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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk and Insurance | 15-20% | - Insurable Risk - Nature of Risk - Risk Management Process - Risk Identification and Measurement |
| Topic 2: Property Insurance | 15-20% | - Property Coverage Forms - Valuation and Coinsurance - Policy Conditions and Exclusions |
| Topic 3: Liability Insurance | 15-20% | - Professional Liability - Commercial General Liability (CGL) - General Liability Concepts |
| Topic 4: Insurance Industry Overview | 10-15% | - Insurance Market Structure - Claims Handling - Regulation and Legislation |
| Topic 5: Insurance Operations and Contracts | 20-25% | - Fundamental Principles of Insurance - Policy Structure and Interpretation - Underwriting Process - Insurance Contract Basics |
| Topic 6: Automobile Insurance | 15-20% | - Mandatory Coverage Requirements - Personal Automobile Coverage - Commercial Automobile Coverage |
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NEW QUESTION # 91
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: D
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 # 92
What does the term "subject of insurance" refer to?
Answer: C
Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.
NEW QUESTION # 93
John convinces Louise to sign a contract for room and board at his house in Montreal in exchange for $1,000.
When Louise prepares to move in, John informs her that she will be staying in a room at a run-down hotel he owns. Which cause of nullity is Louise MOST LIKELY to employ to cause the contract to be of no effect?
Answer: D
Explanation:
Under contract law principles referenced inPrinciples and Practice of Insurance, a contract is only valid when both parties givefree, informed, and genuine consent. Fraud occurs when one party intentionally misleads another through deception, false representation, or concealment to induce consent. In this scenario, John intentionally misrepresented the nature of the accommodation-promising his private residence while intending to place Louise in a different, inferior property.
Because Louise agreed based on amaterial misrepresentation, the contract is voidable due tofraud, meaning she can invoke nullity and have the contract deemed without effect. Fraud differs from error in that the misinformation wasdeliberatelycreated by John. It is not lesion (which relates to unfair disadvantage in value) nor violence (which involves physical or psychological coercion). Therefore, the correct answer isB. Fraud.
NEW QUESTION # 94
Which insurance term is defined as providing compensation for losses or expenses that have been incurred?
Answer: A,B
Explanation:
Comprehensive Explanation (150-250 words):
The termindemnifyis fundamental in insurance. To indemnify means tocompensate an insured party for actual losses or expenses incurred, restoring them as closely as possible to the financial position they occupied immediately before the loss. This principle ensures that insurance does not create profit or gain for the insured but instead acts as a financial safety mechanism to cover legitimate losses.
Indemnity is applied across many types of policies-property, automobile, liability, and more-and forms the basis of how claims are settled. When an insurer indemnifies an insured, the insurer may pay for repairs, replacement, medical expenses, or financial judgments depending on the policy coverage.
Option A,Salvage, is the insurer's right to recover value from damaged property after paying a claim.
Option C,Pure captive, refers to an insurance company created by a parent company to insure its own risks.
Option D,Utmost good faith, is the legal duty requiring both insurer and insured to disclose all material facts.
Only"indemnify"directly describes providing compensation for an incurred loss.
NEW QUESTION # 95
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 # 96
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