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| Section | Objectives |
|---|---|
| Topic 1: Insurance Practice | - Underwriting and Pricing
|
| Topic 2: Legal Principles of Insurance | - Contract Law Basics
|
| Topic 3: Insurance Principles | - Fundamentals of Insurance
|
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NEW QUESTION # 47
Usually, what must an insurance intermediary do before using the personal information of a client for a purpose other than that for which the information was originally collected?
Answer: B
Explanation:
Under Canadian privacy legislation (such as PIPEDA), personal information may only be used for the specific purpose for which it was originally collected unless the client provides informed consent for additional use.
Insurance intermediaries must therefore obtain explicit permission from the client before using or disclosing their information for any new purpose, such as marketing, cross-selling, or sharing data with third-party providers.
Option B-simply notifying the client-is insufficient without consent. Option C is incorrect, as the ombudsperson deals with complaints, not privacy approvals. Option D is incorrect because privacy officers do not grant permissions; the law requires consent from the individual, not from government officials.
Since consent is central to privacy compliance in insurance operations, the intermediary must obtain permission from the client, making A the correct answer.
NEW QUESTION # 48
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: D
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 # 49
Which insurance term is defined as providing compensation for losses or expenses that have been incurred?
Answer: A,C
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 # 50
Orianna is an insurance professional who acts on behalf of the insurerandthe insured. She owns her client list and is paid commission once policies are arranged. What is her profession?
Answer: B
Explanation:
Abrokeris an independent insurance intermediary who represents theinsured, not the insurer, yet also interacts professionally with insurers to place coverage. Brokers typicallyown their client lists, have the freedom to place business with multiple insurers, and earn income throughcommissionsonce policies are sold or renewed.
They are obligated to provide impartial advice and ensure clients receive suitable coverage.
Underwriters (option B) do not own client lists and do not earn commissions; they work for insurers evaluating risks. Exclusive agents (option C) representone insurer onlyand generally do not own their book of business. Independent adjusters (option D) investigate and adjust claims-they do not sell insurance nor hold client lists.
Orianna's described attributes-ownership of clients, acting for both parties, and earning commissions- match precisely the role of abroker, makingAcorrect.
NEW QUESTION # 51
What are the four requirements of a binding contract under the Civil Code of Quebec?
Answer: C
Explanation:
Under theCivil Code of Quebec, a valid contract requires four essential elements:
Capacity- Parties must be legally capable of contracting.
Cause- The reason or purpose each party has for contracting.
Consent- Agreement must be free and informed, without error, fear, or fraud.
Object of the contract- The subject matter of the agreement must be sufficiently defined and lawful.
These elements mirror common-law principles but differ in terminology. Option D is close but inaccurate-
"acceptance" is part of consent, and "subject" is a less precise term than "object." Options A and B include incorrect or irrelevant components.
Thus, the correct answer reflecting Quebec civil law requirements isC.
NEW QUESTION # 52
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