Difference between revisions of "IBC.Code"
Jump to navigation
Jump to search
(→In Plain English!) |
|||
| Line 10: | Line 10: | ||
* '''key principles''' in the use of credit scores ''(with emphasis on customer consent)'' | * '''key principles''' in the use of credit scores ''(with emphasis on customer consent)'' | ||
| − | [https:// | + | [https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=&prefix=IBC&suffix=Code§ion=all&subSection=all&subsetFlag=TopQReading&examRep=all&examYear=all&examTerm=all&quizNum=0&select07=0&select08=0&select09=0<span style="font-size: 20px; background-color: gold; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Top Questions]'''</span> <span style="color: red;">''← Questions you <u>absolutely</u> need to know!'' </span> |
: {| class='wikitable' style='width: 1000px;' | : {| class='wikitable' style='width: 1000px;' | ||
| Line 72: | Line 72: | ||
|} | |} | ||
| − | [https:// | + | [https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=IBC&suffix=Code§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=1<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 1]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> |
==BattleCodes== | ==BattleCodes== | ||
| Line 86: | Line 86: | ||
* none | * none | ||
| − | [https:// | + | [https://battleactsmain.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=IBC&suffix=Code§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.''' </span> |
[https://www.battleactsmain.ca/vanillaforum/categories/ibc-code<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | [https://www.battleactsmain.ca/vanillaforum/categories/ibc-code<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | ||
Revision as of 21:22, 12 January 2020
10 guidelines for the use of credit information in personal insurance for U/W & rating Forum
Pop Quiz
What is the single most important argument in favor of using credit scores for pricing?
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- key principles in the use of credit scores (with emphasis on customer consent)
Top Questions ← Questions you absolutely need to know!
reference part (a) part (b) part (c) part (d) E (2018.Fall #7) credit consent request:
- wording of documentE (2018.Spring #3) SCENARIO:
- credit score proposalE (2017.Spring #2) see AAA.CrdSc key principles:
- customer consentE (2015.Spring #6) key principles:
- using credit scoringE (2014.Spring #7) see AAA.CrdSc 1 see AAA.CrdSc key principles:
- using credit scoringoutdated
- 1 This question is from ASOP 12 (Risk Classification) which is no longer on the syllabus, but similar concepts are covered in other papers from the current syllabus so you should still probably look at it.
In Plain English!
There isn't much to say about this paper. It's easy & short, 5 pages. Good bedtime reading?
Note that these credit score guidelines are federal, and guideline #1 is to comply with local laws.
- The local law in Ontario is that credit score cannot be used for personal auto pricing. That means the other 9 guidelines are irrelevant!
- Ontario does permit the use of credit score for property, however. This varies by insurer.
- I called my own insurance agent to find out if my carrier (Aviva) uses credit score. The agent called Aviva and reported back to me: no for auto, yes for property.
Memorize 4 of the 10 guidelines for using credit score in personal insurance. (The exam never asks for more than 4) A simple memorization question on these guidelines has appeared 3 times: (2017.Spring #2b), (2015.Spring #6), (2014.Spring #7c)
User genevieve posted a memory trick for all 10 guidelines this in the forum!
mini BattleQuiz 1 You must be logged in or this will not work.
BattleCodes
Memorize:
- 4 of the 10 guidelines (Memory trick for guidelines 1-5: LAC-PC)
Conceptual:
- How does this reading relate to the other reading that discusses credit score: AAA.CrdSc
- See also legal case #11 from Land.Cases (PIPEDA Report of Findings)
Calculational:
- none
Full BattleQuiz You must be logged in or this will not work.
POP QUIZ ANSWERS
The single most important argument for the use of credit scores in pricing is that it is statistically significant. (Individuals with higher credit scores have lower claim costs.)
