ICBC Exam 2 UPDATED ACTUAL Exam
Questions and CORRECT Answers
1. To bind a risk means:
a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
b. To bind an insured to pay the premium,
c. It is a contract between two insurers to bind each other.
d. None of the above. - CORRECT ANSWER - a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
In the following case the insurer must give its consent to the transfer of an existina
insurance contract when:
A)The insured died and his legal heirs have taken over the property.
B)The insured decred and in propy is assigned.
C)The insured died and his successors have become the owners.
D)The insured sold his nome and the new owners want to continue the existing policy -
CORRECT ANSWER - D)The insured sold his nome and the new owners want to
continue the existing policy
Under a policy of "fire" insurance the insurer must make pavment for a loss within:
A)45 days of the proof of loss has been submitted by the insured.
B)60 days from the date of loss.
C)60 days from the date the proof of loss being submitted by the insured unless the
contract provides for a shorter period.
D)30 days from the date of expiry of the policy. - CORRECT ANSWER - C)60 days from
the date the proof of loss being submitted by the insured unless the
,contract provides for a shorter period.
Licensing of insurance broker and supervision of insurance contract is the responsibility of:
A)Federal government
B)Insurance Companies
C)Provincial government
D)Municipal Corporation - CORRECT ANSWER - C)Provincial government
Major function of insurance is:
a. The assurance given by one person to indemnify the other for any losses:
C) To share losses of few among many.
D) To identify physical hazards.
d. To indemnify the insured in the event of loss - CORRECT ANSWER - C) To share
losses of few among many.
An Insured may terminate an insurance policy:
a. By giving 15 days notice
b. Any time on request
c. 5 day notice personally delivered.
d. 30 days notice - CORRECT ANSWER - b. Any time on request
Which premises Is not
conrad under personal lablity coverate of Section /or Homeowner form: - CORRECT
ANSWER - Land leased to insured
An insurance pollcy starts at :
a. 12.01 am standard time at the address of named insured.
b. 12.01 am standard time at the location insured.
, c. 12.01 pm local time at the location of risk insured.
d. 12.01 pm at the address of insured. - CORRECT ANSWER - a. 12.01 am standard time
at the address of named insured.
A physical hazard is:
a. Condition of the premises insured.
b. Financial condition
of the applicant,
C. Indifferent attitude of the insured.
D. Previous Caims taken by the applicant. - CORRECT ANSWER - a. Condition of the
premises insured.
The insured premisas is mortgaged with Dogwood trust company, There is a fire on the
premises but the insured
lies before making a claim. Who has griority over the claim.
a. Dogwood trust company.
b. An agent of the insured.
c. The executor or his will
d. None of the above - CORRECT ANSWER -
in a fire policy, all of the following losses are excluded Except one:
a. Yard maintenance equipment.
b. An automobile owned by the insured
C. A pet cog.
d. None or the above - CORRECT ANSWER - a. Yard maintenance equipment.
Under what circumstances an appraisal can be asked:
a. When the loss is above 100,000.
Questions and CORRECT Answers
1. To bind a risk means:
a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
b. To bind an insured to pay the premium,
c. It is a contract between two insurers to bind each other.
d. None of the above. - CORRECT ANSWER - a.
The broker has committed an insurer to provide a contract of insurance on the
subject matter under discussion.
In the following case the insurer must give its consent to the transfer of an existina
insurance contract when:
A)The insured died and his legal heirs have taken over the property.
B)The insured decred and in propy is assigned.
C)The insured died and his successors have become the owners.
D)The insured sold his nome and the new owners want to continue the existing policy -
CORRECT ANSWER - D)The insured sold his nome and the new owners want to
continue the existing policy
Under a policy of "fire" insurance the insurer must make pavment for a loss within:
A)45 days of the proof of loss has been submitted by the insured.
B)60 days from the date of loss.
C)60 days from the date the proof of loss being submitted by the insured unless the
contract provides for a shorter period.
D)30 days from the date of expiry of the policy. - CORRECT ANSWER - C)60 days from
the date the proof of loss being submitted by the insured unless the
,contract provides for a shorter period.
Licensing of insurance broker and supervision of insurance contract is the responsibility of:
A)Federal government
B)Insurance Companies
C)Provincial government
D)Municipal Corporation - CORRECT ANSWER - C)Provincial government
Major function of insurance is:
a. The assurance given by one person to indemnify the other for any losses:
C) To share losses of few among many.
D) To identify physical hazards.
d. To indemnify the insured in the event of loss - CORRECT ANSWER - C) To share
losses of few among many.
An Insured may terminate an insurance policy:
a. By giving 15 days notice
b. Any time on request
c. 5 day notice personally delivered.
d. 30 days notice - CORRECT ANSWER - b. Any time on request
Which premises Is not
conrad under personal lablity coverate of Section /or Homeowner form: - CORRECT
ANSWER - Land leased to insured
An insurance pollcy starts at :
a. 12.01 am standard time at the address of named insured.
b. 12.01 am standard time at the location insured.
, c. 12.01 pm local time at the location of risk insured.
d. 12.01 pm at the address of insured. - CORRECT ANSWER - a. 12.01 am standard time
at the address of named insured.
A physical hazard is:
a. Condition of the premises insured.
b. Financial condition
of the applicant,
C. Indifferent attitude of the insured.
D. Previous Caims taken by the applicant. - CORRECT ANSWER - a. Condition of the
premises insured.
The insured premisas is mortgaged with Dogwood trust company, There is a fire on the
premises but the insured
lies before making a claim. Who has griority over the claim.
a. Dogwood trust company.
b. An agent of the insured.
c. The executor or his will
d. None of the above - CORRECT ANSWER -
in a fire policy, all of the following losses are excluded Except one:
a. Yard maintenance equipment.
b. An automobile owned by the insured
C. A pet cog.
d. None or the above - CORRECT ANSWER - a. Yard maintenance equipment.
Under what circumstances an appraisal can be asked:
a. When the loss is above 100,000.
