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| Section | Objectives |
|---|---|
| Insurance Principles | - Insurance Market Structure
|
| Legal Principles of Insurance | - Insurable Interest and Indemnity
|
| Insurance Practice | - Claims Handling
|
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NEW QUESTION # 85
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: A
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 # 86
The risk manager of an oil refinery is seeking ways to transfer the pollution risk of a new drilling method.
What is the best option?
Answer: A
Explanation:
Pollution exposures-especially from oil refinery operations-arehigh-severity, high-complexity risks.
Standard property and liability policiestypically exclude pollution, except for sudden and accidental events.
Pollution arising from new drilling methods is considered aspecialized environmental liabilityand often requirescustomized financial transfer mechanisms.
Anon-insurance loss-financing transfer agreement(also called a contractual risk transfer or financial risk transfer mechanism) allows the company to shift the financial consequences of pollution losses to another entity or through non-traditional insurance structures (e.g., environmental impairment liability contracts, captive agreements, or specialized financial instruments). This is the most appropriate and realistic way to transfer complex pollution exposures.
Option A (retain the risk) is unsafe due to catastrophic loss potential.
Option B (surety bond) guarantees performance, not pollution losses.
Option D is incorrect because standard policiesdo not coverthis exposure.
Thus the best option isC.
NEW QUESTION # 87
How are staff adjusters and independent adjusters similar?
Answer: B
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 # 88
Samuel is a broker who does NOT have claims-handling authority. He received a call from an insured at the scene of an auto accident. The insured was upset, and Samuel reassured her that everything would be fine because she had coverage. Later, the insurer denied the claim due to impaired driving. What should Samuel have done differently?
Answer: C
Explanation:
Brokers without claims-handling authority must be extremely careful in the statements they make to insureds, especially at the time of a loss. Samuel improperly promised coverage, something he had neither the authority nor sufficient information to confirm. Claims are determined by the insurer based on policy wording, exclusions, and investigation. The proper action would have been to reassure the insured emotionally while clearly stating that the insurer must first investigate the circumstances before any determination of coverage can be made.
Option B is inappropriate; the insured should not admit liability at the scene. Option C is improper because a broker has no authority to intervene in a police investigation. Option D is also incorrect; Samuel cannot deny coverage, as this is solely the insurer's role. Therefore, the only correct response is A, which aligns with proper professional conduct and avoids misrepresentation
NEW QUESTION # 89
Ace Brokerage Inc., a liability insurer, has been in business for three years. It is suffering financial difficulties despite writing a significant amount of new business. What is the most likely reason?
Answer: B
Explanation:
For a new insurer, cash flow and premium collection are critical. Liability claims often take years to develop, but expenses such as commissions, reinsurance, administration, and claim reserves must be funded immediately. If premiums are not collected promptly due to poor management of accounts receivable, the insurer may not have sufficient liquidity to meet obligations-even if it has written a large volume of business on paper.
Option B is irrelevant because insurers (unlike brokers) do not receive profit-sharing commissions.
Option C is not typically a cause of financial distress since endorsements generateadditionalpremium.
Option D-discounting premiums-could affect income but would not normally create severe financial difficulty unless combined with other poor practices.
The most likely reason for early-stage financial trouble is failure to collect premiums efficiently, making A correct.
NEW QUESTION # 90
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