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Question 1

If one in every five houses suffers a $50,000 loss each year, and all houses have the same value, what would the pure premium be for each homeowner?

Options :

A : $2,500

B : $5,000

C : $10,000

D : $100,000

Answer: B

Question 2

Which risk could be insured bychattel coverage?

Options :

A : Trip cancellation for a honeymoon

B : A mobile home belonging to a family

C : A half-court shot contest at a basketball game

D : Errors and omissions for a lawyer’s office

Answer: B

Question 3

Which action reduces a hazard?

Options :

A : Installing anti-slip floor tile in the hallway

B : Using high beams at night on a busy highway

C : Shutting off sprinkler systems during renovations

D : Removing protective packaging around items being moved

Answer: A

Question 4

Samuel is a broker who does NOT have claims-handling authority. He received a call from an insured at the scene of an auto accident. The insured was upset, and Samuel reassured her that everything would be fine because she had coverage. Later, the insurer denied the claim due to impaired driving. What should Samuel have done differently?

Options :

A : Told the insured that the insurer would have to investigate before he could answer her concerns

B : Told the insured to take immediate responsibility for the accident to uphold utmost good faith

C : Asked to speak to the police officer at the scene to determine legal implications

D : Asked the insured more details and informed her the claim would not be covered

Answer: A

Question 5

What are many of the statutory conditions designed to accomplish?

Options :

A : Provide clarity on the intent of the policy

B : Outline the steps to take to cancel the policy

C : State how PIPEDA applies to the insured and insurer

D : Shift the onus of proof from the insured to the insurer

Answer: A