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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Operations and Contracts | 20-25% | - Fundamental Principles of Insurance - Underwriting Process - Policy Structure and Interpretation - Insurance Contract Basics |
| Topic 2: Liability Insurance | 15-20% | - Professional Liability - Commercial General Liability (CGL) - General Liability Concepts |
| Topic 3: Risk and Insurance | 15-20% | - Nature of Risk - Insurable Risk - Risk Identification and Measurement - Risk Management Process |
| Topic 4: Insurance Industry Overview | 10-15% | - Insurance Market Structure - Claims Handling - Regulation and Legislation |
| Topic 5: Property Insurance | 15-20% | - Valuation and Coinsurance - Policy Conditions and Exclusions - Property Coverage Forms |
| Topic 6: Automobile Insurance | 15-20% | - Mandatory Coverage Requirements - Personal Automobile Coverage - Commercial Automobile Coverage |
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NEW QUESTION # 82
What does the term "subject of insurance" refer to?
Answer: B
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 # 83
Which type of policy must be signed by a member of each participating insurer?
Answer: C
Explanation:
Asubscription policyis used when a single insurance risk is too large for one insurer to assume alone. Multiple insurers participate in the policy, each taking a percentage of the risk. Because each insurer is directly responsible for its portion, the policy must besigned by each participating insurer, acknowledging its share of liability.
Option A, prescription, refers to legal limitation periods.
Option B, all-inclusive, is not a recognized type of policy requiring multiple insurer signatures.
Option D, subrogation, is a legal right-not a policy type.
Only thesubscription policyrequires signatures from all insurers involved, makingCcorrect.
NEW QUESTION # 84
The risk manager of an oil refinery is seeking ways to transfer the pollution risk of a new drilling method.
What is the best option?
Answer: A
Explanation:
Pollution exposures-especially from oil refinery operations-arehigh-severity, high-complexity risks.
Standard property and liability policiestypically exclude pollution, except for sudden and accidental events.
Pollution arising from new drilling methods is considered aspecialized environmental liabilityand often requirescustomized financial transfer mechanisms.
Anon-insurance loss-financing transfer agreement(also called a contractual risk transfer or financial risk transfer mechanism) allows the company to shift the financial consequences of pollution losses to another entity or through non-traditional insurance structures (e.g., environmental impairment liability contracts, captive agreements, or specialized financial instruments). This is the most appropriate and realistic way to transfer complex pollution exposures.
Option A (retain the risk) is unsafe due to catastrophic loss potential.
Option B (surety bond) guarantees performance, not pollution losses.
Option D is incorrect because standard policiesdo not coverthis exposure.
Thus the best option isC.
NEW QUESTION # 85
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 # 86
Ace Brokerage Inc., a liability insurer, has been in business for three years. It is suffering financial difficulties despite writing a significant amount of new business. What is the most likely reason?
Answer: C
Explanation:
For a new insurer, cash flow and premium collection are critical. Liability claims often take years to develop, but expenses such as commissions, reinsurance, administration, and claim reserves must be funded immediately. If premiums are not collected promptly due to poor management of accounts receivable, the insurer may not have sufficient liquidity to meet obligations-even if it has written a large volume of business on paper.
Option B is irrelevant because insurers (unlike brokers) do not receive profit-sharing commissions.
Option C is not typically a cause of financial distress since endorsements generateadditionalpremium.
Option D-discounting premiums-could affect income but would not normally create severe financial difficulty unless combined with other poor practices.
The most likely reason for early-stage financial trouble is failure to collect premiums efficiently, making A correct.
NEW QUESTION # 87
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