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| Section | Weight | Objectives |
|---|---|---|
| Property Insurance | 15-20% | - Property Coverage Forms - Valuation and Coinsurance - Policy Conditions and Exclusions |
| Automobile Insurance | 15-20% | - Personal Automobile Coverage - Mandatory Coverage Requirements - Commercial Automobile Coverage |
| Insurance Operations and Contracts | 20-25% | - Fundamental Principles of Insurance - Underwriting Process - Insurance Contract Basics - Policy Structure and Interpretation |
| Insurance Industry Overview | 10-15% | - Insurance Market Structure - Regulation and Legislation - Claims Handling |
| Risk and Insurance | 15-20% | - Risk Identification and Measurement - Insurable Risk - Risk Management Process - Nature of Risk |
| Liability Insurance | 15-20% | - Professional Liability - Commercial General Liability (CGL) - General Liability Concepts |
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NEW QUESTION # 18
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 # 19
Which clause paysreplacement costeven if the lossexceeds the amount of insuranceon the dwelling?
Answer: A,C,D
Explanation:
AGuaranteed Replacement Cost (GRC)clause is a special provision in homeowners' insurance that ensures the insurer will pay thefull cost to rebuild or repairthe dwellingeven if the loss exceeds the stated policy limit, provided all policy conditions are met (such as insuring to value and notifying the insurer of changes to the building).
This clause protects homeowners from unexpected increases in construction costs due to inflation, labour shortages, or material price spikes. The insurer guarantees complete reconstruction of the home, not merely up to policy limits.
Option A is not a recognized policy clause.
Option B (total replacement cost clause) is not the standard industry term.
Option C (pure restitution clause) does not exist in homeowners insurance terminology.
The only accurate clause that obligates the insurer to pay above policy limits is theGuaranteed Replacement Cost clause.
NEW QUESTION # 20
Why would a policyholder use an intermediary?
Answer: B
Explanation:
Intermediaries-such as brokers and agents-play an essential role in helping consumers navigate insurance products. One of their primary functions is toidentify the client's needs, assess exposures, and recommend suitable insurance solutions. This includes advising on appropriate limits, optional coverages, deductibles, and risk management considerations. This consultative role is fundamental to the value they provide.
Option A is incorrect because brokers representmultiple insurersbutnot all insurers; agents often represent only one. Option B is incorrect-intermediaries do not have unlimited liability; their liability relates to negligence or errors in service. Option D is incorrect-reinsurance arrangements are made between insurers and reinsurers, not individual clients. Therefore, the correct reason a policyholder uses an intermediary isC.
NEW QUESTION # 21
Which statement best describes unearned premium?
Answer: B
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 # 22
Which legal term describes the time in which a claim may be brought by the policyholder?
Answer: A
Explanation:
Prescription refers to the legally defined period during which an insured is permitted to initiate legal action to enforce a claim under the insurance contract. Once the prescriptive period expires, the insured loses the legal right to pursue the claim, even if the claim itself is otherwise valid. This protects insurers from indefinite liability and encourages timely reporting and settlement of claims.
A waiver is the voluntary relinquishment of a known right. A release is a document signed by the insured surrendering further claims, usually after settlement. A non-waiver agreement preserves the insurer's right to investigate a claim without admitting liability. None of these terms relate to the legal time limit for bringing an action. Therefore, the correct term describing the time frame for commencing legal proceedings is prescription.
NEW QUESTION # 23
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