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Canadian Business and the Law Study Set 3

Business

Quiz 28 :

Insurance

Quiz 28 :

Insurance

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Vida was found guilty of arson after deliberately setting fire to his failing restaurant in order to claim the insurance proceeds.What is the legal principle that prevents him from profiting from his crime?
Free
Multiple Choice
Answer:

Answer:

C

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Why is an insured entitled to collect only the amount of the actual loss incurred from its insurance coverage?
Free
Multiple Choice
Answer:

Answer:

A

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In what case did the Supreme Court of Canada hold that an insurer could not deny coverage on the basis of the insured's alleged breach of the duty to disclose because the risk issue was rectified by the insured before the loss occurred?
Free
Multiple Choice
Answer:

Answer:

D

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What is the effect of the Genetic Non Discrimination Act on insurers?
Multiple Choice
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Which of the following is provided for by statute with respect to life insurance?
Multiple Choice
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Jasmine is discussing an alteration to her current business insurance coverage.Which of the following will her insurer most likely recommend to Jasmine for this purpose?
Multiple Choice
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What is the primary value of insurance to business enterprise?
Multiple Choice
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Upon which of the following qualifications being met on an ongoing basis is insurance protection dependent?
Multiple Choice
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An insured has noted on its insurance application that its restaurant has a wood fireplace,but it has omitted to comment that occasionally escaped sparks can cause a fire risk.Why would the insured be considered as having complied with its duty to disclose?
Multiple Choice
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Allowing people to insure property that they have no real interest in may lead to the intentional destruction of the property.To which rule does this rationale apply?
Multiple Choice
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What type of insurance would provide payment in circumstances where the insured is held legally responsible for causing the loss or damage to a third party?
Multiple Choice
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When an insurer compensates an insured,it has the right to sue a wrongdoer to recover that compensation.What is the legal term for this right?
Multiple Choice
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What is the purpose of a deductible in the context of an insurance policy?
Multiple Choice
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Which term refers to a clause that alters or adds coverage to a standard insurance policy?
Multiple Choice
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What is the name given to the rule that prevents an insured from collecting on insurance when the loss has resulted from the insured's willful misconduct?
Multiple Choice
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Which of the following is a distinguishing characteristic of a duty to disclose?
Multiple Choice
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Which of the following is an implication of the utmost good faith nature of insurance contracts?
Multiple Choice
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What is the purpose of the requirement of an insurable interest?
Multiple Choice
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Under which level of government jurisdiction do insurance policies fall?
Multiple Choice
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Which type of insurance system emphasizes providing accident benefits without regard to the victim's fault?
Multiple Choice
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