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Insurance Level 1 > Going over exams > Flashcards

Going over exams Flashcards

1
Q

Mold, fungus and other biological hazards

A

are not covered.

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2
Q

Risk management

A

Science of loss prevention

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3
Q

Tenants improvements and betterments

A

Is under equipment

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4
Q

Commercial general liability covers

A

premises, operations, products and completed operations liability

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5
Q

If you can’t get insurance on regular market can get it from

A

Facility association

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6
Q

3-D policy two important elements

A

Crime and fidelity coverage

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7
Q

Legal liability

A

careless act

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8
Q

personal injury coverage on CGL policy covers liability from

A

Slander or libel of a person or an organization

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9
Q

Tenants legal liability coverage

A

Fire, explosion, water escape and smoke

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10
Q

Two main coverages of person liability policy

A

Personal and premises liability

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11
Q

Utmost good faith

A

the disclosure of material information is required by all parties

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12
Q

Adversely affect good client service

A

Limited capacity

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13
Q

Type of damages that liability policies will pay

A

Special damages

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14
Q

Claim under personal liability policy must be reported

A

within one year of occurrence

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15
Q

Obligee in a fidelity bond is the

A

Employer

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16
Q

What does endorsement do

A

Alters the provisions of the policy

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17
Q

Who has right to cancel a policy

A

Insured, Insurer

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18
Q

RETROCESSION

A

Reinsurance purchased by a reinsurance company

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19
Q

signatures of the applicant are

A

Preferred

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20
Q

Theft by employee is covered if you have what package

A

Comprehenive dishonesty, disappearance and destruction policy

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21
Q

Farm animals are not covered

A

At a stockyard

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22
Q

won’t be covered if you travel pregnant

A

within 8 weeks of due date

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23
Q

Surety Bonds are not

A

NOT INSURANCE

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24
Q

Subrogation

A

The right of the insurance company to recover payments made under the policy from another person who is legally responsible for the loss

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25
Q

Franchise Clause means

A

If the loss exceeds the deductible or other specified amount, the deductible totally disappears.

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26
Q

Insurance terms

A

Black Law Dictionary

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27
Q

Insurance contracts are regulated by the following legiatlation in common law provinces

A

The insurance acts, the stat conditions

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28
Q

Auto insurance

A

Only applicant needs to sign the application

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29
Q

Min liability in Alberta

A

$200,000

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30
Q

Commerical building

A

temporary fixtures and fittings are not covered under building.

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31
Q

stat conditions which are found in all fire policies

A

impose obligation on both the insured and the insurer

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32
Q

Right of the mortgagee

A

The right to share in the loss payment, as long as the insured owes something on the mortgage.

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33
Q

Wood outside that is going onto house

A

would be fully covered under dwelling building

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34
Q

Data problem defined as

A

erasure, destruction, or misinterpretation of data

35
Q

Freezer food

A

Expenses incurred to store freezer food in a cold storage unit while the freezer is being repaired.

36
Q

Endorsement added to cover farm mach and equipment

A

all risk coverage

37
Q

Mobile homes

optional emergency removal expense

A

5% of the amount of insurance under coverage A

38
Q

A claims made policy

A

Covers only claims made during the term of the contract

39
Q

Section F of homeowner policy

A

Voluntary medical payments

40
Q

Coverage E homeowners

Property damage

A

Physical los or damage to tangible property, including the loss of use of such property

41
Q

Person who owns 25 power units

A

get owners form policy

42
Q

Non-owned automobile policy provides

A

third party liability

43
Q

if they lease automobile for long time

A

standard owners automobile policy, suitably endorsed.

44
Q

under the third party liability section of the automobile policy, the insured agrees to

A

reimburse the insurer for all amounts the insurer has to pay because of the absolute liability law, but which the insurer would not otherwise be liable to pay

45
Q

Pure risk

A

the chance of loss

46
Q

Binding limits outlined in the agency agreement

A

Act as a cntrol on brokers binding powers

47
Q

Can only use personal information for

A

purpose that are reasonable

48
Q

insurance agent or broker is resposible for providing info that

A

materially affects the insurer’s interest

49
Q

E and O

A

Act only within the scope of your authority and competence

50
Q

E and O policy

A

must be issued by a licensed insurer approved by the ministry

51
Q

reinsurance

A

is insurance for insurance companies

52
Q

who sells insurance to the general public is under control of

A

the provincial government

53
Q

underwriter

A

employed by an insurer to accept and reject risk on their behalf

54
Q

Stock companies are owned by

A

the shareholders

55
Q

Superintendent of insurance

A

administering the insurance act in each province is responsibility of the superintendent of insurance

56
Q

No fault portion of automobile insurance is called

A

Accident benefits coverage

57
Q

Common law is based on

A

the premise that current court decisions should follow previous decisions whenever the circumstances are similar

58
Q

Condsideration

A

The subject of matter of the policy

59
Q

Comprehensive coverages doesnt cover

A

Collison or upset

60
Q

Total disability must occur within

A

60 days from date of accident

61
Q

Moral hazard

A

A subjective characteristic of the applicant that could cause a peril to occur.

62
Q

warranty is

A

a promise by insured’s that certain facts are true and will remain so.

63
Q

Death benefits, the death must occur

A

2 years from date of accident

64
Q

If you need glass coverage get

A

Limitation of glass endorsement

65
Q

Accident benefits proof of loss must be within

A

90 days

66
Q

all risks policies cover

A

all losses unless they are specifically excluded by the policy

67
Q

agent represents the interest of the

A

insurer

68
Q

Total disability benefit not payable for the first

A

7 days from the date of accident

69
Q

Stat conditions which are found in all fie polices

A

impose obligations on both in insured and the insurer

70
Q

Mobile homes, optional emergency removal expense

A

5% of the amount of insurance under coverage A

71
Q

Residual markets, from an underwriting standpoint, refer to

A

special programs to ensure insurance availability to less desirable or more hazardous risks

72
Q

Third party liability of auto

A

insured agrees to, reimburse the insurer for all amounts that insurer has to pay because of the absolute liability law, but which the insurer would not otherwise be liable to pay

73
Q

Large loss principle

A

if possible, devastating exposes to loss should be transferred through non-insurance or insurance transfer

74
Q

Binding limits outlined in the agency agreement

A

act as a control on brokers binding powers

75
Q

trust account is used to deposit

A

premiums collect to pay insurers for policies issued

76
Q

Net premiums

A

Premiums are after the producer’s commission has been deducted

77
Q

E and O’s

A

$500,000 MIN

78
Q

You have an ethical duty recommending insurance to advise all insurance available, even if its beyond what your insurers

A

provide

79
Q

Insurance defined as

A

A contractual relationship where one party for consideration agrees to reimburse another for a loss

80
Q

Caveat emptor refers to

A

The doctrine of

“buyer’s beware”

81
Q

Rebating

A

A broker agrees to accept less money than the premium shown on the policy

82
Q

Proportional reinsurance

A

Quota share

83
Q

Consequential Loss

A

A loss that is an indirect result of an occurrence

Insurance Level 1 (8 decks)

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