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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Legal Principles of Insurance | 20–25% | - Principle of indemnity - Subrogation and contribution - Contract law fundamentals - Insurable interest, utmost good faith |
| Topic 2: Insurance Industry Structure and Stakeholders | 15–20% | - Legislation and regulation in Canada - Insurers, intermediaries, regulators - Roles: underwriting, claims, reinsurance |
| Topic 3: Insurance Policy Structure and Provisions | 20–25% | - Endorsements and modifications - Interpretation of policy wording - Policy components: declarations, insuring agreement, exclusions, conditions |
| Topic 4: Introduction to Insurance | 10–15% | - Purpose and function of insurance - Basic concepts: risk, peril, hazard - Role of insurance in economy and society |
| Topic 5: Risk Management and Application | 15–20% | - Ethics and professional conduct - Risk identification, assessment, treatment - Application of principles to personal and commercial contexts |
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NEW QUESTION # 21
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 # 22
A company suffers a $100,000 property loss at its commercial location. If Insurer X and Insurer Y have policies subject to the same terms and conditions, and there is no deductible, what will each insurer pay based on the information below?
Insurer X insured amount: $400,000
Insurer Y insured amount: $100,000
Answer: C
Explanation:
When more than one insurer covers the same property under policies with identical terms, the loss is often shared according to the proportion of insurance each company provides. This is commonly referred to as contribution "pro rata by limits." First, determine the total amount of insurance:
Insurer X: $400,000
Insurer Y: $100,000
Total insurance: $500,000
Next, determine each insurer's percentage of the total:
Insurer X: 400,000 ÷ 500,000 = 80%
Insurer Y: 100,000 ÷ 500,000 = 20%
The total loss is $100,000, so each insurer pays its proportion of the loss:
Insurer X: 80% × $100,000 = $80,000
Insurer Y: 20% × $100,000 = $20,000
There is no deductible to adjust these amounts. Thus, Insurer X pays $80,000 and Insurer Y pays $20,000, making Option C correct.
NEW QUESTION # 23
Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?
Answer: C
Explanation:
Brokers hold client premiums in trust accounts, separate from operating funds. This is a legal requirement under provincial insurance legislation. Trust funds belong to insurers (or insureds) until properly remitted. If TOY Insurance Brokers used trust funds to pay their own expenses, they violated both fiduciary duty and regulatory obligations. This constitutes serious professional misconduct and is one of the most common and serious reasons for immediate termination of a broker contract-often accompanied by regulatory investigation or license suspension.
Option A would not justify termination because service standards should be defined by the insurer, not the broker. Option B reflects good insurer practice and is unrelated to termination. Option C is incorrect because brokers do not remit commissions to insurers-insurers pay commissions to brokers.
Therefore, the only correct answer is D: failure to maintain premiums in a trust account.
NEW QUESTION # 24
[Insurance Companies - Reinsurance (Non-Proportional / Excess of Loss)] Cover It Insurance has a non-proportional reinsurance agreement with ZYX-Reinsurance:
$600,000 excess of $300,000.
Which payout is accurate?
Answer: B
Explanation:
In anon-proportional excess of losscontract, the reinsurer pays only the amountabove the retention (the deductible), up to its limit.
Retention =$300,000
Reinsurer's limit =$600,000
Maximum reinsurance payout =$600,000
Now apply it to a$600,000 loss:
Cover It Insurance pays the first$300,000(its retention).
The remaining$300,000is within the reinsurer's limit, so ZYX-Reinsurance pays$300,000.
Option A is incorrect-loss does not exceed retention, so reinsurer pays nothing.
Option B is incorrect-no reinsurance applies below $300,000.
Option D is incorrect because for a $900,000 loss, reinsurer would pay themaximum limit of $600,000, but Cover It would pay $300,000 retention plus the remaining $0? Actually total loss 900k: cover it pays 300k retention + 0 above? No, Cover It also pays any amount above reinsurance layer -> 900k minus 300k retention minus 600k limit = 0. The answer shown is still incorrect based on the numbers.
OnlyCis correctly calculated.
NEW QUESTION # 25
MacMan Inc. employs several salespersons who travel throughout Canada with samples of its products.
Which type of coverage does MacMan Inc. require to protect its samples while in the salespersons' possession?
Answer: B
Explanation:
A commercial property floater is designed for businesses that regularly transport goods, equipment, or samples away from their main premises. In this case, MacMan Inc.'s traveling sales staff carry product samples across Canada. These samples are considered business property, not personal property. Therefore, they must be insured under a commercial floater, which provides coverage regardless of location-hotel rooms, vehicles, trade shows, or customer visits.
Option C, personal property floater, applies toindividualproperty such as jewelry, fine arts, or sporting goods, not business merchandise. Option A, aviation insurance, is irrelevant unless aircraft are owned or used by the business for transport. Option B, accident insurance, covers personal injuries, not physical property.
Because the exposure involves business-owned goods off-premises, the correct coverage is the commercial property floater. It ensures protection against theft, loss, or damage while the goods are in the custody of traveling employees.
NEW QUESTION # 26
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