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Exam (elaborations)

FUNDAMENTALS OF INSURANCE (BC) ACTUAL EXAM QUESTIONS WITH DETAILED ANSWERS.
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91

January 2026

2025/2026

A+
FUNDAMENTALS OF INSURANCE (BC) ACTUAL EXAM QUESTIONS WITH DETAILED ANSWERS. 1. The following loss would be insured by the Homeowners' Comprehensive Form (Form IBC 1155): A. Theft of exotic birds. B. Golf club broken from impact with a tree on the golf course. C. Gun collected stolen while on display at local exhibition. D. Breaking of building glass by a raccoon. - ANSWER D. Breaking of building glass by a raccoon. 2. One of the perils insured under the Homeowners' Bas...
DrSammuel
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Exam (elaborations)

Fundamentals of Insurance - Practice Exam 2026
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27

January 2026

2025/2026

A+
Fundamentals of Insurance - Practice Exam 2026 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 - answer-b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - answer-c. The cause...
aldrisraand
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Exam (elaborations)

Fundamentals of Insurance FINAL 2026
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30

January 2026

2025/2026

A+
Fundamentals of Insurance FINAL 2026 Chapter 1 - answer-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 encourages entrepreneurship 4. loss prevention and los...
aldrisraand
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Exam (elaborations)

Fundamentals Of Insurance (BC) 2026
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37

January 2026

2025/2026

A+
Fundamentals Of Insurance (BC) 2026 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. - answer-C. Allow spread of risk. When the insurer terminates an insurance policy, ALL of the following conditions apply, EXCEPT one. Pick the exception: ...
aldrisraand
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Exam (elaborations)

General Insurance Licensing Level 1 BC Latest Exam And 100% Correct Answers 2025-2026 Updated.
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9

November 2025

2025/2026

A+
Risk Sharing - Answer a way of helping to ensure that a loss does not spell financial ruin for a person or business Insurance - Answer *a mechanism for sharing the losses of the few among the many *the undertaking by one person to indemnify another person against loss or liability for loss Risk - Answer chance of financial loss as a result of loss or damage that the object of insurance may be exposed to Personal risk - Answer the risk of injury to body resulting...
TestSolver9
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Exam (elaborations)

Fundamentals to Insurance Final Exam Questions with All Guaranteed Pass Solutions 2025-2026 Updated.
Available in bundle

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41

November 2025

2025/2026

A+
Available in bundle
Chapter 1 - Intro - Answer List the 5 functions of insurance: - Answer 1) 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 (3 parts) - Answer 1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain ris...
TestSolver9
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Exam (elaborations)

Fundamentals of Insurance - Self Exam Questions & Answers 2025-2026 Edition.
Available in bundle

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27

November 2025

2025/2026

A+
Available in bundle
Main purpose of Insurance - Answer Allow the spread of risk Definition of Insurance - 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 deliberately caused by an insured. Five important points to the definition of insurance: - Answer -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss P...
TestSolver9
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Exam (elaborations)

Fundamentals Of Insurance: Chapter 2 - Insurance Contracts Questions and Answers.
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2

November 2025

2025/2026

A+
Available in bundle
Identify three major categories of insurance needs. - Answer 1. Personal Risk. e.g. Health or Life. 2. Property Risk. e.g. Loss of owned property. 3. Liability Risk. e.g. Action leading to others loss. Identify four options an insured may use in dealing with risk. (Which is least practical?) - Answer 1. Avoidance of Risk. e.g. Selling your store. Least practical. 2. Controlling of Risk. e.g. Installing alarms. 3. Retention of Risk. e.g. Opting out of Employee Dishonesty covera...
TestSolver9
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Exam (elaborations)

Fundamentals of Insurance Chapter 11 (BC Canada) Questions Fully Solved.
Available in bundle

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3

November 2025

2025/2026

A+
Available in bundle
Identify 3 work-related benefits provided by workers compensation plans - Answer Any necessary health care costs Any necessary medical and vocational rehabilitation programs Replacement for lost earnings for time missed from work Death benefit Indicate who would purchase an individual accident and sickness insurance policy - Answer Self employed People who do not have a group plan at their place of work High income employees People seeking better coverage terms t...
TestSolver9
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Exam (elaborations)

Fundamentals of Insurance Chapter 6 (BC Canada) Test Questions Fully Solved 2025-2026 Updated.
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4

November 2025

2025/2026

A+
Available in bundle
Identify four persons including the definition of "you' or "your" and who would be Insureds under the policy. - Answer Spouse 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 age of 21 and living away from home but must be attending full-time education. Name three ways in which a spouse or common-law partner may qualify for coverage. - Answer A spouse or com...
TestSolver9
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