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| Section | Weight | Objectives |
|---|---|---|
| Automobile Insurance | 10% | - Rating and policy issues - Mandatory and optional coverages - Provincial variations |
| Insurance and the Intermediary | 10% | - Licensing and regulation - Legal duties and ethics - Roles of brokers and agents |
| Communication and Service Skills | 8% | - Policy changes and endorsements - Record keeping - Client communication |
| Property Insurance Exposures | 10% | - Exposures and perils - Small commercial property risks - Personal property risks |
| Property Insurance Wordings | 12% | - Common policy forms - Coverages and exclusions - Valuation methods |
| Sales and Client Needs | 10% | - Client consultation - Insurance solutions - Risk identification |
| Claims Handling | 8% | - Settlement and subrogation - Claim reporting process - Broker's role in claims |
| From Quote to Policy | 10% | - Policy issuance and delivery - Quotation and binding authority - Policy structure and components |
| The Application Process | 10% | - Underwriting considerations - Duty of disclosure - Completing applications |
| Liability Insurance | 12% | - Legal liability concepts - Personal liability coverages - Commercial general liability |
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NEW QUESTION # 47
Michelle is a new agent who would like to protect herself against possible errors and omissions claims. What should Michelle practice in her interactions with clients and insurers?
Answer: A
NEW QUESTION # 48
A commercial general liability policy has an aggregate limit of $1,000,000. During the current term, the insurer has already paid for three liability claims: one for $100,000, a second for $500,000, and a third for
$300,000. How much will the insurer pay if a new claim of $300,000 is submitted?
Answer: A
Explanation:
An aggregate limit is the maximum amount the insurer will pay for all covered claims subject to that aggregate during the policy period. The policy aggregate is $1,000,000. The insurer has already paid $100,000
+ $500,000 + $300,000, for a total of $900,000. That leaves only $100,000 available under the aggregate.
Therefore, even though the new claim is $300,000, the insurer can pay only the remaining $100,000. Option C would be correct only if the full aggregate remained available or if the claim were subject to a separate unaffected limit. Option A is wrong because some aggregate remains. Option D is the original aggregate, not the remaining available amount. Brokers must explain aggregate limits to commercial clients because a policy may appear to have a large limit, but prior claims can erode available coverage. This is especially important for businesses with frequent premises, products, or operations liability losses. References/topics: Liability Insurance; CGL aggregate limits, limit erosion, claim payments, remaining available insurance.
NEW QUESTION # 49
Chandeep, a broker with binding authority, sold property and liability coverage to his new client, Multiplex Movies. Three days into the policy term, there was a slip-and-fall incident. The liability loss was denied by the insurer. Multiplex Movies sues Chandeep for E & O. Which allegation will most likely be successful for the insured?
Answer: C
Explanation:
The strongest allegation is failure to provide coverage for the client's exposures. A cinema has obvious premises liability exposure, including slip-and-fall injuries to patrons. If Chandeep arranged property and liability coverage but the liability claim was denied shortly after inception, the E & O issue is not timing; coverage was apparently in force. It is also not primarily the failure to issue a tangible policy, because a policy document may follow after binding and does not itself determine whether coverage was properly arranged. Failure to explain claim steps may be poor service, but it would not be the central cause of the denied liability loss. The broker's core professional duty is to identify material exposures, recommend suitable coverage, and ensure the coverage bound matches the risk presented. If the client reasonably expected premises liability protection and the loss was denied because the exposure was not properly covered, the broker faces a serious E & O problem. References/topics: Liability Insurance; intermediary duty of care, premises liability exposure, binding authority, E & O claims.
NEW QUESTION # 50
What must an intermediary remember when using a valuation guide to calculate the replacement cost for a dwelling?
Answer: D
Explanation:
When using a valuation guide, the intermediary must remember that luxury or custom dwellings often cost significantly more to repair or replace than standard construction. Valuation tools rely on inputs, assumptions, construction classes, regional cost tables, and average building characteristics. They are useful, but they can understate replacement cost where the dwelling has custom millwork, imported materials, architect-designed features, high-end mechanical systems, unusual layouts, superior finishes, heritage characteristics, or specialized construction. Option C is plainly incorrect because different insurer tools may produce different values depending on methodology and inputs. Option B is true as a general insurance-to-value principle, but it does not specifically address the limitation of valuation guides. Option A overstates the role of an intermediary inspection; an inspection may help identify characteristics, but the key issue in this question is the increased rebuilding cost for custom or luxury dwellings. Accurate replacement cost matters because underinsurance can create coinsurance penalties, inadequate limits, or failure to qualify for guaranteed replacement cost provisions. References/topics: Property Insurance-Exposures; replacement cost valuation, insurance to value, custom dwellings, valuation guide limitations.
NEW QUESTION # 51
What is the role of insurance intermediaries under the law of agency?
Answer: C
Explanation:
Under agency principles, an insurance intermediary operates in a dual-responsibility environment. The intermediary may owe duties to the insurer when acting within granted authority, such as collecting material facts, submitting accurate applications, binding only within authority, and communicating underwriting information honestly. At the same time, the intermediary owes professional duties to the client, including identifying insurance needs, explaining available coverages, warning about gaps, and exercising reasonable care and skill. The intermediary is not merely a third party to the contract; the role depends on the legal and practical relationship between insurer, insured, and intermediary. Option B is incorrect because an intermediary cannot issue policies on any risk at personal discretion; authority is limited by insurer contracts, underwriting rules, and binding authority. Option C overstates the intermediary's function because no broker can guarantee that every possible exposure is covered unless the policy wording clearly provides it. The best answer is therefore balancing duties to both sides while avoiding conflicts, misrepresentation, and unauthorized commitments. References/topics: Insurance and the Intermediary; law of agency, intermediary duties, insurer authority, client duty of care.
NEW QUESTION # 52
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