BU353 Study Guide - Midterm Guide: Co-Insurance, Shool
Document Summary
The role of osfi and fsco a) ofsi federal overseer office of the superintendent of financial institutions. Regulates and monitors federally chartered and foreign insurance companies. Supervises institutions to determine whether they are in sound financial condition. Administers a regulatory framework to promote the adoption of policies and procedures b) fsco ontario overseer financial services commission of ontario. Fsco"s appro(cid:448)al is (cid:374)e(cid:272)essary for (cid:272)ha(cid:374)ges of rates or u(cid:374)der(cid:449)riti(cid:374)g rules to take place. Regulation and supervision of provincially licensed insurers, operation of brokers. The role of assuris and paccic a) assuris life/health. Non-profit organization to protect policy holders in the event that a life insurer should become insolvent b) paccic property/casualty (p&c) Non-profit organization to protect policy holders in the event that a p&c insurer should become insolvent. Role of co-insurance and how to calculate claim payments. Coinsurance assures that a fair premium is charged and it prevents underinsuring.
