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Question 1 of 80
1. Question
Actual cash value upholds the principle of
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Question 2 of 80
2. Question
Business Interruption insurance:
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Question 3 of 80
3. Question
The insured accidentally collided with a guard rail causing severe damage to his vehicle. This will be a _____ claim.
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Question 4 of 80
4. Question
The Drivers Policy (OPF #2) is intended to provide coverage for:
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Question 5 of 80
5. Question
Which of the following, with regard to Section II Liability Coverage is correct:
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Question 6 of 80
6. Question
Coinsurance
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Question 7 of 80
7. Question
Which of the following statements is correct?
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Question 8 of 80
8. Question
Under the auto policy, on receipt of a proof of loss the insurer:
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Question 9 of 80
9. Question
A service station operator frequently uses his tow truck to tow automobiles, which he does not own. To provide liability insurance against damage to the vehicles he is towing, he requires:
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Question 10 of 80
10. Question
What knowledge should underwriters require to have in order to complete the primary function of their role?
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Question 11 of 80
11. Question
An insurance contract contains all of the elements of any other legal contract. One of the elements that must also be contained in a valid
contract for insurance isCorrectIncorrect -
Question 12 of 80
12. Question
Increasingly higher limits are necessary for liability coverage because:
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Question 13 of 80
13. Question
The insured’s car is stolen. The insured is entitled to Loss of Use by Theft coverage on:
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Question 14 of 80
14. Question
An insured operates an automobile dealership. What policy will he need to cover the vehicles he has for sale against fire loss:
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Question 15 of 80
15. Question
Agents and brokers require business accounts for different purposes. Which account is used to pay expenses from and deposit earned commission into?
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Question 16 of 80
16. Question
Concealment is
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Question 17 of 80
17. Question
What type of Liability Policy would owners of a multiple storey apartment building need?
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Question 18 of 80
18. Question
The insured has a $100 Specified Perils deductible. In which of the following cases does it not apply?
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Question 19 of 80
19. Question
Of the following persons or organization who could not have an insurable Interest in a piece of jewellery:
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Question 20 of 80
20. Question
Which of the following is the most common cause for E&O claims?
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Question 21 of 80
21. Question
Which of the following is a not factor in the insurance definition of fire?
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Question 22 of 80
22. Question
A tenant negligently causes a fire, which damages the apartment building. Under which policy is the building damage covered?
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Question 23 of 80
23. Question
The definition of “insured” under Third Party Liability section of the OAP#1 includes:
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Question 24 of 80
24. Question
Which of the following do not have a fiduciary relationship with their clients
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Question 25 of 80
25. Question
Which is one of the best ways to defend against E&O claims?
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Question 26 of 80
26. Question
Insurance is
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Question 27 of 80
27. Question
Which policy provides all risk coverage for a dwelling building and its contents?
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Question 28 of 80
28. Question
Which Liability policy lends it best to providing suitable coverage for a large manufacturing firm?
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Question 29 of 80
29. Question
The statutory conditions:
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Question 30 of 80
30. Question
The law makes a Bailee:
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Question 31 of 80
31. Question
In collecting a premium deposit, the agent is required to
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Question 32 of 80
32. Question
The basic fire policy covers which of the following perils
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Question 33 of 80
33. Question
An Umbrella policy
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Question 34 of 80
34. Question
Garage premises and Operations Liability Insurance includes coverage against liability arising from:
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Question 35 of 80
35. Question
Your client has an OAP1 covering one auto for $1,000,000 Liability, Accident Benefits, DCPD, $300 deductible for Collision and $300 deductible Comprehensive, OPCF 44 and OPCF 20. Unfortunately, your client was hit by an insured third party In Ontario causing severe bodily injury. The third party had $300,000 liability. The court awarded a claim settlement of $1,300,000. How much did your client receive under OPCF44?
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Question 36 of 80
36. Question
What does the expression “moral hazard mean”
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Question 37 of 80
37. Question
Condominium Unit Owner’s Basic Policy
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Question 38 of 80
38. Question
The insured has a jewelry loss. In submitting the claim:
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Question 39 of 80
39. Question
The requirement regarding rebuilding a building and detached private structure on the same site, with same occupancy and materials of similar quality affect the coverage:
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Question 40 of 80
40. Question
With an application for auto insurance the insurer is allowed to ask about the use, for rating purposes? Choose the incorrect statement
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Question 41 of 80
41. Question
A material fact
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Question 42 of 80
42. Question
An example of an insurable loss under the basic fire policy is
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Question 43 of 80
43. Question
A binder is:
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Question 44 of 80
44. Question
Characteristics of a CPF (Commercial Property Floater) is that:
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Question 45 of 80
45. Question
Your insured has an all terrain vehicle to insure what special endorsement needs to be added to the policy to properly cover this?
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Question 46 of 80
46. Question
Indemnity can be described as
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Question 47 of 80
47. Question
Aside from Fire and EC, what additional coverage is required by a cold storage business, which cleans remodels and repairs customer’s furs?
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Question 48 of 80
48. Question
Following a policy being issued, a misrepresented fact on an automobile application may cause an insurer to:
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Question 49 of 80
49. Question
Indemnity means:
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Question 50 of 80
50. Question
After an automobile accident, how soon must an insurer give notice to an insured claimant when they are going to repair the vehicle?
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Question 51 of 80
51. Question
Common law is
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Question 52 of 80
52. Question
On the OAP #1 policy the uninsured automobile coverage would not respond in which of the following circumstances.
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Question 53 of 80
53. Question
Ordinary negligence is:
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Question 54 of 80
54. Question
When a Standard Mortgage Clause is attached to a policy:
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Question 55 of 80
55. Question
Which of the following is correct:
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Question 56 of 80
56. Question
Unearned premium is
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Question 57 of 80
57. Question
The amount of insurance on a Builders Risk policy is usually based upon:
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Question 58 of 80
58. Question
Minimum liability limits:
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Question 59 of 80
59. Question
Cancellation of a Fire Policy by registered mail is effective:
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Question 60 of 80
60. Question
When an insurance broker moves from a brokerage firm and begins working for a different firm, the individual must advise:
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Question 61 of 80
61. Question
Temporary insurance must be terminated
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Question 62 of 80
62. Question
A bailee is one who:
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Question 63 of 80
63. Question
Absolute liability is a legal provision which:
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Question 64 of 80
64. Question
Which of the following parts of a Fire Insurance Policy is required by law?
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Question 65 of 80
65. Question
Which of the following is correct:
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Question 66 of 80
66. Question
Physical hazards of a property are determined by
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Question 67 of 80
67. Question
If an architect’s drawings are destroyed in a fire, which coverage of his policy would pay for the cost of completely re-working them?
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Question 68 of 80
68. Question
The insured, while riding a bicycle, was struck by a car and injured. Medical payments for the insured will be:
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Question 69 of 80
69. Question
Insurance coverage, under the terms of a Standard Fire Policy is effective:
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Question 70 of 80
70. Question
Under Liability Coverage:
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Question 71 of 80
71. Question
A void contract is a contract
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Question 72 of 80
72. Question
Extra Expense insurance:
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Question 73 of 80
73. Question
The purpose of the loss of income benefits under the Owners Policy is:
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Question 74 of 80
74. Question
When an insured purchases an additional or a replacement vehicle, coverage is automatically extended to the newly acquired automobile.
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Question 75 of 80
75. Question
Which of the following statements is correct in connection with an All-Risk Homeowners/Tenant/Condo Policy:
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Question 76 of 80
76. Question
What department of an insurance company determines which risks are acceptable to the insurer and at what price?
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Question 77 of 80
77. Question
Under a Profits Form Policy:
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Question 78 of 80
78. Question
Damage to the insured vehicle resulting from theft of the vehicle is covered by both:
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Question 79 of 80
79. Question
The Owners Automobile Policy limits required to satisfy your province’s Financial Responsibility law are:
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Question 80 of 80
80. Question
The Personal Articles Floater:
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