Social Science Business Insurance
Level 2 General Insurance Broker/Agent
Licensing Exam
Save
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Accounting records Documents that provide a financial history of the business.
Accounts receivable insurance provides coverage for outstanding amounts that
Accounts receivable insurance
cannot be collected.
A professional who analyzes financial risks using mathematics, statistics, and financial
Actuary
theory.
ACV (Actual Cash Value) The value of an asset after depreciation has been deducted.
An agency operation is regulated by the authority provided within the Insurance Act
Agency operation regulation
of each province.
Agents have access to many other markets, which can complicate relationships with
Agent's market access
underwriters.
Agent vs. Broker relationship with An underwriter's relationship with an agent can be more difficult because the agent
underwriters usually submits smaller risks.
Alberta Insurance Council Responsible for laws relating to licensing and regulation of intermediaries in Alberta.
Phil Black would like a quote on all-risk insurance coverage for his crawler tractors,
All-risk insurance coverage
road packing machinery, and paving machines.
Which of the following is an all-risk policy that covers all kinds of contents as well as
All-risk policy
property in the custody of salespeople?
all-risks is often confusing to clients because many believe it will cover all losses.
Alternative Dispute Resolution (ADR) Many claims are now settled through alternative dispute resolution (ADR).
Arbitration Arbitration is more expensive than mediation.
Automobile Accident Insurance Benefits A regulation related to automobile accident insurance benefits
Amendment Regulation
A clause in an insurance policy that denies coverage for specific uses, such as
automobile policy exclusion
transporting passengers for compensation.
, Bailees contractual duty Bailees may owe a contractual duty of care to their customers
Bailees require separate insurance for loss or damage to customers' property
Bailees insurance requirement because the commercial general liability policy excludes property in the care,
custody, or control of the insured
Bailees can be held legally liable for loss or damage to customer's property due to
Bailees legal liability
negligence
bare land condominium unit includes the lot on which a dwelling building may be, or is already, built
The Insurance Bureau of Canada provides information on the best insurance
Best insurance companies
companies to deal with in Alberta.
Binding authority is the authority to bind an insurer to an insurance contract without
Binding Authority
first submitting it to the insurer.
Includes focusing on developing an understanding of your client's needs and
Broker's role in client relations
acquiring knowledge of a company's underwriting appetite.
building policy is subject to 90% coinsurance.
building value The building is valued at $200,000 and insured for $170,000.
Your client, Jake's Pizza Parlour, has asked you for your recommendations for
Business Interruption Insurance
business interruption insurance coverage.
Which of the following business interruption policies do NOT insure loss of income
Business interruption policies
or profit?
A clause that excludes coverage for loss or damage occurring in buildings used for
Business Use Exclusion
business purposes.
insure for repair or replacement of a building to its original state as required by a
bylaw coverages
bylaw
An insured is permitted to carry explosives in the described automobile provided
Carrying Explosives in Automobile
that he receives permission from the RCMP.
Catastrophic Loss Effect To increase the effect of a catastrophic loss is a reason for reinsuring.
claim payment A loss occurs in the amount of $130,000.
Claim Progress Monitoring You should monitor the progress of the claim on the insured's behalf.
claims payouts Payments made by an insurance company to cover losses claimed by policyholders.
The Insurance Bureau of Canada provides information on claims processes when
Claims processes
loss or damage to property occurs.
Claim Substantiation An outline of the information required to substantiate a claim.
Client documentation Keeping detailed records of client interactions is crucial for defending against claims.
Client's previous loss history A record of past losses experienced by the client.
collection procedures Systems and processes established to ensure timely payment of premiums.
Collision Damage Coverage Does NOT provide coverage for collision damage to owned automobiles.
Collision insurance payment The insured's collision loss will not be paid if he was impaired
The practice of mixing client funds with brokerage funds, which can violate fiduciary
co-mingling of funds
duties.
Commercial Building, Equipment, and Becky has a Commercial Building, Equipment, and Stock Broad form policy in place.
Stock Broad form policy
commercial building insurance the building is defined as the building described on the declarations page.
Commercial General Liability policy The policy in question is a Commercial General Liability policy.
Level 2 General Insurance Broker/Agent
Licensing Exam
Save
Students also studied
Flashcard sets Study guides Practice tests
CAIB 1 Chapter 1 Combined Study 5-Auto Exam 3 IBAO te
355 terms 5 terms 55 terms 17 terms
jsiejwjqhah Preview herrforl Preview Melgy0307 Preview tatu
Accounting records Documents that provide a financial history of the business.
Accounts receivable insurance provides coverage for outstanding amounts that
Accounts receivable insurance
cannot be collected.
A professional who analyzes financial risks using mathematics, statistics, and financial
Actuary
theory.
ACV (Actual Cash Value) The value of an asset after depreciation has been deducted.
An agency operation is regulated by the authority provided within the Insurance Act
Agency operation regulation
of each province.
Agents have access to many other markets, which can complicate relationships with
Agent's market access
underwriters.
Agent vs. Broker relationship with An underwriter's relationship with an agent can be more difficult because the agent
underwriters usually submits smaller risks.
Alberta Insurance Council Responsible for laws relating to licensing and regulation of intermediaries in Alberta.
Phil Black would like a quote on all-risk insurance coverage for his crawler tractors,
All-risk insurance coverage
road packing machinery, and paving machines.
Which of the following is an all-risk policy that covers all kinds of contents as well as
All-risk policy
property in the custody of salespeople?
all-risks is often confusing to clients because many believe it will cover all losses.
Alternative Dispute Resolution (ADR) Many claims are now settled through alternative dispute resolution (ADR).
Arbitration Arbitration is more expensive than mediation.
Automobile Accident Insurance Benefits A regulation related to automobile accident insurance benefits
Amendment Regulation
A clause in an insurance policy that denies coverage for specific uses, such as
automobile policy exclusion
transporting passengers for compensation.
, Bailees contractual duty Bailees may owe a contractual duty of care to their customers
Bailees require separate insurance for loss or damage to customers' property
Bailees insurance requirement because the commercial general liability policy excludes property in the care,
custody, or control of the insured
Bailees can be held legally liable for loss or damage to customer's property due to
Bailees legal liability
negligence
bare land condominium unit includes the lot on which a dwelling building may be, or is already, built
The Insurance Bureau of Canada provides information on the best insurance
Best insurance companies
companies to deal with in Alberta.
Binding authority is the authority to bind an insurer to an insurance contract without
Binding Authority
first submitting it to the insurer.
Includes focusing on developing an understanding of your client's needs and
Broker's role in client relations
acquiring knowledge of a company's underwriting appetite.
building policy is subject to 90% coinsurance.
building value The building is valued at $200,000 and insured for $170,000.
Your client, Jake's Pizza Parlour, has asked you for your recommendations for
Business Interruption Insurance
business interruption insurance coverage.
Which of the following business interruption policies do NOT insure loss of income
Business interruption policies
or profit?
A clause that excludes coverage for loss or damage occurring in buildings used for
Business Use Exclusion
business purposes.
insure for repair or replacement of a building to its original state as required by a
bylaw coverages
bylaw
An insured is permitted to carry explosives in the described automobile provided
Carrying Explosives in Automobile
that he receives permission from the RCMP.
Catastrophic Loss Effect To increase the effect of a catastrophic loss is a reason for reinsuring.
claim payment A loss occurs in the amount of $130,000.
Claim Progress Monitoring You should monitor the progress of the claim on the insured's behalf.
claims payouts Payments made by an insurance company to cover losses claimed by policyholders.
The Insurance Bureau of Canada provides information on claims processes when
Claims processes
loss or damage to property occurs.
Claim Substantiation An outline of the information required to substantiate a claim.
Client documentation Keeping detailed records of client interactions is crucial for defending against claims.
Client's previous loss history A record of past losses experienced by the client.
collection procedures Systems and processes established to ensure timely payment of premiums.
Collision Damage Coverage Does NOT provide coverage for collision damage to owned automobiles.
Collision insurance payment The insured's collision loss will not be paid if he was impaired
The practice of mixing client funds with brokerage funds, which can violate fiduciary
co-mingling of funds
duties.
Commercial Building, Equipment, and Becky has a Commercial Building, Equipment, and Stock Broad form policy in place.
Stock Broad form policy
commercial building insurance the building is defined as the building described on the declarations page.
Commercial General Liability policy The policy in question is a Commercial General Liability policy.
