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| Section | Weight | Objectives |
|---|---|---|
| Risk and Insurance | 15-20% | - Insurable Risk - Risk Identification and Measurement - Nature of Risk - Risk Management Process |
| Automobile Insurance | 15-20% | - Commercial Automobile Coverage - Mandatory Coverage Requirements - Personal Automobile Coverage |
| Insurance Operations and Contracts | 20-25% | - Fundamental Principles of Insurance - Policy Structure and Interpretation - Underwriting Process - Insurance Contract Basics |
| Liability Insurance | 15-20% | - General Liability Concepts - Professional Liability - Commercial General Liability (CGL) |
| Property Insurance | 15-20% | - Valuation and Coinsurance - Policy Conditions and Exclusions - Property Coverage Forms |
| Insurance Industry Overview | 10-15% | - Claims Handling - Insurance Market Structure - Regulation and Legislation |
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NEW QUESTION # 80
Maritime Insurance has met all requirements to be incorporated as an insurance company in Canada. Why would it prefer to incorporate under the Nova Scotia provincial statute rather than the federal statute?
Answer: B
Explanation:
A company chooses provincial incorporation when it intends to operate only within that specific province.
This minimizes regulatory complexity because only the provincial Superintendent of Insurance regulates its operations. If Maritime Insurance plans to conduct business exclusively in Nova Scotia, incorporation under the Nova Scotia Insurance Act is simpler, less expensive, and avoids federal-level compliance requirements.
Option A is incorrect because capitalization is required under both federal and provincial laws. Option C may create confusion about naming conflicts, but name disputes do not determine the appropriate jurisdiction of incorporation. Option D is incorrect because selling insurance nationally requires federal licensing; a provincially incorporated insurer cannot operate beyond its home province unless licensed separately in each province-an inefficient approach.
Thus, the insurer would choose Nova Scotia incorporation only if it intends to operate solely within Nova Scotia, making B correct.
NEW QUESTION # 81
A person applies for fire insurance on their house but fails to mention that in winter they leave the house unoccupied for two months while vacationing. What is this an example of?
Answer: A
Explanation:
Insurance contracts are built on the principle of utmost good faith, meaning applicants must disclose all material facts that could influence the insurer's decision to accept the risk or determine the premium. Failing to mention a material fact-such as the home being unoccupied for long periods-is considered non- disclosure. Unoccupancy increases the risk of vandalism, frozen pipes, fire severity, and delayed emergency response, all of which affect underwriting decisions.
Option A, negligence, refers to failure to act with reasonable care, not failure to disclose.
Option C, breach of warranty, applies only after a policy is in force and a condition guaranteed to be true is violated.
Option D, discharge of contract, refers to cancellation or completion of contractual obligations.
Since the issue arises during the application stage and involves withholding a material fact, the correct classification is non-disclosure.
NEW QUESTION # 82
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?
Answer: A
Explanation:
In the structure of reinsurance practices explained inPrinciples and Practice of Insurance, aretrocessionaireis the reinsurer that accepts risk from another reinsurer. This occurs through a process calledretrocession, where a reinsurer (the retrocedent) transfers a portion of its assumed risk to another reinsurer to further spread exposure and maintain solvency stability.
The terminology is important:
Theprimary insurerissues the original policy to the insured.
Thereinsurer(cessionaire) accepts risk from the primary insurer.
When that reinsurer then cedes part of the risk again, the receiving party is theretrocessionaire.
Retrocession is essential in risk-management frameworks because it allows reinsurers to diversify exposures and avoid concentration risks from catastrophic events. Therefore, the correct term for the second reinsurer isC. Retrocessionaire.
NEW QUESTION # 83
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 # 84
An insurer's agency or production department is the equivalent of which department in other businesses?
Answer: B
Explanation:
The agency or production department within an insurance company is responsible for generating new business, managing distribution channels, working with brokers and agents, and promoting the insurer's products. These functions align directly with sales and marketing departments found in other industries. Their goals include increasing premium volume, maintaining relationships with intermediaries, and ensuring the insurer's products reach the marketplace effectively.
Option B is incorrect because finance and production refer to cost control and manufacturing, neither of which parallels insurance distribution. Option C does not align because administration and HR handle internal operations, not customer acquisition. Option D deals with internal systems and support functions, unrelated to the business-production role of generating and selling insurance.
Therefore, the insurer's agency or production department corresponds to A: Sales and marketing.
NEW QUESTION # 85
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