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Fundamentals of Insurance Chapter 3;Practice Exam;FINAL (End of Chapter Self-Examination Questions & Study Checklist);Planning Practice Exam;Practice Exam 2: : Level 1;Chapter 1 Intro;

FINAL EXAM 2023-2024;Analyzing Contract Costs Study Guide;Analyzing Contract Costs ;Challenge Questions

What is the role of the federal Government when insurers receive federal licensing? - ANWER-Licensing provided only to companies that can meet strict financial standards. Established by the office of the Superintendent of Financial Institutions (OSFI). Insurers are monitored on an ongoing basis. What is the role of the provincial Government? - ANWER-The superintendent of Insurance in each province are responsible for administrating the Insurance Act. Responsibilities include supervising terms...

Insurance - ANSWER-assurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence Peril - ANSWER-the cause of a financial loss (ie. fire, water, earthquake) Risk - ANSWER-the chance of financial loss Purpose of insurance - ANSWER-to allow the spread of risk of few among many Indemnity - ANSWER-restoring the insured to the same financial position as they were in immediately prior to the loss; insurer will pay the actual amount of los...

The coverage limits on Homeowners Insurance Policies are determined after calculating the Replacement Cost of the dwelling building. Once this value is determined, the rest of the coverage limits are calculated. Which of the following coverage limits is correct? a) Personal Property- 100% of Coverage A b) Detached Private Structures - 10% of Coverage A c) Additional Living Expenses- - 10% of Coverage A d) Dwelling- 100% of Personal Property Coverage - ANSWER-The answer is B Insurance has ...

Fundamentals of Insurance FINAL (End of Chapter Self-Examination Questions & Study Checklist) with Complete SolutionsChapter 1-Introduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - ANSWER-the major function of insurance is to share the losses of the few among the many What are the five functions of insurance? - ANSWER-1. spread of risk (major function) 2. basis of credit system 3. eliminates worry and ...

Three Main Categories Of Risk - ANSWER-1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - ANSWER-B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention What is needed for an agreement to exist? - AN...

A loss exposure is defined as: (A) a loss that might occur (B) an undesirable end result of a risk (C) the largest possible loss (D) the probability of a loss - ANSWER-The answer is (A) by definition Which of the following statements concerning the beneficiary provisions in a life insurance policy is correct? (A) Only one person may be named as a primary beneficiary, but several may be named as contingent beneficiaries. (B) The primary beneficiary's share of policy proceeds is generall...

A building valued at $120,000 is insured for $30,000 and there is an 80% co-insurance clause on the policy. The building was totally destroyed by fire last weekend. The insured would receive a settlement of: a. 7,000 b. 12,000 c. 30,000 d. 37,5000 - ANSWER-c. 30,000 The reinstatement clause contained in most policies of commercial property insurance provided that: a. The insureds shall have as much insurance on the property after an insured loss as they had immediately prior to it b...

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