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OTL INSURANCE EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OTL INSURANCE EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OTL INSURANCE EXAM QUESTIONSAND ANSWERS WITH SOLUTIONS 2024
Which organization took over from the Financial service commission of Ontario in June 2019? - ANSWER
Financial Services Regulatory Authority of Ontario
What is another name for a Mobil home? - ANSWER Manufactured
How soon after the theft of a car had been reported to the insurer or the police, can an insured access
the coverage under loss of use due to theft? - ANSWER 72 Hours
Why do comprehensive homeowners policies contain a list of specified perils? - ANSWER To restrict
coverage on certain perils or types of property, and to provide full coverage for property that would
otherwise be subject to a special limit
Silence where there is an obligation to speak is the description of which term? - ANSWER Non-disclosure
Additional costs associated with the demolition, or repair, after a loss, to comply with a law regulating
these actions, is insured by which type of coverage? - ANSWER The bylaw endorsement
Permission to carry paying passengers and driving training school are both endorsements in which
series? - ANSWER Passenger risks, OPCF 6 series
Which section of an insurance application asks the applicant to list or describe the 'thing' that is being
insured? - ANSWER Subject of insurance
Which act would be covered by a liability policy? - ANSWER Negligent acts
Samara carries mandatory coverage plus collision and comprehensive, each with a $500 deductible. How
much would the insurer pay for $3000 fire damage to her vehicle? - ANSWER $3,000 under
comprehensive (because the loss is due to fire or lightning the deductible doesn't apply)
,In automobile insurance, what does a residual market ensure? - ANSWER Risks that are more hazardous
or less desirable can obtain insurance coverage
What resources (if any) does an insured have if they are unhappy with the degree of fault establishes by
their insurer? - ANSWER An insured can sue their insurer
What is the ONLY coverage available to an injured driver when her/she has taken the car without the
owners consent? - ANSWER Accident benefits
Brenda is in an accident in Ontario with a driver that is identified but uninsured. The accident causes
$25,000 in property damage and $25,000 in bodily injuries. What maximum amount will be paid under
the priority of payments in Ontario? - ANSWER A maximum of $10,000 for property damage, and a
maximum of $190,000 for bodily injury.
Which payment method allows the insurance company to invoice the clients instead of the broker? -
ANSWER Direct bill
Why do insurers use very specific underwriting and rating rules when underwriting a lessor's contingent
policy? - ANSWER Leasing companies have unique business characteristics which makes underwriting
these risks more difficult
What coverage is in the garage automobile policy (OAP 4) but NOT in the standard automobile (OAP 1)
policy? - ANSWER Liability for damage to a customer's automobile while in the care, custody, and control
of the insured.
Which type of individuals are excluded from the OAP 1 while driving a customer's car as part of their
business? - ANSWER Anyone who sells, repairs, maintains, stores, or parks automobiles as part of a
business.
Why is territory a rating factor for underwriters to consider? - ANSWER The more an automobile is on
the road the greater the risk of an accident: and where the automobile is driven impacts the number and
type of losses/accident exposure.
Which type of risk is suitable for an excess policy? - ANSWER One that is exposed to catastrophic losses
, How can an insured homeowner be provided with all-risk coverage for camera equipment? - ANSWER
Personal article endorsement
Which additional condition of a comprehensive homeowners policy prevents the insured from claiming
the loss of one item of a match pair as loss of pair? - ANSWER Pair and set
Who approves the course content and the use in licensing continuing education (CE) credits? - ANSWER
Insurance licensing regulator
A process by which an insurer makes good on its promise to pay money to, or on behalf of, an insured if
a certain event takes place is referred to as which of the following? - ANSWER The claims process
An insurance policy terminated by the insured will be refunded any excess premium on what basis? -
ANSWER Short-term rate premium for the expired time
What is; the act of promoting products through mobile devices and the internet? - ANSWER Digital or
online marketing
Which loss is an example of a coverage provided by identity theft insurance? - ANSWER Earnings lost due
to time away from work
What additional details may an insurer request from the insured when insuring firearms? - ANSWER
Safety measures used in the home
Who governs the registration and licensing of motor vehicles, licensing of drivers, and traffic control of
vehicles on highways? - ANSWER The highways traffic act
When is the subject of insurance intangible? - ANSWER Liability insurance
What did the government do to define the commercial activity in a ridesharing transaction? - ANSWER
The ridesharing transaction has been broken down into three distinct commercial activity periods
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