Chapter 2

Question 1

Binding Authority

Answer 1

Authority to bind insurer to an insurance contract without first submitting the application to an underwriter and to confirm such insurance coverage to an applicant.

Question 2

Fiduciary

Answer 2

One who holds property or money in trust for another.

Question 3

Fiduciary duty

Answer 3

Duty to act in trust and in the best interests of another.

Question 4

Why is Errors and Omissions needed?

Answer 4

Cause no matter how careful you are mistakes can happen.

Question 5

CPIB Canadian Professional Insurance Broker

Answer 5

Must successfully complete three mandatory and three elective courses.

Question 6

Canadian Certified Insurance Broker (CCIB)

Answer 6

Successfully complete three examinations on commercial property and liability coverages,

Question 7

Chartered Insurance Professional (CIP)

Answer 7

Must complete 10 courses, five are mandatory, three applied courses and two elective courses.