Fundamentals of Insurance Practice
Exam A – Manitoba Questions With
Correct Answers
The majority of insurance business in Canada is transacted by:
| | | | | | | | |
a) Government Insurers
| | |
b) Direct Writing System
| | | |
c) Mutual Companies
| | |
d) Private Insurers - CORRECT ANSWER✔✔-d) Private Insurers
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General Insurance involves all of the following types of insurance,
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except one. Pick the exception.
| | | | |
a) Life Insurance
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b) Liability Insurance
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c) Automobile Insurance
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d) Property Insurance - CORRECT ANSWER✔✔-a) Life Insurance
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The definition of "Insurance" is found...
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,a) In the policy
| | | |
b) In the Insurance Act of each province
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c) In the Indemnity agreement
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d) In the application form - CORRECT ANSWER✔✔-b) In the Insurance
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Act of each province
| | |
The amount of indemnity is determined by the value of the insured
| | | | | | | | | | | |
property...
|
a) As it was when originally purchased
| | | | | | |
b) At the inception date of the policy
| | | | | | | |
c) At the latest renewal date
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d) Immediately prior to the loss - CORRECT ANSWER✔✔-d) Immediately
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prior to the loss
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Brokerage Owners are... | | |
a) Employed by the provincial government
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b) Employed by their sponsoring Insurer
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c) Self-employed
| |
d) Employed by Direct Writers - CORRECT ANSWER✔✔-c) Self-employed
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,Which of the following is not an example of a Private Insurer?
| | | | | | | | | | | |
a) ING Insurance
| | |
b) Portage Mutual Insurance
| | | |
c) Manitoba Public Insurance
| | | |
d) Red River Valley Mutual - CORRECT ANSWER✔✔-c) Manitoba Public
| | | | | | | | | |
Insurance
When one of the eight elements of an insurance contract are not
| | | | | | | | | | | |
present, the contract may be...
| | | | |
a) Void or Voidable
| | | |
b) Cancelled or Terminated
| | | |
c) Suspended
| |
d) Enforceable at law - CORRECT ANSWER✔✔-a) Void or Voidable
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Insurance companies use all of the following documents to make
| | | | | | | | | |
changes in the insurance contract, except one. Pick the exception.
| | | | | | | | | |
a) Rider
| |
b) Telephone change log
| | | |
, c) Endorsement
| |
d) Floater - CORRECT ANSWER✔✔-b) Telephone change log
| | | | | | |
Risks people face fall into one of the following categories, except one.
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Pick the exception.
| | |
a) Liability risk
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b) Property risk
| | |
c) Financial risk
| | |
d) Personal risk - CORRECT ANSWER✔✔-c) Financial risk
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None of the following people have the legal capacity to contract, except
| | | | | | | | | | | |
one. Pick the exception.
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a) Persons under the influence of alcohol
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b) Minors
| |
c) Mental incompetents
| | |
d) Seniors - CORRECT ANSWER✔✔-d) Seniors
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Which of the following entities have the legal capacity to contract?
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a) Maggie's Lingerie Ltd.
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Exam A – Manitoba Questions With
Correct Answers
The majority of insurance business in Canada is transacted by:
| | | | | | | | |
a) Government Insurers
| | |
b) Direct Writing System
| | | |
c) Mutual Companies
| | |
d) Private Insurers - CORRECT ANSWER✔✔-d) Private Insurers
| | | | | | |
General Insurance involves all of the following types of insurance,
| | | | | | | | | |
except one. Pick the exception.
| | | | |
a) Life Insurance
| | |
b) Liability Insurance
| | |
c) Automobile Insurance
| | |
d) Property Insurance - CORRECT ANSWER✔✔-a) Life Insurance
| | | | | | |
The definition of "Insurance" is found...
| | | | | |
,a) In the policy
| | | |
b) In the Insurance Act of each province
| | | | | | | |
c) In the Indemnity agreement
| | | | |
d) In the application form - CORRECT ANSWER✔✔-b) In the Insurance
| | | | | | | | | | |
Act of each province
| | |
The amount of indemnity is determined by the value of the insured
| | | | | | | | | | | |
property...
|
a) As it was when originally purchased
| | | | | | |
b) At the inception date of the policy
| | | | | | | |
c) At the latest renewal date
| | | | | |
d) Immediately prior to the loss - CORRECT ANSWER✔✔-d) Immediately
| | | | | | | | |
prior to the loss
| | | |
Brokerage Owners are... | | |
a) Employed by the provincial government
| | | | | |
b) Employed by their sponsoring Insurer
| | | | | |
c) Self-employed
| |
d) Employed by Direct Writers - CORRECT ANSWER✔✔-c) Self-employed
| | | | | | | |
,Which of the following is not an example of a Private Insurer?
| | | | | | | | | | | |
a) ING Insurance
| | |
b) Portage Mutual Insurance
| | | |
c) Manitoba Public Insurance
| | | |
d) Red River Valley Mutual - CORRECT ANSWER✔✔-c) Manitoba Public
| | | | | | | | | |
Insurance
When one of the eight elements of an insurance contract are not
| | | | | | | | | | | |
present, the contract may be...
| | | | |
a) Void or Voidable
| | | |
b) Cancelled or Terminated
| | | |
c) Suspended
| |
d) Enforceable at law - CORRECT ANSWER✔✔-a) Void or Voidable
| | | | | | | | |
Insurance companies use all of the following documents to make
| | | | | | | | | |
changes in the insurance contract, except one. Pick the exception.
| | | | | | | | | |
a) Rider
| |
b) Telephone change log
| | | |
, c) Endorsement
| |
d) Floater - CORRECT ANSWER✔✔-b) Telephone change log
| | | | | | |
Risks people face fall into one of the following categories, except one.
| | | | | | | | | | | |
Pick the exception.
| | |
a) Liability risk
| | |
b) Property risk
| | |
c) Financial risk
| | |
d) Personal risk - CORRECT ANSWER✔✔-c) Financial risk
| | | | | | |
None of the following people have the legal capacity to contract, except
| | | | | | | | | | | |
one. Pick the exception.
| | | |
a) Persons under the influence of alcohol
| | | | | | |
b) Minors
| |
c) Mental incompetents
| | |
d) Seniors - CORRECT ANSWER✔✔-d) Seniors
| | | | |
Which of the following entities have the legal capacity to contract?
| | | | | | | | | | |
a) Maggie's Lingerie Ltd.
| | | |
