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Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? - Answer- Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial proper...
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Add to cartWaivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? - Answer- Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial proper...
Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional el...
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Add to cartInsurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional el...
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Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insur...
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Add to cartYour clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insur...
All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer- B - sentimental value. The Indemnity Agreement in property insurance p...
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Add to cartAll of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer- B - sentimental value. The Indemnity Agreement in property insurance p...
Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockh...
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Add to cartConsideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockh...
Explain what it means to issue insurance on a scheduled basis - Answer- Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - Answer- Building, stock and equipment are insured under a single limit of...
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Add to cartExplain what it means to issue insurance on a scheduled basis - Answer- Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - Answer- Building, stock and equipment are insured under a single limit of...
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What is the name given to the collection of written decisions? - Answer- Case Law Explain the concept of the Rule of Precedent. - Answer- Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles agai...
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Add to cartWhat is the name given to the collection of written decisions? - Answer- Case Law Explain the concept of the Rule of Precedent. - Answer- Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles agai...
1 ) Owners of your brokerage wish to join an operating affiliation. They want a written report of their options including your options. - Answer- Salient Points: - Loosely Knit - General Purpose Groups. - Clusters. - Common Identity Groups. - Services and Support. - Exclusivity. - Fees. - Co...
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Add to cart1 ) Owners of your brokerage wish to join an operating affiliation. They want a written report of their options including your options. - Answer- Salient Points: - Loosely Knit - General Purpose Groups. - Clusters. - Common Identity Groups. - Services and Support. - Exclusivity. - Fees. - Co...
Define the following insurance terms. Bill of Lading - Answer- Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) - Answer- Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital...
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Add to cartDefine the following insurance terms. Bill of Lading - Answer- Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) - Answer- Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital...
Licensing of insurers can be? - Answer- federal or provincial Federal governments define and list the three points - Answer- office of the superintendent of financial institutions. -licensing of insurers operating in several provinces across Canada -strict financial standards to ensure prote...
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Add to cartLicensing of insurers can be? - Answer- federal or provincial Federal governments define and list the three points - Answer- office of the superintendent of financial institutions. -licensing of insurers operating in several provinces across Canada -strict financial standards to ensure prote...
RISK - Answer- Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer- the chance of financial loss or gain PURE RISK - Answer- the chance of financial loss but no chance of financial gain INSURANCE - Answer- the undertaking by one person to indemnify ...
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Add to cartRISK - Answer- Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer- the chance of financial loss or gain PURE RISK - Answer- the chance of financial loss but no chance of financial gain INSURANCE - Answer- the undertaking by one person to indemnify ...
Provide four sources of Business Interruption losses and an example of each. - Answer- i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several...
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Add to cartProvide four sources of Business Interruption losses and an example of each. - Answer- i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several...
Transfer of risk - buy insurance Avoidance of risk - avoid the chance of financial loss Controlling of rish - taking measures to reduce the frequency and securitu of loss Retention of risk - when a company decides to finance their own losses - Answer- People can choose to deal with risk in...
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Add to cartTransfer of risk - buy insurance Avoidance of risk - avoid the chance of financial loss Controlling of rish - taking measures to reduce the frequency and securitu of loss Retention of risk - when a company decides to finance their own losses - Answer- People can choose to deal with risk in...
What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in y...
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Add to cartWhat is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in y...
one of the tools that you would use in the scan of your external environment is profiling. Discuss the three focus areas profiled - Answer- Salient Points: 1- Competitor Profiling 2 Market Profiling 3- Client Profiling. Explain Ratification, Using example- - Answer- - Retroactive approval; of ...
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Add to cartone of the tools that you would use in the scan of your external environment is profiling. Discuss the three focus areas profiled - Answer- Salient Points: 1- Competitor Profiling 2 Market Profiling 3- Client Profiling. Explain Ratification, Using example- - Answer- - Retroactive approval; of ...
What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? - Ans...
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Add to cartWhat are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? - Ans...
Define Bailee for Hire. - Answer- Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. - Answer- i) Repair of person...
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Add to cartDefine Bailee for Hire. - Answer- Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. - Answer- i) Repair of person...
What are three advantages using a fact find or survey? - Answer- i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial...
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Add to cartWhat are three advantages using a fact find or survey? - Answer- i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial...
Identify the company which assumes the greatest portion of an account - Answer- Lead Company What is re-insurance - Answer- an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - Answer- i) Actual Cash Value ...
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Add to cartIdentify the company which assumes the greatest portion of an account - Answer- Lead Company What is re-insurance - Answer- an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - Answer- i) Actual Cash Value ...
What are three causes of fires in Canada and provide an example of each. - Answer- i) Malfunction of electrical or mechanical equipment example: Damaged electrical cords ii) Arson example: Vandal sets fire iii) Misuse of ignition source example: Playing with lighters What are six items requi...
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Add to cartWhat are three causes of fires in Canada and provide an example of each. - Answer- i) Malfunction of electrical or mechanical equipment example: Damaged electrical cords ii) Arson example: Vandal sets fire iii) Misuse of ignition source example: Playing with lighters What are six items requi...
Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - Answer- refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - Answer- b...
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Add to cartScheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - Answer- refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - Answer- b...
Define in pure insurance terms "risk." - Answer- The chance of financial loss to which an object of insurance is exposed. List the three categories of risk generally faced by people. - Answer- Personal - loss of health/life Property - objects Liability - negligent actions result in injury/dam...
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Add to cartDefine in pure insurance terms "risk." - Answer- The chance of financial loss to which an object of insurance is exposed. List the three categories of risk generally faced by people. - Answer- Personal - loss of health/life Property - objects Liability - negligent actions result in injury/dam...
CH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established - Answer- Common law; Statute law CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages - Answer- Financial Circumstances; Reputation; Social Pos...
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Add to cartCH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established - Answer- Common law; Statute law CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages - Answer- Financial Circumstances; Reputation; Social Pos...
What are the two approaches to planning? Explain each - Answer- 1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business ...
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Add to cartWhat are the two approaches to planning? Explain each - Answer- 1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business ...
Civil Law - Answer- the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer- a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form...
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Add to cartCivil Law - Answer- the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer- a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form...
What is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal agreement to reimburse the province that provid...
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Add to cartWhat is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal agreement to reimburse the province that provid...
Explain "Scheduled Basis" - Answer- Only the items listed on the policy will be insured Explain "Property of Every Description" Basis - Answer- Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis - Answer- All property owned ...
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Add to cartExplain "Scheduled Basis" - Answer- Only the items listed on the policy will be insured Explain "Property of Every Description" Basis - Answer- Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis - Answer- All property owned ...
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