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| Section | Objectives |
|---|---|
| Client Needs and Risk Assessment | - Information gathering and client interviewing - Identifying client exposures and loss potential |
| Insurance Products and Policy Basics | - Property and liability insurance fundamentals - Policy structure and coverage concepts |
| Ethics, Legal Principles, and Professional Standards | - Duty of care and fiduciary responsibility - Ethical conduct and regulatory expectations |
| Insurance Intermediaries and Distribution | - Distribution systems (direct writer, independent brokerage, etc.) - Role of agents and brokers - Agency relationships and authority |
| Insurance Fundamentals and Core Concepts | - Principles of insurance (risk, insurability, contracts) - Types of risk and risk management |
>> C130 Exam Cram Questions <<
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NEW QUESTION # 15
What should the intermediary do if the person reporting the claim is not named on the insurance policy?
Answer: B
Explanation:
If a claim is reported by someone who is not named on the policy, the intermediary should attempt to discuss the matter with the client. The broker must protect confidentiality, verify authority, and avoid disclosing policy information to an unauthorized person. At the same time, the report may still involve a valid loss, so the broker should not ignore it. Speaking with the named insured allows the intermediary to confirm whether the claim is legitimate, whether the reporting person has authority to act, and whether notice should be forwarded to the insurer. Contacting the police is not automatically required unless the facts suggest crime, injury, fraud, or legal reporting obligations. Sending a statement of claim is incorrect; that is a legal pleading, not a broker response. Adding the reporting party as an additional insured would be inappropriate without underwriting approval, insurable interest, and the insured's instruction. The correct claims-service approach is controlled communication, verification, documentation, and prompt reporting once authority and facts are confirmed. References/topics: Claims; claim reporting, confidentiality, named insured authority, broker communication, claims intake procedure.
NEW QUESTION # 16
Which name is a legal entity?
Answer: D
Explanation:
A legal entity is a person or organization capable of owning property, entering contracts, suing, being sued, and being named as an insured. "Olivia Clemente dba Discovery Playcare" identifies an individual person, Olivia Clemente, who is doing business under the trade name Discovery Playcare. The individual is the legal entity; the business name is merely the operating name. The other choices appear to be trade names or business styles without enough information to confirm a legal person, corporation, partnership, or registered entity. This matters in insurance because the named insured must be correctly identified. If the policy names only a trade name that is not a legal entity, coverage disputes may arise over ownership, insurable interest, liability protection, claims payment, and who has authority to make changes. Brokers and agents must confirm whether the insured is an individual, corporation, partnership, estate, trust, condominium corporation, or other recognized legal entity. Getting the name wrong is a classic application error and potential E & O exposure. References/topics: The Application Process; named insured, legal entity, trade names, insurable interest.
NEW QUESTION # 17
In insurance sales terminology, what is a lead?
Answer: B
Explanation:
A lead is a potential client who fits the intermediary's defined target market and may reasonably need the insurance products or services being offered. In sales practice, a lead is not simply any person; it is someone identified through prospecting, referral activity, marketing campaigns, expiry tracking, online inquiries, networking, or other business development methods. Option A describes a broker's sales philosophy, not a lead. Option B describes a market segment or client grouping, which may be used to generate leads but is not itself an individual lead. Option C describes an insurer market or underwriting fit, not a prospective client.
The correct answer is D because it identifies the potential client as part of a target profile. For intermediaries, quality lead generation matters because it focuses time on prospects with relevant needs, improves conversion rates, and supports ethical sales by aligning products with actual exposures. A lead should still be qualified through proper questioning, needs analysis, and compliance with privacy and solicitation rules. References
/topics: Sales; prospecting, target market, lead generation, client qualification, ethical insurance sales.
NEW QUESTION # 18
Which action on the part of the insured would most likely result in a surcharge to the insurance policy?
Answer: B
Explanation:
A surcharge is an additional premium applied when the insurer identifies a higher-than-standard risk characteristic. The purchase of a new sports car for a teenage son to drive is the clearest surcharge trigger because it combines two rating concerns: a high-performance vehicle and an inexperienced or youthful driver.
This increases both claim frequency and claim severity potential. A teenage driver may attract higher rates due to limited driving experience, while a sports car typically has higher repair costs, theft exposure, and accident potential. Option A may affect underwriting interest or mortgagee information, but simply having two mortgages does not normally create a surcharge in the same direct way. Option B would usually improve the risk and may qualify for a discount, not a surcharge. Option C may reduce risk or fall into ordinary vehicle substitution rating, depending on the vehicle, but it is not the strongest surcharge indicator. The technical principle is that rating adjustments follow measurable risk characteristics. References/topics: From Quote to Policy; rating factors, surcharges, automobile underwriting, youthful operators, vehicle classification.
NEW QUESTION # 19
When brokers are self-regulated, which body enacts the licensing laws?
Answer: D
Explanation:
Insurance broker and agent licensing is a provincial or territorial matter in Canada. Even where a profession is described as self-regulated, that does not mean brokerages, insurers, or private industry groups create the licensing law independently. Self-regulation generally means that a delegated council, regulator, or industry body may administer licensing, discipline, education, continuing education, and conduct standards under authority granted by provincial or territorial legislation. The federal government is not the primary licensing authority for ordinary insurance intermediaries, making option A incorrect. A brokerage or agency may supervise employees and impose internal compliance requirements, but it cannot enact licensing laws.
Likewise, an insurer may appoint agents, grant binding authority, or impose underwriting rules, but it does not create the legal licensing framework. The correct answer is provincial or territorial government because insurance regulation, intermediary licensing, and market conduct rules are established under provincial or territorial statutes and regulations. References/topics: Insurance and the Intermediary; licensing, self- regulation, provincial/territorial regulation, intermediary compliance.
NEW QUESTION # 20
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