Package deal
FUNDAMENTALS OF INSURANCE COMBINED
FUNDAMENTALS OF INSURANCE COMBINED
[Show more]FUNDAMENTALS OF INSURANCE COMBINED
[Show more]FUNDAMENTALS OF 
INSURANCE Q&A 
VERIFIED 
RISK - ANSWER IS THE CHANCE OF FINANCIAL LOSS 
PERIL - ANSWER IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWER IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - ANSWER MEANS RESTORING THE I...
Preview 3 out of 18 pages
Add to cartFUNDAMENTALS OF 
INSURANCE Q&A 
VERIFIED 
RISK - ANSWER IS THE CHANCE OF FINANCIAL LOSS 
PERIL - ANSWER IS THE CAISE OF FINANCIAL LOSS FOR EXAMPLE- FIRE 
WATER AND EARTHQUAKE 
WHAT IS THE MAIN PURPOSE OF INSURANCE - ANSWER IS TO ALLOW THE 
SPREAD OF RISK 
INDEMNITY - ANSWER MEANS RESTORING THE I...
Fundamentals Of 
Insurance (BC) Pretest 
Q&A Verified 100% 
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 l...
Preview 3 out of 28 pages
Add to cartFundamentals Of 
Insurance (BC) Pretest 
Q&A Verified 100% 
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 l...
Fundamentals to Insurance 
100% VERIFIED Q&A 
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 opportunit...
Preview 4 out of 36 pages
Add to cartFundamentals to Insurance 
100% VERIFIED Q&A 
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 opportunit...
Insurance Fundamentals Q&A 
100% CORRECT 
Insurance - ANSWER A Contractual arrangement that protects against lost 
Insurer - ANSWER The party who agrees to indemnify (Geico) 
Indemnify - ANSWER To make good the loss of a suffering party 
Insured - ANSWER The party covered or protected by insurance ...
Preview 1 out of 3 pages
Add to cartInsurance Fundamentals Q&A 
100% CORRECT 
Insurance - ANSWER A Contractual arrangement that protects against lost 
Insurer - ANSWER The party who agrees to indemnify (Geico) 
Indemnify - ANSWER To make good the loss of a suffering party 
Insured - ANSWER The party covered or protected by insurance ...
Fundamentals of Insurance 
Q&A UPDATED 
Contract - ANSWER An agreement between two or more parties which is enforceable 
at law 
Consideration - ANSWER In a contract, an exchange of something of value between 
the parties 
Condominium - ANSWER A system of separate ownership of individual units in ...
Preview 2 out of 9 pages
Add to cartFundamentals of Insurance 
Q&A UPDATED 
Contract - ANSWER An agreement between two or more parties which is enforceable 
at law 
Consideration - ANSWER In a contract, an exchange of something of value between 
the parties 
Condominium - ANSWER A system of separate ownership of individual units in ...
Fundamentals of 
Insurance PreTest 
Q&A Latest 
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 li...
Preview 3 out of 20 pages
Add to cartFundamentals of 
Insurance PreTest 
Q&A Latest 
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 li...
Fundamentals of Insurance A3 Q&A 
The laws of agency impose all of the following specific duties on all agents, EXCEPT: 
A. Apparent authority 
B. Accounting 
C. Loyalty 
D. Relaying information - ANSWER A. Apparent authority 
In an insurance agency relationship, the agent's fundamental responsibi...
Preview 2 out of 8 pages
Add to cartFundamentals of Insurance A3 Q&A 
The laws of agency impose all of the following specific duties on all agents, EXCEPT: 
A. Apparent authority 
B. Accounting 
C. Loyalty 
D. Relaying information - ANSWER A. Apparent authority 
In an insurance agency relationship, the agent's fundamental responsibi...
Fundamentals of 
Insurance FINAL 
Q&A Verified 
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 man...
Preview 3 out of 25 pages
Add to cartFundamentals of 
Insurance FINAL 
Q&A Verified 
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 man...
Fundamentals of Insurance - 
Practice Exam Q&A VERIFIED 
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 l...
Preview 3 out of 21 pages
Add to cartFundamentals of Insurance - 
Practice Exam Q&A VERIFIED 
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 l...
Fundamentals of Insurance Exam Test 
Q&A 
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 -...
Preview 2 out of 13 pages
Add to cartFundamentals of Insurance Exam Test 
Q&A 
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 -...
Fundamentals of 
Insurance PreTest Q&A 
What is the role of Agents? - ANSWER Represent insurers interests, only represent one 
insurance company. 
What is the role of Brokers? - ANSWER Represent client's interests. Often represent 
various insurance companies. 
Who is party to contract? - ANSWER...
Preview 1 out of 3 pages
Add to cartFundamentals of 
Insurance PreTest Q&A 
What is the role of Agents? - ANSWER Represent insurers interests, only represent one 
insurance company. 
What is the role of Brokers? - ANSWER Represent client's interests. Often represent 
various insurance companies. 
Who is party to contract? - ANSWER...
Fundamentals of Insurance 
Planning Practice Exam Q&A 
UPDATED 
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 - ANSWER The answer is (A) by definition 
Which of the following statem...
Preview 4 out of 42 pages
Add to cartFundamentals of Insurance 
Planning Practice Exam Q&A 
UPDATED 
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 - ANSWER The answer is (A) by definition 
Which of the following statem...
Fundamentals of 
Insurance - 
Autoplan 
Supplement ICBC 
Pretest Q&A 
Road infrastructure and laws are managed:... - ANSWER provincially. Man., Sask. and 
BC coverage is provided by compulsory gov't. insurance plans. Quebec is hybrid. 
THIRD PARTY LIABILITY is a legal responsibility for:... - AN...
Preview 2 out of 7 pages
Add to cartFundamentals of 
Insurance - 
Autoplan 
Supplement ICBC 
Pretest Q&A 
Road infrastructure and laws are managed:... - ANSWER provincially. Man., Sask. and 
BC coverage is provided by compulsory gov't. insurance plans. Quebec is hybrid. 
THIRD PARTY LIABILITY is a legal responsibility for:... - AN...
Fundamentals of 
insurance Q&A 100 % 
VERIFIED 
T/F: economic risks can be placed into three categories: personal risk, property risk, 
and liability risk - ANSWER T 
T/F: Sharing risks with others can help you avoid large financial losses - ANSWER T 
T/F: The possibility of losing valuable posse...
Preview 2 out of 6 pages
Add to cartFundamentals of 
insurance Q&A 100 % 
VERIFIED 
T/F: economic risks can be placed into three categories: personal risk, property risk, 
and liability risk - ANSWER T 
T/F: Sharing risks with others can help you avoid large financial losses - ANSWER T 
T/F: The possibility of losing valuable posse...
Fundamentals of 
Insurance Chapter 6 
(BC Canada) Q&A 
2023/2024 
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 und...
Preview 1 out of 4 pages
Add to cartFundamentals of 
Insurance Chapter 6 
(BC Canada) Q&A 
2023/2024 
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 und...
Fundamentals of 
Insurance Q&A 
2023/2024 
What is the role of the federal Government when insurers receive federal licensing? - 
ANSWER Licensing provided only to companies that can meet strict financial standards. 
Established by the office of the Superintendent of Financial Institutions (OSFI...
Preview 2 out of 6 pages
Add to cartFundamentals of 
Insurance Q&A 
2023/2024 
What is the role of the federal Government when insurers receive federal licensing? - 
ANSWER Licensing provided only to companies that can meet strict financial standards. 
Established by the office of the Superintendent of Financial Institutions (OSFI...
Pre-Licensing 
Insurance Course 
Q&A 
What happens when the cash value of a life insurance policy equals the face value? 
a. Taxes must be paid on the interest accumulation. 
b. Premiums must be increased so the policy does not become a MEC. 
c. The policy endows. 
d. The policy is void. - ANSWER c...
Preview 2 out of 15 pages
Add to cartPre-Licensing 
Insurance Course 
Q&A 
What happens when the cash value of a life insurance policy equals the face value? 
a. Taxes must be paid on the interest accumulation. 
b. Premiums must be increased so the policy does not become a MEC. 
c. The policy endows. 
d. The policy is void. - ANSWER c...
Level 1 Insurance 
Fundamentals Exam Latest 
Update 
Insurance - ANSWER assurance given to the insured by the insurer to lessen the 
financial damage suffered during an insured occurrence 
Peril - ANSWER the cause of a financial loss (ie. fire, water, earthquake) 
Risk - ANSWER the chance of fina...
Preview 3 out of 17 pages
Add to cartLevel 1 Insurance 
Fundamentals Exam Latest 
Update 
Insurance - ANSWER assurance given to the insured by the insurer to lessen the 
financial damage suffered during an insured occurrence 
Peril - ANSWER the cause of a financial loss (ie. fire, water, earthquake) 
Risk - ANSWER the chance of fina...
Risk and Insurance 
chapter 6 Questions 
And Answers 
2023/2024 
1) The function of an actuary is to 
A) adjust claims. 
B) determine premium rates. 
C) negotiate reinsurance treaties. 
D) invest insurance company assets. - ANSWER B 
2) Insurers obtain data which can be used to determine rates fr...
Preview 2 out of 9 pages
Add to cartRisk and Insurance 
chapter 6 Questions 
And Answers 
2023/2024 
1) The function of an actuary is to 
A) adjust claims. 
B) determine premium rates. 
C) negotiate reinsurance treaties. 
D) invest insurance company assets. - ANSWER B 
2) Insurers obtain data which can be used to determine rates fr...
Insurance Suite 
Fundamentals Q&A 
2023/2024 
What are the three tiers in GW application architecture - ANSWER Data, application, 
presentation (or user interface/web clients) 
In which tier are the following used? PCF Files, Gosu, and Data model entities? - 
ANSWER Presentation, application, and...
Preview 2 out of 11 pages
Add to cartInsurance Suite 
Fundamentals Q&A 
2023/2024 
What are the three tiers in GW application architecture - ANSWER Data, application, 
presentation (or user interface/web clients) 
In which tier are the following used? PCF Files, Gosu, and Data model entities? - 
ANSWER Presentation, application, and...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller EWLindy. Stuvia facilitates payment to the seller.
No, you only buy these notes for $40.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now