Exam (elaborations)

C130 Essential Skills for the Insurance Broker and Agent - Chapter 5-6

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Macewan University ( )

If you are enrolled in the Insurance and Risk Management Program at Macewan University, the following course materials will be helpful in helping you to prepare for your exams with both the University and the Insurance Institute. All exam materials are relevant to questions you will see on the CIP ...

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Uploaded on September 26, 2018
Number of pages 3
Written in 2018/2019
Type Exam (elaborations)
Contains Questions & answers

insurance
risk management
broker courses
risk management and analysis

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INSR 210 – Essentia Skiaas for the Insurince Broker ind Agent QUIZ 3 (Chapter 5 - 6)
September 2018

QUIZ 3 – C130 – STUDY 5 & 6

Multiple Choice Questions – 2 marks each.
BOLD / Italic signifies the correct answer.

1. The binding authority for brokers is generally found in the

a) Insurance Act
b) Brokerage/agency contract
c) is universal throughout the Industry
d) minutes of the local broker's association

2. Backdating coverage could mean that the client

a) wants coverage to begin at a date preceding the application time
b) simply wants to be sure he is protected for all eventualities
c) could be confused about his renewal dates
d) none of the above

3. A written binder is

a) not legally required
b) is written only at the request of the insured
c) may or may not be granted by the broker/agent
d) a document that can be backdated if required

4. Once the policy documents are issued, the broker will

a) deliver the documents and review them with the insured
b) review them for accuracy and that they match up with what was sold
c) simply mail the policy to the insured
d) a and b

5. Contra preferentum means

a) to act with utmost good faith
b) against the offeror
c) an assumption of risk
d) a dog is entitled to one bite

6. Warranties are

a) Promises that continue for the life of the policy period
b) statements that may or may not be true
c) only true at the time they are made
d) none of the above

7. A binder is

a) confirmation of coverage until a policy is issued
b) the receipt given for the premium received
c) part of the contract between the broker and insurer
d) the front page of a policy

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