Your insured has bought a snowmobile and you have provided an O.A.P. 1 Owner's Policy with endorsement permitting unlicensed drivers of recreational vehicles. His fourteen (14) year old son drives the machine alone out onto the lake and it goes through the ice. It is not recovered. Would the loss be covered? OA) The loss would not be covered as the son was not accompanied by an adult. OB) The loss would only be paid if the policy includes Comprehensive or All Perils coverage. OC) The loss could be paid under either Specified Perils or Comprehensive coverage. OD) The loss would not be covered as it was the son's stupidity that caused the loss.
Your insured has bought a snowmobile and you have provided an O.A.P. 1 Owner's Policy with endorsement permitting unlicensed drivers of recreational vehicles. His fourteen (14) year old son drives the machine alone out onto the lake and it goes through the ice. It is not recovered. Would the loss be covered? OA) The loss would not be covered as the son was not accompanied by an adult. OB) The loss would only be paid if the policy includes Comprehensive or All Perils coverage. OC) The loss could be paid under either Specified Perils or Comprehensive coverage. OD) The loss would not be covered as it was the son's stupidity that caused the loss.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:Which one (1) of the following statements best describes "The Facility Association"?
OA) It is an industry plan designed to guarantee availability of automobile coverage in the open market.
OB) It is an insurance plan designed to guarantee availability of automobile insurance for all personal automobile
risks, but not commercial automobile risks.
OC) It is run by the provincial government.
OD) It is run by the Insurance Bureau of Canada.
Transcribed Image Text:Your insured has bought a snowmobile and you have provided an O.A.P. 1 Owner's Policy with endorsement permitting
unlicensed drivers of recreational vehicles. His fourteen (14) year old son drives the machine alone out onto the lake
and it goes through the ice. It is not recovered. Would the loss be covered?
OA) The loss would not be covered as the son was not accompanied by an adult.
OB) The loss would only be paid if the policy includes Comprehensive or All Perils coverage.
OC) The loss could be paid under either Specified Perils or Comprehensive coverage.
OD) The loss would not be covered as it was the son's stupidity that caused the loss.
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