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[Show more]Identify 3 classes of property insured by commercial property insurance policies 
Building, Equipment, Stock 
 
 
 
Identify 2 ways used to insure commercial property and a brief explanation of each 
Scheduled coverage: only that property specifically identified or scheduled on the policy is insured...
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Add to cartIdentify 3 classes of property insured by commercial property insurance policies 
Building, Equipment, Stock 
 
 
 
Identify 2 ways used to insure commercial property and a brief explanation of each 
Scheduled coverage: only that property specifically identified or scheduled on the policy is insured...
The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insur...
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Add to cartThe three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insur...
Speculative Risk correct answersThe chance of financial loss or gain 
 
Contract correct answersan agreement between 2 or more people which creates and obligation to do or not do something 
 
Indemnity correct answers-Indemnity is measured by the value of the insured property as it existed immediate...
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Add to cartSpeculative Risk correct answersThe chance of financial loss or gain 
 
Contract correct answersan agreement between 2 or more people which creates and obligation to do or not do something 
 
Indemnity correct answers-Indemnity is measured by the value of the insured property as it existed immediate...
3 categories of risk correct answersPersonal, property, liability 
 
Four ways to deal with risk correct answersAvoidance, control, retention and transfer of risk 
 
insurance correct answersUndertaking by one person to indemnify another persons against loss or liability for loss 
 
2 types of risk ...
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Add to cart3 categories of risk correct answersPersonal, property, liability 
 
Four ways to deal with risk correct answersAvoidance, control, retention and transfer of risk 
 
insurance correct answersUndertaking by one person to indemnify another persons against loss or liability for loss 
 
2 types of risk ...
Who is responsible for the administration of the insurance act in your province? correct answersMB Government 
 
Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. correct answersInsurance lice...
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Add to cartWho is responsible for the administration of the insurance act in your province? correct answersMB Government 
 
Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. correct answersInsurance lice...
3 Considerations that make some property items "Target Items" and provide an explanation for each correct answers1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which propert...
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Add to cart3 Considerations that make some property items "Target Items" and provide an explanation for each correct answers1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which propert...
Define "Endorsement" correct answersendorsements change the terms of existing policies 
 
Define "Rider" correct answersRiders add coverages to those already on the policy 
 
What values are insured on a Glass Rider correct answers1) Glass 2) Artwork on glass 3) Tape & Foil on glass 
 
When woul...
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Add to cartDefine "Endorsement" correct answersendorsements change the terms of existing policies 
 
Define "Rider" correct answersRiders add coverages to those already on the policy 
 
What values are insured on a Glass Rider correct answers1) Glass 2) Artwork on glass 3) Tape & Foil on glass 
 
When woul...
The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insur...
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Add to cartThe three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insur...
Reasons and Obstacles correct answersReasons: 
- Protect Client 
- Reassure Confidentiality 
- Discuss Disaster Mangement 
 
Obstacles 
- Too Technical 
- Reluctance to Reveal Earnings 
- Lack of Consumer Knowledge 
 
Getting back into Business options correct answersReduce capital reserves 
Bank L...
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Add to cartReasons and Obstacles correct answersReasons: 
- Protect Client 
- Reassure Confidentiality 
- Discuss Disaster Mangement 
 
Obstacles 
- Too Technical 
- Reluctance to Reveal Earnings 
- Lack of Consumer Knowledge 
 
Getting back into Business options correct answersReduce capital reserves 
Bank L...
replacement value correct answersCost to repair, replace or rebuild the lost or damaged property without deduction for depreciation 
 
Scheduled Coverage correct answersCoverage for property specifically identified or scheduled on the insurance policy 
 
All Property correct answersAll property owne...
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Add to cartreplacement value correct answersCost to repair, replace or rebuild the lost or damaged property without deduction for depreciation 
 
Scheduled Coverage correct answersCoverage for property specifically identified or scheduled on the insurance policy 
 
All Property correct answersAll property owne...
1) Failure or malfunction of mechanical or electrical equipment; 
2) Arson; 
3) Misuse of ignition source. correct answersThe three leading causes of fire losses in Canada. 
 
Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. correct ...
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Add to cart1) Failure or malfunction of mechanical or electrical equipment; 
2) Arson; 
3) Misuse of ignition source. correct answersThe three leading causes of fire losses in Canada. 
 
Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. correct ...
Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. 
Mechanical: Drills 
Thermal: Torches 
Explosion: Dynamite 
 
 
 
What is the purpose of Perimeter Protection? 
To prevent access to the premises when the business is closed 
 
 
 
 
Brainpo...
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Add to cartIdentify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. 
Mechanical: Drills 
Thermal: Torches 
Explosion: Dynamite 
 
 
 
What is the purpose of Perimeter Protection? 
To prevent access to the premises when the business is closed 
 
 
 
 
Brainpo...
Define Endorsement. correct answersEndorsements change terms of existing policies 
 
Define Rider. correct answersRiders add coverages to those all ready on policy 
 
Indicate Covered or Not Covered on Sign Form (C/NC) 
 
a) mechanical breakdown 
b) damage caused by power surge 
c) damage caused whe...
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Add to cartDefine Endorsement. correct answersEndorsements change terms of existing policies 
 
Define Rider. correct answersRiders add coverages to those all ready on policy 
 
Indicate Covered or Not Covered on Sign Form (C/NC) 
 
a) mechanical breakdown 
b) damage caused by power surge 
c) damage caused whe...
Civil Law correct answersthe body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. 
 
Tort correct answersa private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy i...
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Add to cartCivil Law correct answersthe body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. 
 
Tort correct answersa private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy i...
Identify any five activities, in addition to planning, that the professional insurance brokerage will need to capitalize on in order to take advantages of these opportunities. correct answers1. Be innovative 
2. Be price competitive 
3. Attract and reward ideal employees 
4. Market products to appro...
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Add to cartIdentify any five activities, in addition to planning, that the professional insurance brokerage will need to capitalize on in order to take advantages of these opportunities. correct answers1. Be innovative 
2. Be price competitive 
3. Attract and reward ideal employees 
4. Market products to appro...
What area of law does Criminal Law address? correct answersCriminal law deals with wrongs against society 
 
How does criminal law deal with violators? correct answersProsecute them in criminal courts with fines, imprisonment or probation 
 
What area of law does civil law or common law address? cor...
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Add to cartWhat area of law does Criminal Law address? correct answersCriminal law deals with wrongs against society 
 
How does criminal law deal with violators? correct answersProsecute them in criminal courts with fines, imprisonment or probation 
 
What area of law does civil law or common law address? cor...
warranty correct answersA promise that certain facts are as they are represented to be and that they will remain so 
 
hazard correct answersA condition which may cause a peril to occur 
 
Latent defect correct answersA hidden or concealed defect, which cannot be discovered by reasonable and customa...
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Add to cartwarranty correct answersA promise that certain facts are as they are represented to be and that they will remain so 
 
hazard correct answersA condition which may cause a peril to occur 
 
Latent defect correct answersA hidden or concealed defect, which cannot be discovered by reasonable and customa...
What is the minimum limit of Third Party Liability available in your province? correct answers$200,000 
 
How does an insured show proof of financial responsibility in your province correct answersThe "pink copy" of the certificate of registration 
 
Identify the Automobile coverages that are avai...
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Add to cartWhat is the minimum limit of Third Party Liability available in your province? correct answers$200,000 
 
How does an insured show proof of financial responsibility in your province correct answersThe "pink copy" of the certificate of registration 
 
Identify the Automobile coverages that are avai...
CH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established correct answersCommon law; Statute law 
 
CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages correct answersFinancial Circumstances; Reputation; ...
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Add to cartCH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established correct answersCommon law; Statute law 
 
CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages correct answersFinancial Circumstances; Reputation; ...
What are the two approaches to planning? Explain each correct answers1) 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 busi...
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Add to cartWhat are the two approaches to planning? Explain each correct answers1) 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 busi...
Briefly explain the functions of Endorsements correct answersChanges the terms or conditions of the Insured's policy 
 
Briefly explain the functions of Riders correct answersAdds additional coverages to those already in place 
 
Briefly explain the functions of Separate Policies correct answersEqu...
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Add to cartBriefly explain the functions of Endorsements correct answersChanges the terms or conditions of the Insured's policy 
 
Briefly explain the functions of Riders correct answersAdds additional coverages to those already in place 
 
Briefly explain the functions of Separate Policies correct answersEqu...
3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) correct answers1) payment is made after replacement work is completed 
2) replacment work must be done in due diligence and dispatch 
3) replacement must be at same si...
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Add to cart3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) correct answers1) payment is made after replacement work is completed 
2) replacment work must be done in due diligence and dispatch 
3) replacement must be at same si...
Define "Risk" correct answersThe chance of a financial loss to which the object of insurance may be exposed to 
 
List 3 Categories of Risk correct answers1) Personal 2) Property 3) Liability 
 
List 4 Types of Risk Management Techniques correct answers1) Risk Avoidance 2) Risk Retention 3) Risk C...
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Add to cartDefine "Risk" correct answersThe chance of a financial loss to which the object of insurance may be exposed to 
 
List 3 Categories of Risk correct answers1) Personal 2) Property 3) Liability 
 
List 4 Types of Risk Management Techniques correct answers1) Risk Avoidance 2) Risk Retention 3) Risk C...
Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: 
 
A. Stock 
B. Equipment 
C. Building 
D. Busines...
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Add to cartYour client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: 
 
A. Stock 
B. Equipment 
C. Building 
D. Busines...
Scheduled Coverage 
Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled 
 
 
 
Property of Every Description 
Refers to policy used to insure buildings, stock and equipment under a single limit of insurance 
 
 
 
 
Brainpower 
Read More ...
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Add to cartScheduled Coverage 
Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled 
 
 
 
Property of Every Description 
Refers to policy used to insure buildings, stock and equipment under a single limit of insurance 
 
 
 
 
Brainpower 
Read More ...
D. Is primarily concerned with the compensation of victims for their losses correct answersThe following statements respecting the brach of law known as "criminal law" are true except one. Pick the exception: 
A. Addresses wrongs directed against the state 
B. Authorities have a duty to prosecute ...
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Add to cartD. Is primarily concerned with the compensation of victims for their losses correct answersThe following statements respecting the brach of law known as "criminal law" are true except one. Pick the exception: 
A. Addresses wrongs directed against the state 
B. Authorities have a duty to prosecute ...
Define Bailee for Hire. correct answersPerson 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. correct answersi) Repair...
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Add to cartDefine Bailee for Hire. correct answersPerson 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. correct answersi) Repair...
Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss correct answers-Equipment will not work 100% of the time 
-certain types of losses such as wind, hail and lightning cannot be effectively controlled 
 
People can choose to deal with ris...
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Add to cartProvide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss correct answers-Equipment will not work 100% of the time 
-certain types of losses such as wind, hail and lightning cannot be effectively controlled 
 
People can choose to deal with ris...
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? correct answersWhen the ...
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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? correct answersWhen the ...
Identify 4 possible options to deal with Risk , describe each correct answersControl the Risk ( loss control measures) 
Avoid the Risk ( rent Rather than buy ) 
Retain the risk ( self insurance or share risk through deductibles) 
Transfer the Risk ( purchase insurance ) 
 
Out of the 4 means of mana...
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Add to cartIdentify 4 possible options to deal with Risk , describe each correct answersControl the Risk ( loss control measures) 
Avoid the Risk ( rent Rather than buy ) 
Retain the risk ( self insurance or share risk through deductibles) 
Transfer the Risk ( purchase insurance ) 
 
Out of the 4 means of mana...
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...
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 
d. An exchange of something of value 
 
 
 
A stock company is... 
a. A company that invests in other companies 
 
b. A company owned by stockholders who ...
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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 
d. An exchange of something of value 
 
 
 
A stock company is... 
a. A company that invests in other companies 
 
b. A company owned by stockholders who ...
What is the name given to the collection of written decisions? 
Case Law 
 
 
 
Explain the concept of the Rule of Precedent. 
Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which spec...
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Add to cartWhat is the name given to the collection of written decisions? 
Case Law 
 
 
 
Explain the concept of the Rule of Precedent. 
Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which spec...
Define the following insurance terms. 
Bill of Lading correct answersDocuments issued by carriers responsible for transporting or forwarding goods 
 
Constructive Total Loss (MARINE INSURANCE) correct answersOccurs when the cost of salvaging the cargo is too high relative to the value saved 
 
Worki...
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Add to cartDefine the following insurance terms. 
Bill of Lading correct answersDocuments issued by carriers responsible for transporting or forwarding goods 
 
Constructive Total Loss (MARINE INSURANCE) correct answersOccurs when the cost of salvaging the cargo is too high relative to the value saved 
 
Worki...
1 ) Owners of your brokerage wish to join an operating affiliation. They want a written report of their options including your options. correct answersSalient Points: 
- Loosely Knit 
- General Purpose Groups. 
- Clusters. 
- Common Identity Groups. 
- Services and Support. 
- Exclusivity. 
- Fees. ...
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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. correct answersSalient Points: 
- Loosely Knit 
- General Purpose Groups. 
- Clusters. 
- Common Identity Groups. 
- Services and Support. 
- Exclusivity. 
- Fees. ...
What are the similarities between a strategic plan and an action plan? correct answersThey are both critical steps in the success of a brokerage 
 They both flow from the mission statement 
 They both use the same process (top down/bottom up) 
 
What are the differences between a strategic plan and ...
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Add to cartWhat are the similarities between a strategic plan and an action plan? correct answersThey are both critical steps in the success of a brokerage 
 They both flow from the mission statement 
 They both use the same process (top down/bottom up) 
 
What are the differences between a strategic plan and ...
Explain what it means to issue insurance on a scheduled basis correct answersOnly 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 correct answersBuilding, stock and equipment are insured under a singl...
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Add to cartExplain what it means to issue insurance on a scheduled basis correct answersOnly 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 correct answersBuilding, stock and equipment are insured under a singl...
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