OTL EXAM CHAPTER 9 questions well
answered to pass
What is the role of the Office of the Superintendent of Financial Institutions? - correct answer
✔✔It regulates the financial stability of federally licensed insurance companies.
An insurance policy terminated by the insured will be refunded any excess premium on what
basis? - correct answer ✔✔Short-term rate premium for the expired time
What does the Personal Information Protection and Electronic Documents Act (PIPEDA) govern?
- correct answer ✔✔The collection and use of personal information
What must an agent or broker obtain if they want to use a client's information for something
other than its original purpose? - correct answer ✔✔Permission from the client to do so
Insurance is regulated at what two levels? - correct answer ✔✔The federal level and the
provincial/territorial levels
Which of the following is an automobile statutory condition? - correct answer ✔✔Material
Change in Risk
What gives the federal government exclusive power to legislate in various fields including
banking? - correct answer ✔✔The Canadian Constitution
Which statement describes the requirements under the fire Statutory Condition—Termination,
when the insured requests the termination of insurance? - correct answer ✔✔The insured is
entitled to a premium refund as soon as practicable from the insurer, calculated on a short-term
rate premium basis.
answered to pass
What is the role of the Office of the Superintendent of Financial Institutions? - correct answer
✔✔It regulates the financial stability of federally licensed insurance companies.
An insurance policy terminated by the insured will be refunded any excess premium on what
basis? - correct answer ✔✔Short-term rate premium for the expired time
What does the Personal Information Protection and Electronic Documents Act (PIPEDA) govern?
- correct answer ✔✔The collection and use of personal information
What must an agent or broker obtain if they want to use a client's information for something
other than its original purpose? - correct answer ✔✔Permission from the client to do so
Insurance is regulated at what two levels? - correct answer ✔✔The federal level and the
provincial/territorial levels
Which of the following is an automobile statutory condition? - correct answer ✔✔Material
Change in Risk
What gives the federal government exclusive power to legislate in various fields including
banking? - correct answer ✔✔The Canadian Constitution
Which statement describes the requirements under the fire Statutory Condition—Termination,
when the insured requests the termination of insurance? - correct answer ✔✔The insured is
entitled to a premium refund as soon as practicable from the insurer, calculated on a short-term
rate premium basis.
