, and note-taking are helpful learning strategies.
Insurance Graphic Organizer
- CAIB1 Chapter 7 is the topic in focus.
Example Exam Question
- Students are asked why errors and omissions insurance is necessary.
- Students must advise a client considering not purchasing E&O insurance on the implications.
- Students need to understand how E&O insurance affects clients and brokerages.
- The slides contain the needed information to answer the question.
Need for Errors/Omissions Insurance
- Most brokers cannot handle large claims.
- E&O insurance covers legal liability for financial losses due to negligence.
- Broker associations may furnish coverage under a national program.
- All brokers working for a firm are usually covered.
- Common to other malpractice-related coverages (doctors, surgeons, etc.)
Coverages (Errors/Omissions)
- Coverage pays for legal liabilities from negligent acts, mistakes, etc.
- Claims are based on a policy period.
- Common costs include defense costs (often included).
Exclusions (Errors/Omissions)
- Dishonest/fraudulent/malicious actions are excluded.
- Failure to collect/pay premiums fall outside coverage.
Deductibles (Errors/Omissions)
- Prevents/controls E&O losses through higher deductibles.
- Sets level of financial responsibility for management.
- Brokers consider this in budgeting concerns.
Travel Insurance (Chapter 8)
- Provincial and Private Medical plans are covered in this chapter.
- The need for travel insurance is examined.
- Canada's Provincial/Territorial health plans only pay a predetermined amount.
- Expenses such as ambulance, family visitation, and repatriation are often not covered.
- Travel policies vary regarding terms, age, and health conditions.
- Covers trips of varying duration from two weeks to 180 days.
- Multiple trips within a time period may be covered.
- Different coverage terms for different policies.
Major Sections of the Policy
- The company agrees to insure named applicants and dependents.
- Policy covers injuries and illnesses outside of the province/territory during the policy period.
- Expenses due to injuries or sickness within the policy are also covered to a certain degree.
- Insured must reside in Canada.
- Different policy details for coverage and limitations.
Definitions (Insurance)
- Legal definitions for spouse, dependent children, extended family, accident, and illness are explained.
- Important for claims and coverage details.
- Separate definition of "sickness" — contrasts with pre-existing conditions.
- Definitions of "province/territory of residence", "hospital", "supervised condition," and related terms are included.
Policy Coverage and Limitations(Insurance Chapter 8)
- Max aggregate payout (CDN 1,000,000).
- Limitations vary.
- Coverage for emergency hospital expenses.
- Expenses during hospitalization.
- Emergency medical insurance coverage details.
- Payments for emergency prescription medications.
- Details on emergency air transportation.
- Trip disruption expenses are discussed.
- Policies often cover situations such as canceled trips that are non-refundable.
- Some policies cover expenses when return home for sickness is delayed.
- Policy details for repatriation benefits.
- Coordination of benefits details and claims for one person travelling with others.
- Details on subrogation agreements.
How to File a Claim
- Getting original receipts/documents needed for claims.
- Forms required for claims.
- Customs office documentation required.
- Contacting the insurer directly if there are problems getting the required medical treatment.
Additional Exclusions/Limitations
- Pregnancy, miscarriage, childbirth, or related issues within three weeks, war, suicide, or self-harm, covered or not.
- Mental or emotional disorders, professional sports participation, hazardous activity participation are excluded.
- Details on how medical expenses are handled in relation to pre-existing conditions.
- Experimental treatments and medical instances are included.
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Description
This quiz focuses on key concepts from CAB1 General Insurance, including important course terms and the implications of errors and omissions insurance. Students will be assessed on their understanding of the Forgetting Curve and effective review strategies, as well as specific content from CAIB1 Chapter 7.
