OTL: Insurance Exam Questions and
Already Passed Answers 2026
Updated.
Which organization took over from the financial service commission of Ontario in June 2019? -
Answer Financial Services Regulatory Authority of Ontario
What is another name for a Mobil home? - Answer Manufactured
How soon after the theft of a car had been reported to the insurer or the police, can an insured
access the coverage under loss of use due to theft? - Answer 72 Hours
Why do comprehensive homeowners policies contain a list of specified perils? - Answer To
restrict coverage on certain perils or types of property, and to provide full coverage for property
that would otherwise be subject to a special limit
Silence where there is an obligation to speak is the description of which term? - Answer Non-
disclosure
Additional costs associated with the demolition, or repair, after a loss, to comply with a law
regulating these actions, is insured by which type of coverage? - Answer The bylaw
endorsement
Permission to carry paying passengers and driving training school are both endorsements in
which series? - Answer Passenger risks, OPCF 6 series
Which section of an insurance application asks the applicant to list or describe the 'thing' that is
being insured? - Answer Subject of insurance
Which act would be covered by a liability policy? - Answer Negligent acts
Samara carries mandatory coverage plus collision and comprehensive, each with a $500
deductible. How much would the insurer pay for $3000 fire damage to her vehicle? - Answer
$3,000 under comprehensive (because the loss is due to fire or lightning the deductible doesn't
apply)
In automobile insurance, what does a residual market ensure? - Answer Risks that are more
hazardous or less desirable can obtain insurance coverage
,What resources (if any) does an insured have if they are unhappy with the degree of fault
establishes by their insurer? - Answer An insured can sue their insurer
What is the ONLY coverage available to an injured driver when her/she has taken the car
without the owners consent? - Answer Accident benefits
Brenda is in an accident in Ontario with a driver that is identified but uninsured. The accident
causes $25,000 in property damage and $25,000 in bodily injuries. What maximum amount will
be paid under the priority of payments in Ontario? - Answer A maximum of $10,000 for
property damage, and a maximum of $190,000 for bodily injury.
Which payment method allows the insurance company to invoice the clients instead of the
broker? - Answer Direct bill
Why do insurers use very specific underwriting and rating rules when underwriting a lessor's
contingent policy? - Answer Leasing companies have unique business characteristics which
makes underwriting these risks more difficult
What coverage is in the garage automobile policy (OAP 4) but NOT in the standard automobile
(OAP 1) policy? - Answer Liability for damage to a customer's automobile while in the care,
custody, and control of the insured.
Which type of individuals are excluded from the OAP 1 while driving a customer's car as part of
their business? - Answer Anyone who sells, repairs, maintains, stores, or parks automobiles
as part of a business.
Why is territory a rating factor for underwriters to consider? - Answer The more an
automobile is on the road the greater the risk of an accident: and where the automobile is
driven impacts the number and type of losses/accident exposure.
Which type of risk is suitable for an excess policy? - Answer One that is exposed to
catastrophic losses
How can an insured homeowner be provided with all-risk coverage for camera equipment? -
Answer Personal article endorsement
Which additional condition of a comprehensive homeowners policy prevents the insured from
claiming the loss of one item of a match pair as loss of pair? - Answer Pair and set
Who approves the course content and the use in licensing continuing education (CE) credits? -
Answer Insurance licensing regulator
, A process by which an insurer makes good on its promise to pay money to, or on behalf of, an
insured if a certain event takes place is referred to as which of the following? - Answer The
claims process
An insurance policy terminated by the insured will be refunded any excess premium on what
basis? - Answer Short-term rate premium for the expired time
What is; the act of promoting products through mobile devices and the internet? - Answer
Digital or online marketing
Which loss is an example of a coverage provided by identity theft insurance? - Answer
Earnings lost due to time away from work
What additional details may an insurer request from the insured when insuring firearms? -
Answer Safety measures used in the home
Who governs the registration and licensing of motor vehicles, licensing of drivers, and traffic
control of vehicles on highways? - Answer The highways traffic act
When is the subject of insurance intangible? - Answer Liability insurance
What did the government do to define the commercial activity in a ridesharing transaction? -
Answer The ridesharing transaction has been broken down into three distinct commercial
activity periods
Costs for vocational and academic training would be covered by which accident benefit
coverage? - Answer Rehabilitation benefit
If an tenant causes fire damage to an apartment building, which policy will most likely respond
to the insured loss? - Answer Tenants legal liability
What is pure premium? - Answer Premium required to meet losses that occur
What is the risk of quoting insurance coverage based on information from a client's previous
policy? - Answer The previous intermediary missed something important to the client's risk
exposure
Already Passed Answers 2026
Updated.
Which organization took over from the financial service commission of Ontario in June 2019? -
Answer Financial Services Regulatory Authority of Ontario
What is another name for a Mobil home? - Answer Manufactured
How soon after the theft of a car had been reported to the insurer or the police, can an insured
access the coverage under loss of use due to theft? - Answer 72 Hours
Why do comprehensive homeowners policies contain a list of specified perils? - Answer To
restrict coverage on certain perils or types of property, and to provide full coverage for property
that would otherwise be subject to a special limit
Silence where there is an obligation to speak is the description of which term? - Answer Non-
disclosure
Additional costs associated with the demolition, or repair, after a loss, to comply with a law
regulating these actions, is insured by which type of coverage? - Answer The bylaw
endorsement
Permission to carry paying passengers and driving training school are both endorsements in
which series? - Answer Passenger risks, OPCF 6 series
Which section of an insurance application asks the applicant to list or describe the 'thing' that is
being insured? - Answer Subject of insurance
Which act would be covered by a liability policy? - Answer Negligent acts
Samara carries mandatory coverage plus collision and comprehensive, each with a $500
deductible. How much would the insurer pay for $3000 fire damage to her vehicle? - Answer
$3,000 under comprehensive (because the loss is due to fire or lightning the deductible doesn't
apply)
In automobile insurance, what does a residual market ensure? - Answer Risks that are more
hazardous or less desirable can obtain insurance coverage
,What resources (if any) does an insured have if they are unhappy with the degree of fault
establishes by their insurer? - Answer An insured can sue their insurer
What is the ONLY coverage available to an injured driver when her/she has taken the car
without the owners consent? - Answer Accident benefits
Brenda is in an accident in Ontario with a driver that is identified but uninsured. The accident
causes $25,000 in property damage and $25,000 in bodily injuries. What maximum amount will
be paid under the priority of payments in Ontario? - Answer A maximum of $10,000 for
property damage, and a maximum of $190,000 for bodily injury.
Which payment method allows the insurance company to invoice the clients instead of the
broker? - Answer Direct bill
Why do insurers use very specific underwriting and rating rules when underwriting a lessor's
contingent policy? - Answer Leasing companies have unique business characteristics which
makes underwriting these risks more difficult
What coverage is in the garage automobile policy (OAP 4) but NOT in the standard automobile
(OAP 1) policy? - Answer Liability for damage to a customer's automobile while in the care,
custody, and control of the insured.
Which type of individuals are excluded from the OAP 1 while driving a customer's car as part of
their business? - Answer Anyone who sells, repairs, maintains, stores, or parks automobiles
as part of a business.
Why is territory a rating factor for underwriters to consider? - Answer The more an
automobile is on the road the greater the risk of an accident: and where the automobile is
driven impacts the number and type of losses/accident exposure.
Which type of risk is suitable for an excess policy? - Answer One that is exposed to
catastrophic losses
How can an insured homeowner be provided with all-risk coverage for camera equipment? -
Answer Personal article endorsement
Which additional condition of a comprehensive homeowners policy prevents the insured from
claiming the loss of one item of a match pair as loss of pair? - Answer Pair and set
Who approves the course content and the use in licensing continuing education (CE) credits? -
Answer Insurance licensing regulator
, A process by which an insurer makes good on its promise to pay money to, or on behalf of, an
insured if a certain event takes place is referred to as which of the following? - Answer The
claims process
An insurance policy terminated by the insured will be refunded any excess premium on what
basis? - Answer Short-term rate premium for the expired time
What is; the act of promoting products through mobile devices and the internet? - Answer
Digital or online marketing
Which loss is an example of a coverage provided by identity theft insurance? - Answer
Earnings lost due to time away from work
What additional details may an insurer request from the insured when insuring firearms? -
Answer Safety measures used in the home
Who governs the registration and licensing of motor vehicles, licensing of drivers, and traffic
control of vehicles on highways? - Answer The highways traffic act
When is the subject of insurance intangible? - Answer Liability insurance
What did the government do to define the commercial activity in a ridesharing transaction? -
Answer The ridesharing transaction has been broken down into three distinct commercial
activity periods
Costs for vocational and academic training would be covered by which accident benefit
coverage? - Answer Rehabilitation benefit
If an tenant causes fire damage to an apartment building, which policy will most likely respond
to the insured loss? - Answer Tenants legal liability
What is pure premium? - Answer Premium required to meet losses that occur
What is the risk of quoting insurance coverage based on information from a client's previous
policy? - Answer The previous intermediary missed something important to the client's risk
exposure
