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| Section | Objectives |
|---|---|
| Topic 1: Underwriting and Policy Management | - Underwriting guidelines and decision-making - Policy administration and endorsements |
| Topic 2: Insurance Brokerage Practice | - Client relationship management - Broker roles and responsibilities - Professional ethics and conduct |
| Topic 3: Claims and Loss Handling | - Loss adjustment principles - Claims processes and documentation |
| Topic 4: Risk and Insurance Fundamentals | - Insurance principles and coverage types - Risk identification and assessment |
| Topic 5: Regulatory and Legal Environment | - Insurance regulations in Canada - Compliance and consumer protection |
Question 1
How can world events, such as climate change and flood, affect insurance?
A. Deductibles need to be removed from policies.
B. Premiums will become less expensive.
C. Excess levels will become mandatory.
D. Insurers need to modify their terms.
Question 2
What does the permissions clause in a building insurance policy allow the insured to do?
A. Move undamaged property to a secure site to prevent further damage after a loss
B. Use the property for purposes other than those stated on the policy
C. Clean up debris from a loss prior to advising the insurer
D. Proceed with additions, alterations, or repairs, without having to inform the insurer in advance
Question 3
Which person would be hired by another contractor, because of her experience in a particular trade, to complete a portion of a larger project?
A. Consultant
B. Subcontractor
C. Inspector
D. Project manager
Question 4
Valuable information about the principals of a prospect's company, the products and services the company sells, and other financial data could be found by reviewing which source?
A. D & B reports
B. Best's Underwriting Guide
C. The prospect's property appraisal
D. The prospect's website
Question 5
In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?
A. Party in control of the project
B. General contractor
C. Party in control of the land
D. Subcontractor
Solutions:
| Question 1 Answer: D | Question 2 Answer: D | Question 3 Answer: B | Question 4 Answer: A | Question 5 Answer: A |
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