PACICC Limits
in PACICC.Comp
The limit for auto is 250k, the limit for personal property is 300k. But the link below states that the limit for auto is 400k and for home is 500k. For unearned premium, the maximum is 250070% in accordance with the link below, but the prior exams say it is 100070%. With which limits would you recommend to go?
http://www.pacicc.ca/industry-information/coverage/
Thank you in advance!
Comments
I have clarified this, thx!
Can you please confirm if the 500k limit for home claims and 400k for auto is the per claim limit? or it's per policy?
Neither, the limit is per occurrence. Here's the relevant section from the source (with old limits):
So if you have multiple claims arising from a single occurrence, the limit applies to the total, but for multiple occurrences on the same policy you get the limit on each.
Just to confirm, the current reading for PACICC still contains the old limits?
We won't be penalized if we use the new limits correct? 400K Auto and 500K Homeowners and 2500 Unearned Premium.
From syllabus:
I don't think you will ever be penalized for quoting up-to-date material that is more recent. It would just not make sense
I believe there was a comment in an examiner's report (can't remember which year or question) that stated something to that effect: If a candidate answers based on current information, they will receive credit even if it contradicts the official syllabus reading.
Does the new limit still applies if the dates are prior to 2021?
For example the date of incident is in 2019, claim is still being paid out but the insurer becomes insolvent in 2024.
Since the date of incident is before 2021 but insolvency happened in 2024. Should we use new limit or old limit?
Alternatively if the insolvency also happened in 2019, but we didn't know about the claim until we got sued in 2024 for an auto accident. How would that play out?
You'd always use the actual latest limit in real life. But for exams Im guessing either would be fine