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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property Insurance | 15-20% | - Policy Conditions and Exclusions - Valuation and Coinsurance - Property Coverage Forms |
| Topic 2: Automobile Insurance | 15-20% | - Personal Automobile Coverage - Mandatory Coverage Requirements - Commercial Automobile Coverage |
| Topic 3: Liability Insurance | 15-20% | - General Liability Concepts - Commercial General Liability (CGL) - Professional Liability |
| Topic 4: Insurance Operations and Contracts | 20-25% | - Underwriting Process - Policy Structure and Interpretation - Insurance Contract Basics - Fundamental Principles of Insurance |
| Topic 5: Insurance Industry Overview | 10-15% | - Claims Handling - Regulation and Legislation - Insurance Market Structure |
| Topic 6: Risk and Insurance | 15-20% | - Risk Identification and Measurement - Insurable Risk - Nature of Risk - Risk Management Process |
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NEW QUESTION # 82
What is binding authority?
Answer: A
Explanation:
Binding authority is the authority an insurer grants to a broker or agent, allowing the intermediary to bind coverage on the insurer's behalf before the insurer has formally reviewed the application. When an intermediary has binding authority, they can confirm that coverage is in force immediately, subject to the terms granted by the insurer. This is crucial for situations requiring quick coverage, such as real estate closings, automobile purchases, or commercial contract deadlines.
Option A is incorrect because a cover note is thedocumentissued after binding coverage-not the binding authority itself. Option B is incorrect because binding authority has nothing to do with permission to contact clients. Option D is completely unrelated, as reinsurance agreements occur between insurers, not insureds.
Therefore, the correct description of binding authority is permission granted to an intermediary to bind coverage on behalf of the insurer, which is option C.
NEW QUESTION # 83
Stuart sells his vehicle and cancels his auto policy. The insurer refunds the full unearned portion of the premium. What type of cancellation is this?
Answer: B
Explanation:
Apro rata cancellationoccurs when an insurer cancels a policy or when the insured cancelswithout penalty, and the insurer refunds thefullunexpired portion of the premium. The refund is calculated strictly based on time remaining in the policy period. No service charges, cancellation penalties, or retained percentages apply.
This is different fromshort rate cancellation, where a penalty is applied when the insured cancels voluntarily.
"Total rate," "fully fixed," and "non-adjusted rate" are not recognized forms of cancellation methods.
Thus, refunding the entire unused premium confirms the cancellation ispro rata.
NEW QUESTION # 84
Which statement reflects how an insurer invests their capital?
Answer: C
Explanation:
Insurers in Canada are heavily regulated in the way they invest their capital because they must remain financially strong to pay future claims. Government regulations-federal for federally regulated insurers and provincial for provincially regulated insurers-set out specific investment restrictions, including prohibiting certain high-risk or illiquid investments. These rules protect policyholders by ensuring insurers maintain solvency and liquidity.
Insurers must invest prudently in order to meet long-term obligations, and therefore regulators specify the classes of investments deemed too risky or unsuitable. This includes limits on speculative investments or holdings that could jeopardize stability.
Option A is incorrect because insurers arenotrequired to invest in non-liquid assets; in fact, liquidity is important.
Option B is incorrect; although some foreign investments may be allowed, the statement is not a broad principle of regulation.
Option C is incorrect because insurers face significant restrictions, not complete freedom.
Thus, D is the correct answer.
NEW QUESTION # 85
Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?
Answer: D
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 # 86
In a non-proportional (excess of loss) reinsurance contract, the reinsurer agrees to pay the portion of any loss thatexceeds $80,000, up to an additional$100,000.
How much would the primary insurer pay for an insured loss of$60,000?
Answer: D
Explanation:
Comprehensive Explanation (150-250 words):
In anexcess of loss (non-proportional) reinsurance contract, the reinsurer pays only when the lossexceeds the primary insurer's retention, known as thepriorityorattachment point. In this question, the priority is$80,000.
This means reinsurance doesnotrespond unless the loss exceeds $80,000.
Here, the actual loss is$60,000, which isbelowthe attachment point. Because the loss never reaches the
$80,000 threshold, the reinsurer owesnothing. Theentire lossremains the responsibility of the primary insurer.
The reinsurer's limit of $100,000 only becomes relevant if the loss exceeds $80,000, which is not the case here.
Therefore, the primary insurer pays100% of the $60,000 loss.
Correct answer:D.
NEW QUESTION # 87
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