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| Section | Weight | Objectives |
|---|---|---|
| Legal Principles of Insurance | 20–25% | - Insurable interest, utmost good faith - Contract law fundamentals - Principle of indemnity - Subrogation and contribution |
| Risk Management and Application | 15–20% | - Application of principles to personal and commercial contexts - Risk identification, assessment, treatment - Ethics and professional conduct |
| Insurance Policy Structure and Provisions | 20–25% | - Policy components: declarations, insuring agreement, exclusions, conditions - Endorsements and modifications - Interpretation of policy wording |
| Introduction to Insurance | 10–15% | - Purpose and function of insurance - Basic concepts: risk, peril, hazard - Role of insurance in economy and society |
| Insurance Industry Structure and Stakeholders | 15–20% | - Insurers, intermediaries, regulators - Roles: underwriting, claims, reinsurance - Legislation and regulation in Canada |
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NEW QUESTION # 32
Which insurance term is defined as providing compensation for losses or expenses that have been incurred?
Answer: A,C
Explanation:
Comprehensive Explanation (150-250 words):
The termindemnifyis fundamental in insurance. To indemnify means tocompensate an insured party for actual losses or expenses incurred, restoring them as closely as possible to the financial position they occupied immediately before the loss. This principle ensures that insurance does not create profit or gain for the insured but instead acts as a financial safety mechanism to cover legitimate losses.
Indemnity is applied across many types of policies-property, automobile, liability, and more-and forms the basis of how claims are settled. When an insurer indemnifies an insured, the insurer may pay for repairs, replacement, medical expenses, or financial judgments depending on the policy coverage.
Option A,Salvage, is the insurer's right to recover value from damaged property after paying a claim.
Option C,Pure captive, refers to an insurance company created by a parent company to insure its own risks.
Option D,Utmost good faith, is the legal duty requiring both insurer and insured to disclose all material facts.
Only"indemnify"directly describes providing compensation for an incurred loss.
NEW QUESTION # 33
A person applies for fire insurance on their house but fails to mention that in winter they leave the house unoccupied for two months while vacationing. What is this an example of?
Answer: B
Explanation:
Insurance contracts are built on the principle of utmost good faith, meaning applicants must disclose all material facts that could influence the insurer's decision to accept the risk or determine the premium. Failing to mention a material fact-such as the home being unoccupied for long periods-is considered non- disclosure. Unoccupancy increases the risk of vandalism, frozen pipes, fire severity, and delayed emergency response, all of which affect underwriting decisions.
Option A, negligence, refers to failure to act with reasonable care, not failure to disclose.
Option C, breach of warranty, applies only after a policy is in force and a condition guaranteed to be true is violated.
Option D, discharge of contract, refers to cancellation or completion of contractual obligations.
Since the issue arises during the application stage and involves withholding a material fact, the correct classification is non-disclosure.
NEW QUESTION # 34
If a dispute arises between the insurer and insured over a claim, which party is responsible for satisfying the courts that a concealment of material facts has occurred?
Answer: A
Explanation:
In insurance law, the insurer bears the burden of proving that the insured failed to disclose a material fact.
Material facts are those that would influence an underwriter's decision to accept, rate, or decline the risk. If an insurer alleges concealment or misrepresentation, the onus lies with the insurer to establish-through underwriting evidence, policy documentation, and testimony-that the fact was material and that nondisclosure affected the insurer's judgment.
Option A is incorrect because the broker is merely an intermediary. Option C is not correct because the insured's role is to answer questions truthfully, but the legal burden of proof in court rests with the insurer when making the accusation. Option D, a third party, has no role in proving concealment.
Therefore, the insurer must satisfy the court that a material concealment occurred, making B correct.
NEW QUESTION # 35
What is a disadvantage of loss retention through borrowing?
Answer: A
Explanation:
When an organization chooses to handle losses throughborrowing, it is using debt financing-usually a bank loan or line of credit-to pay for losses instead of transferring the risk through insurance. While this may offer flexibility, it has several drawbacks. The most significant is that borrowingreduces the company's available line of credit, limiting funds that could otherwise be used for operations, expansion, or emergencies.
This reduction in liquidity can create financial strain, especially if multiple losses occur or if interest rates rise. Borrowing also increases debt obligations, which can affect cash flow and borrowing capacity.
Option A is incorrect; special accounting is not necessarily required beyond standard debt tracking.
Option C is not inherently a disadvantage-senior management involvement is routine in risk management.
Option D is incorrect; the difficulty of borrowing is determined by creditworthiness, not by the presence of assets.
Thus,Bis the correct disadvantage.
NEW QUESTION # 36
Which role is directly employed by the Canadian property and casualty insurance industry?
Answer: A
Explanation:
The Canadian property and casualty (P&C) insurance industry employs a range of specialized professionals who support the underwriting, claims, regulatory, and legal functions necessary for insurance operations.
Lawyers are commonly employed directly by insurers to provide advice on policy interpretation, defend claims litigation, ensure regulatory compliance, draft contracts, and handle disputes. They play a crucial role in the claims process, particularly for liability claims and complex legal matters.
Mechanics, travel agents, and health professionals are not directly employed by the P&C insurance industry.
Mechanics may work with insurers as third-party repair facilities, but they are not typically employees. Travel agents relate to travel services, not insurance employment. Health professionals may support life and health insurers or provide assessments for claims, but they are not ordinarily employed in theproperty and casualtysector. Therefore, the correct answer is A: Lawyer.
NEW QUESTION # 37
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