Fundamentals of Insurance BUNDLED exams 2023 with 100% correct answers

TRUE OR FALSE: In private automobile insurance provinces, they use The Standard Application Form (SAF #1) to apply for auto insurance - correct answerTrue TRUE OR FALSE: Once a private auto insurer approves the application the policy will be issued of the Standard Policy Form (SPF #1 ) Owners For...

Spread of Risk - correct answer- "The losses of few are shared among the many" - A large pot into which all insureds place their premiums - This pot provides for payment for the losses of those who have claims Basis of Credit System - correct answerConsumer access to insurance frees up credit...

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 limits is correct? a) Personal Property- 100% of Covera...

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 - correct answerb. To share the losses of the few among the many A peril if be...

What are the legal requirements of an insurance contract? - correct answerOffer and Acceptance Legal Competency of both parties Consideration is given Lawful Purpose What are the elements of an insurable risk? - correct answerLarge number of homogenous exposures Losses must be accidental Los...

What are the legal requirements of an insurance contract? - correct answerOffer and Acceptance Legal Competency of both parties Consideration is given Lawful Purpose What are the elements of an insurable risk? - correct answerLarge number of homogenous exposures Losses must be accidental Los...

every policy of fire insurance ly covers fire,smoke, and specified types of explosions required by law to cover fire, windstorm,and lightning s fire,explosion, and windstorm required by law to cover at least fire, lightning, and specified types of explosions - correct required by law to cov...

Chapter 1 - correct answerIntroduction to General Insurance The major function of insurance is to achieve a spread of risk. Explain what is meant by spread of risk. - correct answerthe major function of insurance is to share the losses of the few among the many What are the five functions of i...

Identify four persons including the definition of "you' or "your" and who would be Insureds under the policy. - correct answerSpouse or common law living in the same household, relatives of either spouse or insured, any person under 21 in the care of named insured, and students can be over the a...

What is the role of Agents? - correct answerRepresent insurers interests, only represent one insurance company. What is the role of Brokers? - correct answerRepresent client's interests. Often represent various insurance companies. Who is party to contract? - correct answerInsured and insurer...

What is the role of the federal Government when insurers receive federal licensing? - correct answerLicensing provided only to companies that can meet strict financial standards. Established by the office of the Superintendent of Financial Institutions (OSFI). Insurers are monitored on an ongoing ba...

What is the major function of insurance? - correct answerto allow the spread of risk What are the five important functions of insurance? - correct answer1) insurance is the shifting of financial responsibility for a loss 2) payment will be made only in the event of an insured risk 3) the amount...

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 - correct answerc. 30,000 The reinstatement...

correct answer The major function of insurance is to achieve a spread of risk. Explain what is meant by "spread of risk" - correct answerTo share the losses of a few among the many An analysis of the definition of insurance reveals five important points. Identify these five important points ...