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| Section | Weight | Objectives |
|---|---|---|
| Insurance Operations and Contracts | 20-25% | - Underwriting Process - Policy Structure and Interpretation - Insurance Contract Basics - Fundamental Principles of Insurance |
| Risk and Insurance | 15-20% | - Nature of Risk - Risk Management Process - Insurable Risk - Risk Identification and Measurement |
| Property Insurance | 15-20% | - Valuation and Coinsurance - Property Coverage Forms - Policy Conditions and Exclusions |
| Automobile Insurance | 15-20% | - Mandatory Coverage Requirements - Personal Automobile Coverage - Commercial Automobile Coverage |
| Liability Insurance | 15-20% | - General Liability Concepts - Commercial General Liability (CGL) - Professional Liability |
| Insurance Industry Overview | 10-15% | - Claims Handling - Insurance Market Structure - Regulation and Legislation |
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NEW QUESTION # 94
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 # 95
What are many of the statutory conditions designed to accomplish?
Answer: B
Explanation:
Statutory conditions exist in property insurance legislation across Canadian provinces to ensure that insurers and insureds operate withclarity, transparency, and fairness. These conditions outline important duties such as:
Requirements for notice of loss
Duties after a loss
Conditions for voiding coverage
Fraud provisions
Replacement and salvage rules
Their main purpose is toclarify the intent of the policy and give certainty to the terms and obligationsof both parties. Because statutory conditions are mandated by law, they ensure uniform standards across all insurers and prevent inconsistent or unclear policy interpretations.
Option B is only a small subset of what statutory conditions address.
Option C is incorrect-privacy legislation like PIPEDA is separate from insurance statutory conditions.
Option D is incorrect; statutory conditions do not alter legal burden-of-proof standards.
Thus, the best answer isA.
NEW QUESTION # 96
What is stated in the insuring agreements of a policy?
Answer: C
NEW QUESTION # 97
What is stated in the insuring agreements of a policy?
Answer: C
Explanation:
The insuring agreement is one of the most essential components of an insurance policy. It describes what is insured, the coverage provided, and the extent of the insurer's promise to indemnify the insured. This section outlines the subject of insurance-property, liability exposure, person, or interest-and specifies what types of losses or perils are insured against. Thus, the accurate choice is D: Description of the property covered.
Option A is incorrect because premium is stated in the declarations page, not in the insuring agreement.
Option B, lienholder information, also appears in the declarations or conditions, not the insuring agreement.
Option C, the signature clause, appears at the end of the policy to signify the insurer's formal acceptance of contractual obligations.
The insuring agreement is the foundation of the policy because it establishes the insurer's undertaking and sets the boundaries of coverage, making option D correct.
NEW QUESTION # 98
What is the definition of subrogation?
Answer: C
Explanation:
Subrogationallows an insurer that has indemnified an insured to pursue recovery from the partylegally responsiblefor the loss. It prevents the insured from collecting twice and shifts the financial burden back to the negligent third party. Subrogation is a fundamental principle tied to indemnity.
Option A describes insurer action in fraud cases-not subrogation.
Option B is incorrect; deductibles are always retained by the insured, not reimbursed later.
Option C describes a release or waiver, not subrogation.
Thus, the correct definition isD.
[Insurance as a Contract - Utmost Good Faith / Material Facts]
NEW QUESTION # 99
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