Business Administration - Financial Planning RFC124 Chapter Notes - Chapter 9-3: Liability Insurance, Damages, Burglary

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Covers financial risk associated with liability towards others: liability = responsibility. Most private companies and some provincial governments are providers: b. c. , saskatchewan, manitoba, quebec for bodily injury only. Osfi (office of the superintendent of financial. Automobile insurance: absolute liability: insurance protection to innocent victims of a wrongdoer, even if wrongdoer has violated terms of the insurance contract. Example: suspended license: no-fault: insurance company pays for loss regardless of who causes it. Issues at the time of renewal: deductible: portion of claim payable by policy owner. Each province regulates its minimum required coverage to legally operate a vehicle. Vehicle owner retains liability for damages in excess of what insurance covers. Coverage extends only to canada and us, except quebec where coverage is world wide for bodily injury. Death: regardless of who is responsible. Third party liability: liability = responsibility, covers injury to a third party or their property, insured personally liable for shortfall.

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