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| Section | Weight | Objectives |
|---|---|---|
| Insurance Policy Structure and Provisions | 20–25% | - Interpretation of policy wording - Endorsements and modifications - Policy components: declarations, insuring agreement, exclusions, conditions |
| Insurance Industry Structure and Stakeholders | 15–20% | - Roles: underwriting, claims, reinsurance - Legislation and regulation in Canada - Insurers, intermediaries, regulators |
| Risk Management and Application | 15–20% | - Ethics and professional conduct - Application of principles to personal and commercial contexts - Risk identification, assessment, treatment |
| Legal Principles of Insurance | 20–25% | - Contract law fundamentals - Subrogation and contribution - Insurable interest, utmost good faith - Principle of indemnity |
| Introduction to Insurance | 10–15% | - Role of insurance in economy and society - Basic concepts: risk, peril, hazard - Purpose and function of insurance |
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NEW QUESTION # 35
Which statement best describes unearned premium?
Answer: B
Explanation:
Unearned premium is the portion of the premium that corresponds to the period of insurance not yet elapsed.
When an insured prepays a premium (often for a 12-month policy), the insurer earns that premium gradually over the policy term as time passes. Any amount relating to future coverage-coverage the insurer has not yet provided-is considered unearned premium. It represents a liability on the insurer's balance sheet because if the policy is cancelled, the insurer must refund the unearned portion to the insured, subject to policy terms.
Option A is the opposite: that describes earned premium, not unearned premium. Option B is incorrect because unearned premium is unrelated to claims payments; it is a time-based accounting concept. Option D is incorrect because broker commissions are not part of earned or unearned premium calculations; they are an expense paid out of the premium.
Therefore, the correct definition is C: the premium for the remaining period of insurance that has not yet passed.
NEW QUESTION # 36
Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?
Answer: A
Explanation:
Whenever coverage is boundorally, the broker must follow up withwritten confirmationto both:
theinsured, to confirm the accuracy of information provided, and
theinsurer, to notify them of all disclosed underwriting details.
This written documentation protects all parties by ensuring the insurer is fully aware of material facts-such as the presence of a swimming pool-and prevents disputes like this one.
Option A is unnecessary and not industry practice.
Option C refers to a notice after issuance, but the dispute occurred at binding, so this is too late.
Option D is incorrect; the insurer does not verify every detail directly with insureds-this is the broker's responsibility.
Thus, the broker should have completed written confirmation, makingBthe correct answer.
NEW QUESTION # 37
How are staff adjusters and independent adjusters similar?
Answer: D
Explanation:
This question is identical to Question 25, so the correct answer and reasoning are the same. Whether an adjuster is a staff employee or an independent contractor, they are hiredto represent the insurerin the claims process. They are both compensated by the insurer-staff adjusters through salary and benefits, independent adjusters through fees or billing arrangements. Both must meet licensing requirements established by provincial regulatory bodies, conduct investigations, and report their findings to the insurer. They are also both subject to authority limits on claim settlement.
Thus, the only option that correctly reflects their similarity isB: both serve and are paid by insurers.
NEW QUESTION # 38
If thenet premiumis $4,000 and thebroker's commissionis 20%, what is thepolicy premium?
Answer: B
Explanation:
Anet premiumis the amount remainingafter commission is deducted. Therefore, the policy premium must behigherthan the net premium, because the insurer must pay the broker their commission out of the gross premium.
Formula:
Net Premium=Policy Premium×(1#Commission Rate)\text{Net Premium} = \text{Policy Premium} \times (1
- \text{Commission Rate})Net Premium=Policy Premium×(1#Commission Rate)4,000=P×0.804,000 = P
\times 0.804,000=P×0.80P=4,0000.80=5,000P = \frac{4,000}{0.80} = 5,000P=0.804,000=5,000 Thus, the policyholder must be charged$5,000, so that:
$1,000 (20%) goes to the broker, and
$4,000 remains as the net premium for the insurer.
Correct answer:C: $5,000.
NEW QUESTION # 39
What is the definition of subrogation?
Answer: B
Explanation:
Subrogationallows an insurer that has indemnified an insured to pursue recovery from the partylegally responsiblefor the loss. It prevents the insured from collecting twice and shifts the financial burden back to the negligent third party. Subrogation is a fundamental principle tied to indemnity.
Option A describes insurer action in fraud cases-not subrogation.
Option B is incorrect; deductibles are always retained by the insured, not reimbursed later.
Option C describes a release or waiver, not subrogation.
Thus, the correct definition isD.
[Insurance as a Contract - Utmost Good Faith / Material Facts]
NEW QUESTION # 40
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