PNC Learning Main Points questions
and correct answers rated A+
Federal: Office of the Superintendent of Financial Institutions (2 responsibilities) - ANS ✔✔-
Licenses of insurers that operate in multiple provinces
- Monitors & sets strict financial standards to ensure stability
Provincial: Office of the Superintendent of Financial Institutions (4 responsibilities) - ANS ✔✔-
Regulate terms of insurance policy (they approve all policy wordings)
- Licenses insurers that operate in their province
- Monitors financial stability of provincially licensed insurers
- Administers the insurance act (Act varies among provinces)
Fiduciary - ANS ✔✔handles other people's money
Responsibility of brokers - ANS ✔✔hold commissions in trust and return unearned commissions
Responsibility of insurers - ANS ✔✔return unearned premiums
Insurance Act (8) - ANS ✔✔- Contents of insurance policies
- basic fire policy coverage
- removal clause
- standard legislation exclusions
- statutory conditions
- limitation of liability clause
, - delivery of policy
- waiver of terms/ conditions
Contents of insurance policy (7) - ANS ✔✔Must appear on the declaration page
- parties of the contract
- loss payable and payee
- policy period
- coverage
- subject matter of insurance
- rates and premiums
basic fire policy. What is it, what are 2 insured perils? - ANS ✔✔- fire with ignition that causes
destructive burning
1. Lightning
2. explosion
removal clause (insurance act) - ANS ✔✔covers property for up to 7 days if moved to a location
not stated on the policy to prevent (further loss) (aka. Necessary removal)
Standard legislation exclusions Fire policy(insurance act) - 5 - ANS ✔✔- Application of heat:
because it is friendly fire
- Radioactive contamination
- Electrical currents (i.e. power surges)
- Lightning damage to electric devices (resultant fire = OK)
If lightning struck my tv it wouldn't be covered, but if it struck the tv and caught fire and then
the house caught fire, it would be covered.
- Riot, insurrection, war, act of a foreign enemy: because they are deliberate acts of violence
with large losses
and correct answers rated A+
Federal: Office of the Superintendent of Financial Institutions (2 responsibilities) - ANS ✔✔-
Licenses of insurers that operate in multiple provinces
- Monitors & sets strict financial standards to ensure stability
Provincial: Office of the Superintendent of Financial Institutions (4 responsibilities) - ANS ✔✔-
Regulate terms of insurance policy (they approve all policy wordings)
- Licenses insurers that operate in their province
- Monitors financial stability of provincially licensed insurers
- Administers the insurance act (Act varies among provinces)
Fiduciary - ANS ✔✔handles other people's money
Responsibility of brokers - ANS ✔✔hold commissions in trust and return unearned commissions
Responsibility of insurers - ANS ✔✔return unearned premiums
Insurance Act (8) - ANS ✔✔- Contents of insurance policies
- basic fire policy coverage
- removal clause
- standard legislation exclusions
- statutory conditions
- limitation of liability clause
, - delivery of policy
- waiver of terms/ conditions
Contents of insurance policy (7) - ANS ✔✔Must appear on the declaration page
- parties of the contract
- loss payable and payee
- policy period
- coverage
- subject matter of insurance
- rates and premiums
basic fire policy. What is it, what are 2 insured perils? - ANS ✔✔- fire with ignition that causes
destructive burning
1. Lightning
2. explosion
removal clause (insurance act) - ANS ✔✔covers property for up to 7 days if moved to a location
not stated on the policy to prevent (further loss) (aka. Necessary removal)
Standard legislation exclusions Fire policy(insurance act) - 5 - ANS ✔✔- Application of heat:
because it is friendly fire
- Radioactive contamination
- Electrical currents (i.e. power surges)
- Lightning damage to electric devices (resultant fire = OK)
If lightning struck my tv it wouldn't be covered, but if it struck the tv and caught fire and then
the house caught fire, it would be covered.
- Riot, insurrection, war, act of a foreign enemy: because they are deliberate acts of violence
with large losses
