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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk and Insurance | 15-20% | - Risk Identification and Measurement - Nature of Risk - Risk Management Process - Insurable Risk |
| Topic 2: Liability Insurance | 15-20% | - Commercial General Liability (CGL) - General Liability Concepts - Professional Liability |
| Topic 3: Automobile Insurance | 15-20% | - Personal Automobile Coverage - Commercial Automobile Coverage - Mandatory Coverage Requirements |
| Topic 4: Property Insurance | 15-20% | - Property Coverage Forms - Policy Conditions and Exclusions - Valuation and Coinsurance |
| Topic 5: Insurance Industry Overview | 10-15% | - Regulation and Legislation - Claims Handling - Insurance Market Structure |
| Topic 6: Insurance Operations and Contracts | 20-25% | - Policy Structure and Interpretation - Fundamental Principles of Insurance - Insurance Contract Basics - Underwriting Process |
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NEW QUESTION # 96
Which type of insurance company has the same capital structure as any other capital enterprise?
Answer: B
Explanation:
A stock insurance company operates with the same capital structure as other conventional for-profit corporations. Ownership is represented by shares of stock, held by shareholders who supply capital and expect a return on investment. Profits are distributed as dividends or reinvested into the company. This structure aligns closely with traditional corporate financial frameworks in Canadian commerce.
Option B, a captive company, is owned by a parent business to insure its own risks-not structured like a general capital corporation. Option C, a co-operative company, is owned by its policyholders or members, not shareholders. Option D (factory mutual company) refers to a mutual insurer owned by its policyholders and requiring high loss-prevention standards.
Thus, the only insurer type that mirrors the capital structure of typical Canadian corporate enterprises is the stock company, making A correct.
NEW QUESTION # 97
Which statement best describes unearned premium?
Answer: C
Explanation:
Unearned premium is the portion of the premium that corresponds to the period of insurance not yet elapsed.
When an insured prepays a premium (often for a 12-month policy), the insurer earns that premium gradually over the policy term as time passes. Any amount relating to future coverage-coverage the insurer has not yet provided-is considered unearned premium. It represents a liability on the insurer's balance sheet because if the policy is cancelled, the insurer must refund the unearned portion to the insured, subject to policy terms.
Option A is the opposite: that describes earned premium, not unearned premium. Option B is incorrect because unearned premium is unrelated to claims payments; it is a time-based accounting concept. Option D is incorrect because broker commissions are not part of earned or unearned premium calculations; they are an expense paid out of the premium.
Therefore, the correct definition is C: the premium for the remaining period of insurance that has not yet passed.
NEW QUESTION # 98
Kamal's home has an actual cash value (ACV) of $380,000 and is insured for $400,000. The house suffers
$180,000 damage. Which amount indemnifies Kamal?
Answer: A
Explanation:
Indemnity means restoring the insured to the financial position they occupied immediately before the loss- no better, no worse. Since the loss amount is$180,000, this is the amount required to fully indemnify the insured.
Although the policy limit is$400,000, the insurer does not pay policy limits unless the loss equals or exceeds the limit. The ACV of $380,000 is irrelevant here because the loss ispartial, not total. ACV only caps reimbursement in cases of total loss or when replacement cost is not available.
Option B ($200,000) has no basis in any indemnity or co-insurance formula.
Options C and D refer to total loss payouts, not applicable here.
Thus, the amount that indemnifies Kamal isA: $180,000.
NEW QUESTION # 99
Which peril of operating a business is insurable?
Answer: D
Explanation:
To be insurable, a peril must befortuitous, measurable, and not within the direct control of the insured.
Cybersecurity risksmeet these criteria, which is why insurers offercyber liability and data breach insurance.
These policies cover hacking, ransomware, privacy breaches, and business interruption caused by cyber events.
Mismanagement (B) is uninsurable because it results from internal decision failure.
Under-capitalization (C) is a business failure, not a fortuitous peril.
Product obsolescence (D) is a predictable business cycle risk and cannot be insured.
Thus, the only insurable peril listed isA: Cybersecurity.
NEW QUESTION # 100
Which factor could explain poorer performance of renewal clients as opposed to new business clients?
Answer: A
Explanation:
New business clients often want to present themselves aslow-riskto secure better premium rates. As a result, they may be cautious about reporting small claims or may practice better loss prevention-at least initially.
This can make new business perform better from a loss-ratio perspective.
However,renewal clients may become less cautiousover time or more willing to submit smaller claims once they are already insured. Additionally, insurers sometimes relax underwriting scrutiny on renewals compared to new applications, which can further widen performance differences.
Option A (automated renewals) does not inherently affect claims behaviour.
Option B is incorrect-renewal underwriting is typicallyless strict, not more.
Option C is false; reinsurance availability does not differ based on new vs. renewal status.
Thus, the factor most likely contributing to poorer renewal performance isD: New business clients limit claims to keep premiums low, improving their initial results relative to renewals.
If you haveQuestions 85 onward, feel free to send them!
NEW QUESTION # 101
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