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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The Application Process | 10% | - Completing applications - Underwriting considerations - Duty of disclosure |
| Topic 2: Property Insurance Wordings | 12% | - Valuation methods - Coverages and exclusions - Common policy forms |
| Topic 3: Automobile Insurance | 10% | - Mandatory and optional coverages - Provincial variations - Rating and policy issues |
| Topic 4: Property Insurance Exposures | 10% | - Small commercial property risks - Personal property risks - Exposures and perils |
| Topic 5: From Quote to Policy | 10% | - Policy structure and components - Quotation and binding authority - Policy issuance and delivery |
| Topic 6: Liability Insurance | 12% | - Legal liability concepts - Personal liability coverages - Commercial general liability |
| Topic 7: Sales and Client Needs | 10% | - Risk identification - Client consultation - Insurance solutions |
| Topic 8: Claims Handling | 8% | - Broker's role in claims - Claim reporting process - Settlement and subrogation |
| Topic 9: Insurance and the Intermediary | 10% | - Licensing and regulation - Legal duties and ethics - Roles of brokers and agents |
| Topic 10: Communication and Service Skills | 8% | - Policy changes and endorsements - Record keeping - Client communication |
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NEW QUESTION # 50
W & A Insurers Inc. has a capacity of $30 million for any single property risk. It also has a reinsurance agreement with Tri-insurance Inc. for an additional $40 million. A broker approaches W & A Insurers Inc.
with a request to write a low-hazard $37 million liability risk. What is the insurer's retention if it accepts and reinsures the risk?
Answer: B
Explanation:
Retention is the portion of the risk the insurer keeps for its own account before reinsurance responds. In this scenario, W & A's own capacity is $30 million. The additional reinsurance agreement provides extra capacity above that amount, allowing W & A to accept a larger risk than it would otherwise retain alone. If W & A accepts a $37 million risk and reinsures the excess portion, it would retain $30 million and cede the remaining
$7 million to the reinsurer. Option C is incorrect because $37 million is the total risk presented, not the insurer's retained amount after reinsurance. Option D represents the available reinsurance agreement, not W
& A's retention. Option A has no technical basis in the facts provided. This question tests the difference between gross line, net retention, capacity, and reinsured portion. Brokers must understand this because larger risks may require layering, subscription, facultative reinsurance, or market-sharing arrangements before coverage can be confirmed. References/topics: From Quote to Policy; insurer capacity, retention, reinsurance, risk placement, underwriting authority.
NEW QUESTION # 51
What should the intermediary do if the person reporting the claim is not named on the insurance policy?
Answer: A
Explanation:
If a claim is reported by someone who is not named on the policy, the intermediary should attempt to discuss the matter with the client. The broker must protect confidentiality, verify authority, and avoid disclosing policy information to an unauthorized person. At the same time, the report may still involve a valid loss, so the broker should not ignore it. Speaking with the named insured allows the intermediary to confirm whether the claim is legitimate, whether the reporting person has authority to act, and whether notice should be forwarded to the insurer. Contacting the police is not automatically required unless the facts suggest crime, injury, fraud, or legal reporting obligations. Sending a statement of claim is incorrect; that is a legal pleading, not a broker response. Adding the reporting party as an additional insured would be inappropriate without underwriting approval, insurable interest, and the insured's instruction. The correct claims-service approach is controlled communication, verification, documentation, and prompt reporting once authority and facts are confirmed. References/topics: Claims; claim reporting, confidentiality, named insured authority, broker communication, claims intake procedure.
NEW QUESTION # 52
Brenda's house is valued at $250,000. She has a policy coverage limit of $220,000 and an 80 percent coinsurance clause. What would be the payout if the insured suffers a loss of $150,000?
Answer: D
Explanation:
The coinsurance requirement is calculated by multiplying the property value by the required coinsurance percentage. Brenda's house is valued at $250,000, and the coinsurance clause is 80 percent. Therefore, the required amount of insurance is $250,000 ร 80 percent = $200,000. Brenda carries $220,000, which is more than the required $200,000. Because she satisfies the coinsurance requirement, no coinsurance penalty applies. The loss is $150,000, and the policy limit is $220,000, so the insurer would pay the full $150,000 loss, subject to any deductible not shown in the question. Option A incorrectly applies a penalty where none is due. Option C does not match the coinsurance formula or the loss amount. Option D is the total policy limit, not the amount of the loss. This calculation shows why brokers must explain coinsurance clearly: the penalty applies only when the insured carries less than the required percentage of value. References/topics: Property Insurance-Wordings; coinsurance formula, insurance to value, partial loss settlement, property limits.
NEW QUESTION # 53
During the renewal process, which tool keeps the broker on track and protects against lawsuits by requiring the insured's signature?
Answer: A
Explanation:
A checklist is the correct tool because it creates a structured renewal review and provides evidence that important topics were discussed with the insured. Renewal is not merely an administrative rollover. The broker should confirm changes in occupancy, operations, values, renovations, drivers, claims history, liability exposures, mortgagees, business activities, and coverage needs. A signed checklist helps prove that the insured was asked relevant questions and either confirmed or declined changes. This is a practical E & O defence because many lawsuits arise from alleged failure to recommend, failure to update values, or failure to ask about changed circumstances. A binder is temporary evidence of coverage, not a renewal review tool. A flowchart may describe a process internally but does not normally capture the insured's signed confirmation.
A cover note confirms temporary coverage and is not designed to document a renewal interview. The checklist protects both the client and broker by forcing disciplined review and written accountability.
References/topics: Communication and Service Skills; renewal review, checklists, documentation, insured signature, E & O prevention.
NEW QUESTION # 54
A tenant's negligence causes a fire in the dwelling they rent. Typically, who is initially responsible for paying the damage?
Answer: A
NEW QUESTION # 55
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