Objectives

Question 1

Explain how an underwriter assesses a property risk.

Answer 1

Construction, Occupancy, Protection, Exposures; COPE

Question 2

Explain how COPE is applied in assessing a property risk for a single-family dwelling.

Question 3

Explain how COPE is applied in assessing a property risk for a business.

Question 4

Explain what third party insurance is.

Question 5

Explain how the Canadian legal system impacts how liability insurance is handled in Canada.

Question 6

Describe the types of exposures an underwriter considers when underwriting a commercial risk.

Question 7

Explain the process for underwriting personal risks.

Question 8

Explain how the price for insurance products is set.

Question 9

Explain the ratemaking process.

Question 10

Describe how ratemaking is applied.

Question 11

Explain how different internal circumstances impact the underwriter’s role.

Question 12

Explain how external trends impact the underwriter’s role.

Question 13

Describe the process for underwriting automobile risks.

Question 14

Describe the automobile insurance application and why its information is important to the underwriter.

Question 15

Explain how the use of vehicle influences the underwriter’s judgement.

Question 16

Explain why physical damage coverage and vehicle class are important to the underwriter’s assessment of repairing damaged vehicles.