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| Section | Objectives |
|---|---|
| Topic 1: Regulatory and Legal Environment | - Compliance and consumer protection - Insurance regulations in Canada |
| Topic 2: Insurance Brokerage Practice | - Professional ethics and conduct - Client relationship management - Broker roles and responsibilities |
| Topic 3: Underwriting and Policy Management | - Policy administration and endorsements - Underwriting guidelines and decision-making |
| Topic 4: Claims and Loss Handling | - Claims processes and documentation - Loss adjustment principles |
| Topic 5: Risk and Insurance Fundamentals | - Risk identification and assessment - Insurance principles and coverage types |
1. A manufacturer had multiple experiences of missing inventory and suspects an employee may be involved.
Which coverage would a broker recommend for future occurrences?
A) Property coverage
B) Liability coverage
C) 3-D policy
D) Business interruption
2. Which document contains a rough outline from bidders of work to be completed, with details on how they will carry out this work?
A) Request for a proposal
B) Certificate of insurance
C) Broker's letter of authority
D) Lease agreement
3. A broker is reviewing a quote against a submission for a client. The client owns several older rental housing units. Underwriting has agreed to the submission, with a roof exclusion on the older buildings. The client is happy with the premium cost, but not the exclusion. What should the broker do next?
A) Recommend the client find insurance elsewhere
B) Debate the underwriting department to prove the roofs are in good condition
C) Suggest the client replace the roofs in exchange for removal of the exclusion
D) Counsel the client to take the offer as is, since they like the price
4. After examining an organization's financial statements and accounting records, a broker decides that they would like to take the company on as a client. What did the broker determine during their examination that helped make this decision?
A) The organization has paid policy premiums on time for the last seven years.
B) The organization has a captive company.
C) The organization is consistently profitable.
D) The organization is compliant with federal and provincial tax laws.
5. Why is bylaws insurance used?
A) To protect wooded lots in the country
B) To cover vacant lots
C) To cover projects that can take years to complete
D) To protect new buildings that comply with the latest building codes
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
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