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Fundamentals of Insurance BUNDLED exam 2023 with 100% correct answers
Fundamentals of Insurance BC exam 2023 with 100% correct answers Fundamentals of Insurance Chapter 6 exam 2023 with 100% correct answers
[Montrer plus]Fundamentals of Insurance BC exam 2023 with 100% correct answers Fundamentals of Insurance Chapter 6 exam 2023 with 100% correct answers
[Montrer plus]Risk - correct answerThe Chance of loss happening 
 
Insurance Policy - correct answerlegal contract designed to cover specific future losses 
 
Product Option - correct answerSpecial features added to a basic policy that increase the cost of the premium 
 
Insured - correct answerIndividual who agr...
Aperçu 1 sur 4 pages
Ajouter au panierRisk - correct answerThe Chance of loss happening 
 
Insurance Policy - correct answerlegal contract designed to cover specific future losses 
 
Product Option - correct answerSpecial features added to a basic policy that increase the cost of the premium 
 
Insured - correct answerIndividual who agr...
Insurance - correct answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence 
 
Peril - correct answerthe cause of a financial loss (ie. fire, water, earthquake) 
 
Risk - correct answerthe chance of financial loss 
 
Purpose of insuran...
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Ajouter au panierInsurance - correct answerassurance given to the insured by the insurer to lessen the financial damage suffered during an insured occurrence 
 
Peril - correct answerthe cause of a financial loss (ie. fire, water, earthquake) 
 
Risk - correct answerthe chance of financial loss 
 
Purpose of insuran...
Insurance - correct answerA Contractual arrangement that protects against lost 
 
Insurer - correct answerThe party who agrees to indemnify (Geico) 
 
Indemnify - correct answerTo make good the loss of a suffering party 
 
Insured - correct answerThe party covered or protected by insurance 
 
Benefi...
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Ajouter au panierInsurance - correct answerA Contractual arrangement that protects against lost 
 
Insurer - correct answerThe party who agrees to indemnify (Geico) 
 
Indemnify - correct answerTo make good the loss of a suffering party 
 
Insured - correct answerThe party covered or protected by insurance 
 
Benefi...
Chapter 1 - Intro - correct answer 
 
List the 5 functions of insurance: - correct answer1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (...
Aperçu 4 sur 48 pages
Ajouter au panierChapter 1 - Intro - correct answer 
 
List the 5 functions of insurance: - correct answer1) Spread of risk 
2) Basis of credit system 
3) Eliminate worry and develop entrepreneurship 
4) Loss reduction and prevention (road safety, alarms, etc.) 
5) Employment opportunity 
 
Definition of insurance (...
TRUE OR FALSE: In private automobile insurance provinces, they use The Standard Application Form (SAF #1) to apply for auto insurance - correct answerTrue 
 
TRUE OR FALSE: Once a private auto insurer approves the application the policy will be issued of the Standard Policy Form (SPF #1 ) Owners For...
Aperçu 2 sur 7 pages
Ajouter au panierTRUE OR FALSE: In private automobile insurance provinces, they use The Standard Application Form (SAF #1) to apply for auto insurance - correct answerTrue 
 
TRUE OR FALSE: Once a private auto insurer approves the application the policy will be issued of the Standard Policy Form (SPF #1 ) Owners For...
Spread of Risk - correct answer- "The losses of few are shared among the many" 
- A large pot into which all insureds place their premiums 
- This pot provides for payment for the losses of those who have claims 
 
Basis of Credit System - correct answerConsumer access to insurance frees up credit...
Aperçu 2 sur 8 pages
Ajouter au panierSpread of Risk - correct answer- "The losses of few are shared among the many" 
- A large pot into which all insureds place their premiums 
- This pot provides for payment for the losses of those who have claims 
 
Basis of Credit System - correct answerConsumer access to insurance frees up credit...
Road infrastructure and laws are managed:... - correct answerprovincially. Man., Sask. and BC coverage is provided by compulsory gov't. insurance plans. Quebec is hybrid. 
 
THIRD PARTY LIABILITY is a legal responsibility for:... - correct answerLoss, property damage or injury to a third party 
 
I...
Aperçu 2 sur 8 pages
Ajouter au panierRoad infrastructure and laws are managed:... - correct answerprovincially. Man., Sask. and BC coverage is provided by compulsory gov't. insurance plans. Quebec is hybrid. 
 
THIRD PARTY LIABILITY is a legal responsibility for:... - correct answerLoss, property damage or injury to a third party 
 
I...
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 Covera...
Aperçu 3 sur 28 pages
Ajouter au panierThe 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 Covera...
The major function of insurance is: 
 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - correct answerb. To share the losses of the few among the many 
 
A peril if be...
Aperçu 3 sur 29 pages
Ajouter au panierThe major function of insurance is: 
 
a. To reduce the cost of the losses 
b. To share the losses of the few among the many 
c. The safeguard the interest of mortgages 
d. To serve as a basis of existing credit system - correct answerb. To share the losses of the few among the many 
 
A peril if be...
What are the legal requirements of an insurance contract? - correct answerOffer and Acceptance 
Legal Competency of both parties 
Consideration is given 
Lawful Purpose 
 
What are the elements of an insurable risk? - correct answerLarge number of homogenous exposures 
Losses must be accidental 
Los...
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Ajouter au panierWhat are the legal requirements of an insurance contract? - correct answerOffer and Acceptance 
Legal Competency of both parties 
Consideration is given 
Lawful Purpose 
 
What are the elements of an insurable risk? - correct answerLarge number of homogenous exposures 
Losses must be accidental 
Los...
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 - correct answerThe answer is (A) by definition 
 
Which of the following statements concerning the beneficiary provisions in a life insu...
Aperçu 4 sur 55 pages
Ajouter au panierA 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 - correct answerThe answer is (A) by definition 
 
Which of the following statements concerning the beneficiary provisions in a life insu...
every policy of fire insurance 
ly covers fire,smoke, and specified types of explosions 
 required by law to cover fire, windstorm,and lightning 
s fire,explosion, and windstorm 
 required by law to cover at least fire, lightning, and specified types of explosions - correct required by law to cov...
Aperçu 2 sur 8 pages
Ajouter au panierevery policy of fire insurance 
ly covers fire,smoke, and specified types of explosions 
 required by law to cover fire, windstorm,and lightning 
s fire,explosion, and windstorm 
 required by law to cover at least fire, lightning, and specified types of explosions - correct required by law to cov...
Chapter 1 - correct answerIntroduction to General Insurance 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - correct answerthe major function of insurance is to share the losses of the few among the many 
 
What are the five functions of i...
Aperçu 4 sur 34 pages
Ajouter au panierChapter 1 - correct answerIntroduction to General Insurance 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - correct answerthe major function of insurance is to share the losses of the few among the many 
 
What are the five functions of i...
Identify four persons including the definition of "you' or "your" and who would be Insureds under the policy. - correct answerSpouse or common law living in the same household, relatives of either spouse or insured, any person under 21 in the care of named insured, and students can be over the a...
Aperçu 1 sur 4 pages
Ajouter au panierIdentify four persons including the definition of "you' or "your" and who would be Insureds under the policy. - correct answerSpouse or common law living in the same household, relatives of either spouse or insured, any person under 21 in the care of named insured, and students can be over the a...
What is the role of Agents? - correct answerRepresent insurers interests, only represent one insurance company. 
 
What is the role of Brokers? - correct answerRepresent client's interests. Often represent various insurance companies. 
 
Who is party to contract? - correct answerInsured and insurer...
Aperçu 1 sur 4 pages
Ajouter au panierWhat is the role of Agents? - correct answerRepresent insurers interests, only represent one insurance company. 
 
What is the role of Brokers? - correct answerRepresent client's interests. Often represent various insurance companies. 
 
Who is party to contract? - correct answerInsured and insurer...
What is the role of the federal Government when insurers receive federal licensing? - correct answerLicensing 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 ba...
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Ajouter au panierWhat is the role of the federal Government when insurers receive federal licensing? - correct answerLicensing 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 ba...
What is the major function of insurance? - correct answerto allow the spread of risk 
 
What are the five important functions of insurance? - correct answer1) insurance is the shifting of financial responsibility for a loss 
2) payment will be made only in the event of an insured risk 
3) the amount...
Aperçu 2 sur 7 pages
Ajouter au panierWhat is the major function of insurance? - correct answerto allow the spread of risk 
 
What are the five important functions of insurance? - correct answer1) insurance is the shifting of financial responsibility for a loss 
2) payment will be made only in the event of an insured risk 
3) the amount...
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 - correct answerc. 30,000 
 
The reinstatement...
Aperçu 3 sur 18 pages
Ajouter au panierA 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 - correct answerc. 30,000 
 
The reinstatement...
- correct answer 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - correct answerTo share the losses of a few among the many 
 
An analysis of the definition of insurance reveals five important points. Identify these five important point...
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Ajouter au panier- correct answer 
 
The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - correct answerTo share the losses of a few among the many 
 
An analysis of the definition of insurance reveals five important points. Identify these five important point...
Three Main Categories Of Risk - correct answer1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What is "Spread of Risk"? - correct answerInsurance provides a mechanism in which the losses of few are shared among many 
 
Property and Casualty Insurance includes...(3 types of insurance) - corr...
Aperçu 2 sur 6 pages
Ajouter au panierThree Main Categories Of Risk - correct answer1) Personal Risk 
2)Property Risk 
3)Liability Risk 
 
What is "Spread of Risk"? - correct answerInsurance provides a mechanism in which the losses of few are shared among many 
 
Property and Casualty Insurance includes...(3 types of insurance) - corr...
Probably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - correct answerTrue. 
 
Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is...
Aperçu 2 sur 8 pages
Ajouter au panierProbably the best way to define risk is to say, "Risk is the chance of financial loss as a result of loss or damage to the object of insurance or some other happening." - correct answerTrue. 
 
Pure Risk: Provides only the potential for financial loss with no chance of gain or profit. Insurance is...
Insurance plays an important role in managing financial risk. The main purpose of Insurance is to: 
 
 A. Enable the consumer to obtain loan or mortgage. 
 B. Provide employment and investment capital. 
 C. Allow spread of risk. 
 D. Reduce losses through loss prevention and loss reduction. - correc...
Aperçu 4 sur 36 pages
Ajouter au panierInsurance plays an important role in managing financial risk. The main purpose of Insurance is to: 
 
 A. Enable the consumer to obtain loan or mortgage. 
 B. Provide employment and investment capital. 
 C. Allow spread of risk. 
 D. Reduce losses through loss prevention and loss reduction. - correc...
Main purpose of Insurance - correct answerAllow the spread of risk 
 
Definition of Insurance - correct answer-Payment's made only when a certain peril has damaged the insured object 
-Payment's limited to actual amount of loss, no more and no less 
-There's no payment for losses that are deliber...
Aperçu 4 sur 32 pages
Ajouter au panierMain purpose of Insurance - correct answerAllow the spread of risk 
 
Definition of Insurance - correct answer-Payment's made only when a certain peril has damaged the insured object 
-Payment's limited to actual amount of loss, no more and no less 
-There's no payment for losses that are deliber...
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