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| Section | Objectives |
|---|---|
| Insurance Principles | - Insurance Market Structure
|
| Legal Principles of Insurance | - Contract Law Basics
|
| Insurance Practice | - Underwriting and Pricing
|
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NEW QUESTION # 71
Which clause paysreplacement costeven if the lossexceeds the amount of insuranceon the dwelling?
Answer: A,B,D
Explanation:
AGuaranteed Replacement Cost (GRC)clause is a special provision in homeowners' insurance that ensures the insurer will pay thefull cost to rebuild or repairthe dwellingeven if the loss exceeds the stated policy limit, provided all policy conditions are met (such as insuring to value and notifying the insurer of changes to the building).
This clause protects homeowners from unexpected increases in construction costs due to inflation, labour shortages, or material price spikes. The insurer guarantees complete reconstruction of the home, not merely up to policy limits.
Option A is not a recognized policy clause.
Option B (total replacement cost clause) is not the standard industry term.
Option C (pure restitution clause) does not exist in homeowners insurance terminology.
The only accurate clause that obligates the insurer to pay above policy limits is theGuaranteed Replacement Cost clause.
NEW QUESTION # 72
Mark was involved in an at-fault accident one year ago. As there was minimal vehicle damage and no apparent injuries, Mark settled with the third party and did NOT report the accident to his insurer. Today, Mark has been served a statement of claim alleging long-term injuries. Which action will Mark's insurer MOST LIKELY take, and why?
Answer: C
Explanation:
Insurance policies require the insured to report all accidents promptly, even when they appear minor. By settling privately and failing to notify the insurer, Mark violated a fundamental policy condition. This breach is significant because it prejudices the insurer's rights: the insurer lost the opportunity to investigate, defend, or control settlement negotiations. Under the statutory conditions (especially for automobile insurance), failure to report may result in the forfeiture of the insured's right to recovery.
Option A is incorrect because limitation periods vary and do not automatically cause a denial; moreover, the issue is the insured's breach, not limitation law. Option C is incorrect because this is a liability claim, not accident benefits. Option D is incorrect because the current policy does not automatically cover past unreported accidents, and coverage can be denied if the insured breached statutory reporting conditions.
Thus, the insurer will most likely deny coverage because Mark forfeited his rights by failing to report the loss, making B correct.
NEW QUESTION # 73
What is the annual premium for a building insured for$500,000at a rate of$0.80 per $100?
Answer: C
Explanation:
To calculate premiums rated per $100 of insurance, the formula is:
Premium = (Amount of Insurance ÷ 100) × Rate
Step-by-step:
$500,000 ÷ 100 = 5,000 rating units
5,000 × $0.80 =$4,000
Thus, the annual premium for the building is$4,000, makingOption Cthe correct answer.
Option A is too low, while Options B and D do not match the rating calculation. Underwriters rely on these standardized rating methods to ensure consistent and adequate premium development.
NEW QUESTION # 74
Jack is a first-time homeowner. How can he mitigate his risk?
Answer: B
Explanation:
Risk mitigation refers to reducing the frequency or severity of potential losses. A first-time homeowner can mitigate risk by taking proactive measures such as installing smoke alarms, securing doors and windows, maintaining the property, or eliminating hazards. These actions directly decrease the homeowner's volume of risk by reducing the probability of a loss or limiting its potential impact.
Option A-purchasing insurance-is not risk mitigation; it is risk transfer, where the financial consequences of loss are shifted to an insurer. Insurance does not reduce the likelihood of loss; it only provides compensation after loss.
Option B is the opposite of mitigation.
Option D is irrelevant to risk management.
Thus, the correct answer is C: Decrease their volume of risk.
NEW QUESTION # 75
What does the acronymPIPEDAstand for?
Answer: B
Explanation:
PIPEDAis the federal Canadian privacy legislation governing how private-sector organizations-including insurance companies, brokers, and adjusters-collect, use, and disclosepersonal informationduring commercial activities. Its full and correct name is:
Personal Information Protection and Electronic Documents Act
PIPEDA sets out requirements for informed consent, accuracy, safeguarding of data, client access rights, and limitations on secondary use of personal information. Insurance operations rely heavily on personal data, so compliance is mandatory.
Options A, B, and C are fictitious and have no connection to Canadian insurance regulation or privacy law.
Thus, the correct answer isD.
NEW QUESTION # 76
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