CAS Exam 6C Fall 2016, Question 2
Study guide: Exam 6C
Explain whether the following situations are permitted according to Ontario regulations.
Part a (0.5 points)
After a recent promotion, an insured informed their personal automobile insurer of their new salary and their premium decreased.
Part b (0.5 points)
An insured moved from their downtown residence to the suburbs. Their personal automobile premium decreased.
Part c (0.5 points)
An insured recently started driving for a car-sharing service. Their insurer found out and wants to charge the insured a higher premium.
Part d (0.5 points)
An insurance company is advertising a premium discount on personal automobile policies by virtue of owning a credit card.
Part e (0.5 points)
An insured's usage-based insurance program data was used to deny their personal automobile claim.
Answer this question and see the worked solution
Concepts tested
- Risk Classification Restrictions
- Usage-Based Insurance
- Credit-Based Insurance Scoring
- Territorial Rating
- Financial Services Regulatory Authority of Ontario