CAIB 1 Chapter 7
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded
A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. Who is responsible for the administration of the insurance
act in your province? Answer: MB Government
2. Outline the initial licensing requirements, whether there are
different levels of licenses, the supervision requirements, and
license terms in your province.-
Answer: Insurance license required. CAIB 1 with supervision
3. Outline the class of license issued in our province and whether
this license would be valid in other provinces. Answer: CAIB, this is transferable
to other provinces
4. Define "Ethics Answer: the principles of conduct governing an individual or a group
5. Identify 3 temptations that could cause a broker to act unethically.
Answer: 1. Sell more insurance than is needed
2. Sell higher priced coverage when equivalent coverage is available at a lower price
3. Recommend the policy with the highest commission percentage
6. Identify 6 reasons why your licence to practice as an insurance
broker may be revoked Answer: 1. Guilty of misrepresentation, fraud, deceit or
dishonesty
2/
12
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded
A+
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Contact for further consultation
1. Who is responsible for the administration of the insurance
act in your province? Answer: MB Government
2. Outline the initial licensing requirements, whether there are
different levels of licenses, the supervision requirements, and
license terms in your province.-
Answer: Insurance license required. CAIB 1 with supervision
3. Outline the class of license issued in our province and whether
this license would be valid in other provinces. Answer: CAIB, this is transferable
to other provinces
4. Define "Ethics Answer: the principles of conduct governing an individual or a group
5. Identify 3 temptations that could cause a broker to act unethically.
Answer: 1. Sell more insurance than is needed
2. Sell higher priced coverage when equivalent coverage is available at a lower price
3. Recommend the policy with the highest commission percentage
6. Identify 6 reasons why your licence to practice as an insurance
broker may be revoked Answer: 1. Guilty of misrepresentation, fraud, deceit or
dishonesty
2/
12
