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CIP C14 - AUTO - FINAL EXAM BRAND
NEW OFFICIAL QUESTIONS WITH
ANSWERS.
Insurance Companies Act - correct answer --Exclusive power to
legislate including money/banking
-Deals with federal licensing and supervision
-Enforced through the OFSI
Provincial and Territorial Insurance Acts - correct answer --Deals
with licensing of private insurance companies, brokers, agents,
and adjusters
-Set out basic provisions of life, accident and sickness,
automobile, and some hail insurance policies
-Prescribes stat conditions
-Prescribe general rules for all policies
Highway Traffic Act or Motor Vehicle Act - correct answer --
Registration and licensing of motor vehicles and drivers
-Traffic control of vehicles on highways
-Requirements after a loss
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-Penalties may be imposed for the operation of uninsured auto,
car seats, safety, etc.
-Regulations
Auto Insurance Regulation for Consumer Protection in Ontario (5)
- correct answer -1. Ontario Insurance regulatory authority
2. Consumer protection under Ontario's Insurance Act
3. Unfair or deceptive acts, practices, and misconduct
4. Insurance policy cancellation and refusal to renew
5. Non-renewal procedures
Ontario Insurance Regulatory Authority - correct answer --Under
the jurisdiction of the Financial Services Regulatory Authority of
Ontario (FSRA)
-Independent agency created to improve consumer and pension
plan beneficiary protections
-Promote, foster, protect
Consumer Protection under Ontario's Insurance Act - correct
answer --This act prescribes info to be given to applicants and
insureds, which is part of the application for auto insurance
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Examples of Unfair or Deceptive Acts, Practices, and Misconduct
- correct answer -1. Committing prohibited acts
2. Discriminating unfairly between ppl in same class
3. Discriminating between risks of almost same physical hazards
and rating territory
4. Misrepresenting terms of insurance policy
5. Make false/misleading statements about terms of insurance
policy
6. Making/offering gifts to sway potential insured to buy insurance
7. Cause unreasonable delay to settlement of a claim
8. Make auto policy conditional on purchase of another insurance
policy
9. Not using form approved by superintendent
10. Misclassifying person or veh to determine premium
Cancellation and refusals to renew - correct answer --Insurer
must follow their filed rules when declining to write, terminating, or
lapsing a client
-The superintendent has the power to reverse a non-renewal
notice, termination or refusal to write
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Facility Association - correct answer --Provides auto insurance for
owners and operators who might have difficulty finding insurance
through regular market
-UW rules differs from insurer to insurer, so everyone placed in
residual market if it doesn't meet any insurers uw rules
Facility Association - Plan of Operation - correct answer --Insurer
licensed to write auto liability insurance must be a member of the
association
-UW and claims functions provided by a number of designated
members (they are compensated)
-Servicing carriers are not permitted to write risks unless they
qualify for the residual market segment
Facility Association - Rules of operation - correct answer --
Maintains following manuals:
1. Account and statistical manual
2. Manual of rules and rates
3. claims guide
4. Risk sharing pool procedures manual
-Members of association are required to follow the rules of
operation set out in the plan
CIP C14 - AUTO - FINAL EXAM BRAND
NEW OFFICIAL QUESTIONS WITH
ANSWERS.
Insurance Companies Act - correct answer --Exclusive power to
legislate including money/banking
-Deals with federal licensing and supervision
-Enforced through the OFSI
Provincial and Territorial Insurance Acts - correct answer --Deals
with licensing of private insurance companies, brokers, agents,
and adjusters
-Set out basic provisions of life, accident and sickness,
automobile, and some hail insurance policies
-Prescribes stat conditions
-Prescribe general rules for all policies
Highway Traffic Act or Motor Vehicle Act - correct answer --
Registration and licensing of motor vehicles and drivers
-Traffic control of vehicles on highways
-Requirements after a loss
, Page | 2
-Penalties may be imposed for the operation of uninsured auto,
car seats, safety, etc.
-Regulations
Auto Insurance Regulation for Consumer Protection in Ontario (5)
- correct answer -1. Ontario Insurance regulatory authority
2. Consumer protection under Ontario's Insurance Act
3. Unfair or deceptive acts, practices, and misconduct
4. Insurance policy cancellation and refusal to renew
5. Non-renewal procedures
Ontario Insurance Regulatory Authority - correct answer --Under
the jurisdiction of the Financial Services Regulatory Authority of
Ontario (FSRA)
-Independent agency created to improve consumer and pension
plan beneficiary protections
-Promote, foster, protect
Consumer Protection under Ontario's Insurance Act - correct
answer --This act prescribes info to be given to applicants and
insureds, which is part of the application for auto insurance
, Page | 3
Examples of Unfair or Deceptive Acts, Practices, and Misconduct
- correct answer -1. Committing prohibited acts
2. Discriminating unfairly between ppl in same class
3. Discriminating between risks of almost same physical hazards
and rating territory
4. Misrepresenting terms of insurance policy
5. Make false/misleading statements about terms of insurance
policy
6. Making/offering gifts to sway potential insured to buy insurance
7. Cause unreasonable delay to settlement of a claim
8. Make auto policy conditional on purchase of another insurance
policy
9. Not using form approved by superintendent
10. Misclassifying person or veh to determine premium
Cancellation and refusals to renew - correct answer --Insurer
must follow their filed rules when declining to write, terminating, or
lapsing a client
-The superintendent has the power to reverse a non-renewal
notice, termination or refusal to write
, Page | 4
Facility Association - correct answer --Provides auto insurance for
owners and operators who might have difficulty finding insurance
through regular market
-UW rules differs from insurer to insurer, so everyone placed in
residual market if it doesn't meet any insurers uw rules
Facility Association - Plan of Operation - correct answer --Insurer
licensed to write auto liability insurance must be a member of the
association
-UW and claims functions provided by a number of designated
members (they are compensated)
-Servicing carriers are not permitted to write risks unless they
qualify for the residual market segment
Facility Association - Rules of operation - correct answer --
Maintains following manuals:
1. Account and statistical manual
2. Manual of rules and rates
3. claims guide
4. Risk sharing pool procedures manual
-Members of association are required to follow the rules of
operation set out in the plan
