CIP - C11 - Study 1, 2, 3, 5, 6, 7, 8, 9, & 10 EXAM QUESTIONS WITH ANSWERS

CIP - C11 - Study 1, 2, 3, 5, 6, 7, 8, 9, & 10
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\




EXAM QUESTIONS WITH ANSWERS |\ |\ |\




2 Methods of Loss financing - CORRECT ANSWERS ✔✔1.
|\ |\ |\ |\ |\ |\ |\ |\ |\



Retention (self insurance)2. Transfer (transferring
|\ |\ |\ |\ |\



responsibility)


risk retention - CORRECT ANSWERS ✔✔= Self-insurance
|\ |\ |\ |\ |\ |\ |\



of a insurance company
|\ |\ |\




Hold-harmless agreement - CORRECT ANSWERS ✔✔An |\ |\ |\ |\ |\ |\



agreement that allows one party to protect another party
|\ |\ |\ |\ |\ |\ |\ |\ |\



against any future losses or claims that may result from a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



particular activity. Also known as an indemnity
|\ |\ |\ |\ |\ |\ |\



agreement.


Independent adjuster - CORRECT ANSWERS ✔✔Adjuster |\ |\ |\ |\ |\ |\



claims on behalf of a insurance company but not
|\ |\ |\ |\ |\ |\ |\ |\ |\



employed by them |\ |\




Public Adjuster - CORRECT ANSWERS ✔✔Adjuster
|\ |\ |\ |\ |\ |\



representing an insured on a fee basis in a claims |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



settlement.

,Secondary Functions of insurance - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\



✔✔Aiding security, aiding credit, promoting loss
|\ |\ |\ |\ |\ |\



prevention, providing capital, providing employment |\ |\ |\ |\




Economic Impact of insurance - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\



✔✔Provides employment, salaries, employee benefits, |\ |\ |\ |\ |\



and goods & services are being recycles into the economy
|\ |\ |\ |\ |\ |\ |\ |\ |\




What types of insurance companies do Federal Legislation
|\ |\ |\ |\ |\ |\ |\



applies to - CORRECT ANSWERS ✔✔Canadian, Foreign,
|\ |\ |\ |\ |\ |\ |\ |\



Provincial & Territorially companies|\ |\ |\




What does the Supervision of Canadian Insurance
|\ |\ |\ |\ |\ |\ |\



Companies do - CORRECT ANSWERS ✔✔1. Establishment |\ |\ |\ |\ |\ |\ |\



of an insurance company2. Prerequisites to operation3.
|\ |\ |\ |\ |\ |\ |\



Supervision during operation |\ |\




Property and Casualty Insurance Compensation
|\ |\ |\ |\ |\



Corporation (PACICC) - CORRECT ANSWERS ✔✔A non- |\ |\ |\ |\ |\ |\



profit organization that responds to claims of
|\ |\ |\ |\ |\ |\ |\



policyholders under most policies issued by P&C |\ |\ |\ |\ |\ |\ |\



insurance companies when an insurer becomes insolvent.
|\ |\ |\ |\ |\ |\



-> Protects insureds from insurance company going
|\ |\ |\ |\ |\ |\ |\ |\



broke

, statutory conditions - CORRECT ANSWERS ✔✔Provincial &
|\ |\ |\ |\ |\ |\



Territorial standard conditions required to be on all
|\ |\ |\ |\ |\ |\ |\ |\ |\



insurance policies |\




5 Key Steps of Responding to a Privacy Breach - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔1. Identify
|\ |\ |\




2. Contain |\




3. Evaluate |\




4. Who needs to be notified
|\ |\ |\ |\ |\




5. Prevention |\




social engineering - CORRECT ANSWERS ✔✔manipulating
|\ |\ |\ |\ |\ |\



someone into divulging information or taking action.
|\ |\ |\ |\ |\ |\




What is a Agreement - CORRECT ANSWERS ✔✔Where two
|\ |\ |\ |\ |\ |\ |\ |\



or more persons come to a mutual understanding with
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\



respect to their rights and duties. |\ |\ |\ |\ |\




Contract Conditions - CORRECT ANSWERS ✔✔-Agreement
|\ |\ |\ |\ |\ |\



(offer and acceptance) |\ |\




- Consideration
|\




- Genuine intentions
|\ |\




- Capacity to contract
|\ |\ |\




- Legality of purpose
|\ |\ |\