Exam (elaborations)
C130 - CIP Exam: Questions With Trusted Solutions
- Course
- Institution
C130 - CIP Exam: Questions With Trusted Solutions
[Show more]
Content preview
C130 - CIP Exam: Questions With Trusted SolutionsWhich of the following has been traditionally offered by insurance companies,
but is not actually insurance? Right Ans - Surety bonds
The court case, Fine's Flowers Ltd. vs. General Accident Assurance Co. of
Canada (1977), is significant because it Right Ans - increased the duty of
care required by insurance intermediaries when acting within their scope of
duty.
With respect to Utmost Good Faith, Right Ans - full disclosure of material
information is required by all parties.
Cold calls Right Ans - are excellent practice for talking to people to discover
their needs.
Brokers use this technique to provide existing clients with new policies
covering additional exposures. Right Ans - Up-selling
A system established to monitor files to ensure that action is taken within the
appropriate time is known as Right Ans - abeyance.
The process by which detrimental effects of a risk are minimized by
identifying, measuring and controlling the-risk is known as Right Ans - risk
management.
The unlawful taking of insured property from within the insured premises by
a person who unlawfully enters the premises as evidenced by marks of
forcible entry is termed Right Ans - burglary.
A disadvantage of oral applications is that they Right Ans - might not
record all the discussions between the broker and the insured.
A broker might identify a client with a potential accounts recelvable problem
by reviewing the section of the insurance application disclosing the Right
Ans - loss payees.
When an applicant for insurance has been involved in one previous not-at-
fault loss in which her vehicle was damaged, an insurer who is writing a policy
,for the risk may Right Ans - apply standard terms and conditions based on
the exposure.
Binding authority Right Ans - allows the broker to bind some limited
coverage immediately.
The legal concept by which any ambiguity in the policy wording will be
interpreted against the party that wrote the wording is Right Ans - contra
preferentem.
The signature clause of a policy consists of signatures of the Right Ans -
chief executive of the insurance company and the broker or authorized
employee of the insurer.
Condominium corporations arrange insurance for Right Ans - the common
areas of the building.
Under most seasonal dwelling forms, insurance limits for outbuildings
Right Ans - are part of the limit of coverage for the main building.
Under the terms of guaranteed replacement cost, the insurer will pay the full
cost to rebuild the dweling even if it exceeds the amount of insurance
purchased provided that the Right Ans - amount insured was 100% of the
replacement cost at the last evaluation.
The legal term defined as the substantial and unreasonable interference with
a person's right to enjoy and use his or her property is Right Ans -
nuisance.
A broker whose client regularly rents accommodations while on vacation
would offer this client insurance coverage for Right Ans - tenant's legal
liability.
One of the legal penalties for driving without insurance is the Right Ans -
possibility of being sued for legal liability as an at fault uninsured motorist.
The Facility Association does NOT operate in Right Ans - British Columbia.
, Which automobile coverage is compulsory in all Canadian jurisdictions?
Right Ans - Accident benefits
The automobile endorsement that makes it possible to insure a vehicle for less
than its appraised value is called the Right Ans - Limit of Amount Paid for
Loss or Damage endorsement.
Letters of authorization are Right Ans - written notices from the insured to
the insurer stating the broker of record on a policy.
Prescription is Right Ans - the limited time after which a cause of action
ceases.
If a third party is responsible for a portion of a loss, the insured's right of
action against. that responsible third party is transferred to the insurer and is
known as Right Ans - subrogation.
A person employed by an insurance regulator to help resolve claims is called
a(n) Right Ans - ombudsman.
Wholesale brokers are Right Ans - intermediaries that specialize in non-
standard or difficult-to-place risks.
With respect to the law of agency, an insurance intermediary Right Ans -
has a dual responsibility to the insurer and to the client, as required by law.
What is a broker's best defence against an Errors and Omissions claim?
Right Ans - Acting within the scope of his or her authority
Processing non-verbal clues and interpreting how a message is being said are
part of Right Ans - active listening.
Adopting a speech pattern similar to that of the individual with whom you are
having a conversation is known as Right Ans - mirroring.
When a broker asks a client whose policy is due for renewal, if he would like
to purchase a comprehensive homeowners policy to replace his existing broad
form policy, the broker is Right Ans - up-selling.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyHall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
70113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now
Recently viewed by you
Package deal ·
Art History 1, All Challenges and Milestones.
Exam (elaborations) ·
CNA Written Exam Questions with correct answer
Exam (elaborations) ·
NPTE Practice REVIEW WITH 100% CORRECT ANSWERS.
Exam (elaborations) ·
PRM392 EXAM QUESTIONS WITH 100% CORRECT ANSWERS
Exam (elaborations) ·
OB GYN TEST QUESTIONS AND CORRECT ANSWERS 2025
Case ·
The TEFL Academy, Assignment 3 - Materials YouTube Video
Summary ·
Pedagogiek en psychologie samenvatting boek 2LO
Exam (elaborations) ·
ACG 445 EXAM 1 QUESTIONS WITH ANSWERS GRADED A+
