FUNDAMENTALS OF INSURANCE COMBINED

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...

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...

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 ...

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 ...

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...

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...

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...

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...

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 -...

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...

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...

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...

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...

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...