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| Section | Weight | Objectives |
|---|---|---|
| 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% | - Risk identification, assessment, treatment - Application of principles to personal and commercial contexts - Ethics and professional conduct |
| Introduction to Insurance | 10–15% | - Purpose and function of insurance - Role of insurance in economy and society - Basic concepts: risk, peril, hazard |
| Insurance Policy Structure and Provisions | 20–25% | - Endorsements and modifications - Interpretation of policy wording - Policy components: declarations, insuring agreement, exclusions, conditions |
| Legal Principles of Insurance | 20–25% | - Subrogation and contribution - Insurable interest, utmost good faith - Contract law fundamentals - Principle of indemnity |
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NEW QUESTION # 59
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 # 60
How would a moving and storage company benefit from purchasing insurance to cover customers' goods while in transit?
Answer: D
Explanation:
Purchasing insurance that covers customers' goods in transit enhances the company's ability toattract more clients, which is referred to asgreater acquisition potential. Clients feel more confident choosing a mover that offers protection for their belongings, especially when transporting high-value items. This competitive advantage increases business opportunities and strengthens the company's reputation.
Option B-"feeling of security"-is a benefit but applies to theinsured party, not the business's competitive positioning. Option C is incorrect because purchasing insurance does not provide additional capital; it is a business cost. Option D (subscription policies) has no connection to transit insurance.
Therefore, the most direct business benefit for the moving company isA: Greater acquisition potential.
NEW QUESTION # 61
Which insurance industry impact is an example of a surety?
Answer: D
Explanation:
Asurety bondis a three-party contract in which the surety guarantees the performance of a contractor (principal) for the benefit of a third party (obligee). In construction, a developer may require a contractor to post aperformance bondensuring the project will be completed as agreed. This is the classic example of suretyship.
Option A is banking, not surety.
Option B is liability insurance, not a three-party guarantee.
Option D involves marine or cargo insurance, not a performance guarantee.
Thus,Ccorrectly describes a surety situation.
NEW QUESTION # 62
What is generally thethirdstep in responding to a privacy breach?
Answer: A,B,C
Explanation:
The typical privacy-breach response sequence used in Canadian insurance organizations follows four steps:
Contain the breachand secure the data (stop further exposure).
Evaluate the risks- determine sensitivity of data, potential harm, affected individuals, and severity.
Notifythose who must be informed (affected clients, regulators, privacy commissioners, insurers, or law enforcement).
Prevent recurrence- investigate causes and implement corrective measures.
Since Step 1 is containment and Step 2 is risk evaluation, thethirdstep isnotification.
Therefore, the correct answer isC.
NEW QUESTION # 63
What is the effect of perils and hazards on insurance rates for the underwriter?
Answer: C
Explanation:
Hazards are conditions thatincrease the likelihood or severity of a losscaused by an insured peril.
Underwriters assess hazards (physical, moral, and morale hazards) to determine whether a risk is acceptable and at what price.
If hazards make an insured perilmore likely to occur, the underwriter willincrease the rateto reflect higher expected losses. This aligns exactly with option C.
Option A is close but incorrectly states "insured event," not "insured peril," and is less precise.
Option B misinterprets the law of large numbers; it applies to loss predictability, not hazard listing.
Option D misunderstands rating-rates are not calculated by multiplying premium by insured value.
Thus, the correct statement isC.
NEW QUESTION # 64
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