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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Legal Principles of Insurance | 20–25% | - Principle of indemnity - Subrogation and contribution - Insurable interest, utmost good faith - Contract law fundamentals |
| Topic 2: Risk Management and Application | 15–20% | - Ethics and professional conduct - Application of principles to personal and commercial contexts - Risk identification, assessment, treatment |
| Topic 3: Insurance Policy Structure and Provisions | 20–25% | - Policy components: declarations, insuring agreement, exclusions, conditions - Endorsements and modifications - Interpretation of policy wording |
| Topic 4: Introduction to Insurance | 10–15% | - Purpose and function of insurance - Basic concepts: risk, peril, hazard - Role of insurance in economy and society |
| Topic 5: Insurance Industry Structure and Stakeholders | 15–20% | - Insurers, intermediaries, regulators - Legislation and regulation in Canada - Roles: underwriting, claims, reinsurance |
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NEW QUESTION # 19
What type of company has the authority to bind coverage for a specific line of business as outlined by an insurer?
Answer: C
Explanation:
A cover holder is a business entity authorized by an insurer-most often within the Lloyd's structure-to bind coverage, issue policies, collect premiums, and sometimes handle claims for specific lines of business. This authority is granted through a binding authority agreement, which outlines the scope of operations, underwriting limits, and compliance requirements. Cover holders extend the market reach of insurers while maintaining oversight through strict reporting and audit mechanisms.
A reinsurer assumes risk from insurers but does not issue retail policies or bind coverage for individual clients. A factory mutual is a specialized mutual insurer focusing on highly protected risks, not delegated binding authority. A syndicate mutual is not a recognized category in Canadian P&C operations. Since only a cover holder has formal delegated binding authority from an insurer, the correct answer is B.
NEW QUESTION # 20
If thenet premiumis $4,000 and thebroker's commissionis 20%, what is thepolicy premium?
Answer: A
Explanation:
Anet premiumis the amount remainingafter commission is deducted. Therefore, the policy premium must behigherthan the net premium, because the insurer must pay the broker their commission out of the gross premium.
Formula:
Net Premium=Policy Premium×(1#Commission Rate)\text{Net Premium} = \text{Policy Premium} \times (1
- \text{Commission Rate})Net Premium=Policy Premium×(1#Commission Rate)4,000=P×0.804,000 = P
\times 0.804,000=P×0.80P=4,0000.80=5,000P = \frac{4,000}{0.80} = 5,000P=0.804,000=5,000 Thus, the policyholder must be charged$5,000, so that:
$1,000 (20%) goes to the broker, and
$4,000 remains as the net premium for the insurer.
Correct answer:C: $5,000.
NEW QUESTION # 21
What best describes a direct loss?
Answer: A
Explanation:
Adirect lossis damage that resultsimmediately and directlyfrom the action of an insured peril. For example, fire burning a building, wind damaging a roof, or theft taking merchandise. The loss must be theproximate (dominant) causeand must flow directly from the peril named or covered in the policy.
Option A is incorrect because direct loss refers to a peril's action, not to who caused it.
Option C describes extensions of coverage, not direct losses.
Option D describes anindirect (consequential) loss, such as business interruption resulting from a fire-not the physical damage itself.
Therefore, the correct definition of a direct loss isB: Damage to property by the direct action of an insured peril.
NEW QUESTION # 22
Which type of insurance company has the same capital structure as any other capital enterprise?
Answer: C
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 # 23
What is his responsibility?
Answer: D
Explanation:
A claims adjuster's primary initial responsibility is to receive, record, and gather preliminary information about a loss. This includes confirming the identity of the insured, the date and circumstances of the loss, and whether the situation appears to fall within the policy period and coverage. The adjuster also must ask probing questions to obtain the essential facts to begin an investigation. This early information is critical because it guides further steps such as contacting witnesses, arranging inspections, evaluating liability, and determining the need for expert reports.
Option A is incorrect because an adjuster cannot confirm coverage until a full review of the policy and the facts is completed. Option C is incorrect because the adjuster uses an independent adjuster's report but is not required to "verify no errors" in a formal sense; they assess and evaluate the report's content. Option D is unrelated to claims adjusting-premium changes are underwriting functions.
Therefore, the adjuster's correct responsibility at the early stage is to record preliminary details and obtain further necessary information, making B the accurate answer.
NEW QUESTION # 24
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