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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property Insurance | 15-20% | - Valuation and Coinsurance - Policy Conditions and Exclusions - Property Coverage Forms |
| Topic 2: Liability Insurance | 15-20% | - General Liability Concepts - Commercial General Liability (CGL) - Professional Liability |
| Topic 3: Risk and Insurance | 15-20% | - Nature of Risk - Risk Identification and Measurement - Risk Management Process - Insurable Risk |
| Topic 4: Insurance Operations and Contracts | 20-25% | - Insurance Contract Basics - Underwriting Process - Policy Structure and Interpretation - Fundamental Principles of Insurance |
| Topic 5: Automobile Insurance | 15-20% | - Mandatory Coverage Requirements - Commercial Automobile Coverage - Personal Automobile Coverage |
| Topic 6: Insurance Industry Overview | 10-15% | - Regulation and Legislation - Insurance Market Structure - Claims Handling |
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NEW QUESTION # 12
Which type of policy must be signed by a member of each participating insurer?
Answer: A
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 # 13
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 # 14
If one in every five houses suffers a $50,000 loss each year, and all houses have the same value, what would the pure premium be for each homeowner?
Answer: C
Explanation:
Thepure premiumrepresents theexpected loss costper exposure unit. It is calculated as:
Pure Premium=Probability of Loss×Severity of Loss\text{Pure Premium} = \text{Probability of Loss} \times
\text{Severity of Loss}Pure Premium=Probability of Loss×Severity of Loss Here:
Probability of loss = 1 in 5 homes =0.20
Severity (loss amount) =$50,000
0.20×50,000=10,0000.20 \times 50,000 = 10,0000.20×50,000=10,000
But here is the key detail: one loss of $50,000 spread overfive homesmeans:
50,0005=10,000\frac{50,000}{5} = 10,000550,000=10,000
But the answer choices do not include $10,000 except option C, yet the correct pure premium per homeownerwith equal distribution per yearequals:
$10,000 per home per year
Thus the correct answer isC: $10,000.
NEW QUESTION # 15
George emails his cousin offering to buy her textbooks for $500. He states that unless she replies "no," they have a deal. Which essential element of a binding contract is missing?
Answer: B
Explanation:
For a legally binding contract, there must beoffer and acceptance-a clear proposal and a clear, communicated acceptance. In this case, George attempts to treatsilenceas acceptance. According to contract law,silence cannot constitute acceptance, unless there is a prior agreement between the parties stating otherwise. Because his cousin has not actively communicated acceptance, the contract remains incomplete.
Option A is incorrect-consideration exists (money in exchange for books).
Option B is irrelevant-buying textbooks is legal.
Option C does not apply-George is 18 and has legal capacity in Alberta.
The missing element isacceptance, so the correct answer isD.
NEW QUESTION # 16
Which legal term describes the time in which a claim may be brought by the policyholder?
Answer: A
Explanation:
Prescription refers to the legally defined period during which an insured is permitted to initiate legal action to enforce a claim under the insurance contract. Once the prescriptive period expires, the insured loses the legal right to pursue the claim, even if the claim itself is otherwise valid. This protects insurers from indefinite liability and encourages timely reporting and settlement of claims.
A waiver is the voluntary relinquishment of a known right. A release is a document signed by the insured surrendering further claims, usually after settlement. A non-waiver agreement preserves the insurer's right to investigate a claim without admitting liability. None of these terms relate to the legal time limit for bringing an action. Therefore, the correct term describing the time frame for commencing legal proceedings is prescription.
NEW QUESTION # 17
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