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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Management and Application | 15–20% | - Ethics and professional conduct - Application of principles to personal and commercial contexts - Risk identification, assessment, treatment |
| Topic 2: Legal Principles of Insurance | 20–25% | - Principle of indemnity - Insurable interest, utmost good faith - Subrogation and contribution - Contract law fundamentals |
| Topic 3: Insurance Industry Structure and Stakeholders | 15–20% | - Insurers, intermediaries, regulators - Legislation and regulation in Canada - Roles: underwriting, claims, reinsurance |
| Topic 4: Insurance Policy Structure and Provisions | 20–25% | - Endorsements and modifications - Policy components: declarations, insuring agreement, exclusions, conditions - Interpretation of policy wording |
| Topic 5: Introduction to Insurance | 10–15% | - Purpose and function of insurance - Basic concepts: risk, peril, hazard - Role of insurance in economy and society |
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NEW QUESTION # 81
How do insurers try to balance premiums against the losses they might have?
Answer: A
Explanation:
Insurers must ensure they collect enough premium to cover potential losses while remaining competitive. One of the most important methods is maintaining a good spread of risk-diversifying exposures across different geographical areas, classes of business, and types of insureds. This spreads the impact of losses, reducing the chance that a single catastrophic event or concentration of similar risks will threaten the insurer's financial stability.
Option B, specialization, increases dependence on a narrow market segment and may elevate risk volatility.
Option C is unrealistic because insurers cannot rely solely on "superior risks," nor can they guarantee such a selection. Option D-concentrating business in one location-is dangerous because natural disasters, economic downturns, or localized events could cause severe aggregated losses.
Thus, insurers most effectively manage loss volatility through A: a good spread of risk.
NEW QUESTION # 82
A retailer reports $250,000 revenues and $100,000 expenses, and projects $50,000 in sustained growth next year. What is its net income for the past year?
Answer: C
Explanation:
Net income is calculated by subtractingexpensesfromrevenues:
Net Income=Revenues#Expenses\text{Net Income} = \text{Revenues} - \text{Expenses} Net Income=Revenues#Expenses For this retailer:
$250,000#$100,000=$150,000\$250{,}000 - \$100{,}000 = \$150{,}000$250,000#$100,000=$150,000 The projection of $50,000 sustained growth next year is irrelevant because the question asks specifically forlast year'snet income. Many insurance-based financial questions test the ability to isolate actual financial performance from future projections.
Options B, C, and D incorrectly combine revenue, expense, or growth figures.
Thus, the correct net income isA: $150,000.
NEW QUESTION # 83
What is stated in the insuring agreements of a policy?
Answer: B
NEW QUESTION # 84
George emails his cousin offering to buy her textbooks for $500. He states that unless she replies "no," they have a deal. Which essential element of a binding contract is missing?
Answer: C
Explanation:
For a legally binding contract, there must beoffer and acceptance-a clear proposal and a clear, communicated acceptance. In this case, George attempts to treatsilenceas acceptance. According to contract law,silence cannot constitute acceptance, unless there is a prior agreement between the parties stating otherwise. Because his cousin has not actively communicated acceptance, the contract remains incomplete.
Option A is incorrect-consideration exists (money in exchange for books).
Option B is irrelevant-buying textbooks is legal.
Option C does not apply-George is 18 and has legal capacity in Alberta.
The missing element isacceptance, so the correct answer isD.
NEW QUESTION # 85
Mark was involved in an at-fault accident one year ago. As there was minimal vehicle damage and no apparent injuries, Mark settled with the third party and did NOT report the accident to his insurer. Today, Mark has been served a statement of claim alleging long-term injuries. Which action will Mark's insurer MOST LIKELY take, and why?
Answer: A
Explanation:
Insurance policies require the insured to report all accidents promptly, even when they appear minor. By settling privately and failing to notify the insurer, Mark violated a fundamental policy condition. This breach is significant because it prejudices the insurer's rights: the insurer lost the opportunity to investigate, defend, or control settlement negotiations. Under the statutory conditions (especially for automobile insurance), failure to report may result in the forfeiture of the insured's right to recovery.
Option A is incorrect because limitation periods vary and do not automatically cause a denial; moreover, the issue is the insured's breach, not limitation law. Option C is incorrect because this is a liability claim, not accident benefits. Option D is incorrect because the current policy does not automatically cover past unreported accidents, and coverage can be denied if the insured breached statutory reporting conditions.
Thus, the insurer will most likely deny coverage because Mark forfeited his rights by failing to report the loss, making B correct.
NEW QUESTION # 86
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