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| Section | Weight | Objectives |
|---|---|---|
| Property Insurance | 15-20% | - Valuation and Coinsurance - Property Coverage Forms - Policy Conditions and Exclusions |
| Insurance Operations and Contracts | 20-25% | - Underwriting Process - Policy Structure and Interpretation - Fundamental Principles of Insurance - Insurance Contract Basics |
| Risk and Insurance | 15-20% | - Nature of Risk - Risk Identification and Measurement - Insurable Risk - Risk Management Process |
| Liability Insurance | 15-20% | - Professional Liability - General Liability Concepts - Commercial General Liability (CGL) |
| Automobile Insurance | 15-20% | - Personal Automobile Coverage - Mandatory Coverage Requirements - Commercial Automobile Coverage |
| Insurance Industry Overview | 10-15% | - Insurance Market Structure - Claims Handling - Regulation and Legislation |
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NEW QUESTION # 57
What is a disadvantage of loss retention through borrowing?
Answer: D
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 # 58
Which factor could explain poorer performance of renewal clients as opposed to new business clients?
Answer: D
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 # 59
What does the term "subject of insurance" refer to?
Answer: D
Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.
NEW QUESTION # 60
What does the acronymPIPEDAstand for?
Answer: A
Explanation:
PIPEDAis the federal Canadian privacy legislation governing how private-sector organizations-including insurance companies, brokers, and adjusters-collect, use, and disclosepersonal informationduring commercial activities. Its full and correct name is:
Personal Information Protection and Electronic Documents Act
PIPEDA sets out requirements for informed consent, accuracy, safeguarding of data, client access rights, and limitations on secondary use of personal information. Insurance operations rely heavily on personal data, so compliance is mandatory.
Options A, B, and C are fictitious and have no connection to Canadian insurance regulation or privacy law.
Thus, the correct answer isD.
NEW QUESTION # 61
What are the four requirements of a binding contract under the Civil Code of Quebec?
Answer: A
Explanation:
Under theCivil Code of Quebec, a valid contract requires four essential elements:
Capacity- Parties must be legally capable of contracting.
Cause- The reason or purpose each party has for contracting.
Consent- Agreement must be free and informed, without error, fear, or fraud.
Object of the contract- The subject matter of the agreement must be sufficiently defined and lawful.
These elements mirror common-law principles but differ in terminology. Option D is close but inaccurate-
"acceptance" is part of consent, and "subject" is a less precise term than "object." Options A and B include incorrect or irrelevant components.
Thus, the correct answer reflecting Quebec civil law requirements isC.
NEW QUESTION # 62
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