Quiz Questions Difficult Flashcards
What does fortuitous mean?
a) Fortunate
b) Accidental
c) In the future
d) Compensatory
B) Accidental
- Who is the first party of an insurance contract?
a) Insured
b) Insurer
c) Claimant
d) None of the Above
A) Insured
- Which of the following is an express contract?
a) The parties have acted in such a way that it is understood that an agreement exists
b) Confirmation of insurance coverage is given and can be written or oral
c) All terms have been specifically stated and agreed by both parties
d) One party, in return for a consideration, agrees to indemnify another party
c) All terms have been specifically stated and agreed by both parties
- How is an unearned premium reserve fund used?
a) Gives money back to a claimant if there is a dispute in a claim
b) Pays if an insurer refuses to pay for a claim
c) Pays claims if an insurer goes bankrupt
d) Pays an insured the unearned premium in case policies are cancelled
d) Pays an insured the unearned premium in case policies are cancelled
- What is proximate cause?
a) The first cause in a chain of events that results in a loss
b) The suspected cause of a loss
c) The cause that sets a remote cause into motion
d) The immediate and effective cause of a loss
d) The immediate and effective cause of a loss
15. Statutory Conditions in a Fire Policy are primarily to protect the rights of which of the following? a) The insured b) The insurer c) The broker d) Both the insured and the insurer
d) Both the insured and the insurer
- Who can an insured employ to represent their interest during a claim?
a) Telephone adjuster
b) Staff adjuster
c) Independent adjuster
d) Public adjuster
d) Public adjuster
- Which of the following is NOT the subject of a Statutory Condition?
a) Premium
b) Misrepresentation
c) Material change in risk
d) Termination of the policy
a) Premium
- Who is protected by a mortgage clause in a property insurance policy?
a) The one who lends the money and the insurer of the property
b) The insured
c) The insurer of the property
d) The one who borrows the money
a) The one who lends the money and the insurer of the property
- In arranging an insurance contract the broker must always:
a) Have an application signed
b) Collect the full premium at the time of the inception date
c) Disclose the commission on every policy
d) Pass on the insurer all relevant information whether requested or no
d) Pass on the insurer all relevant information whether requested or no
- Your insured request that his automobile policy be cancelled part way through the term. The
refund due to the insured would be calculated on:
a) The basis of a full refund of the entire premium
b) A pro rata basis
c) A short rate basis
d) A pro basis provided the insured agreed to sign a cancellation receipt enabling the insurer to
avoid the expense of issuing a registered letter of termination and the conquest delay in the
effective date of the termination
c) A short rate basis
- Of the following persons or organizations who could have an insurable interest in a piece of
real property (real estate)
a) Executor of a will
b) Tenant in an apartment building
c) A bailee
d) The individual to whom that property has been promised in 5 years time
a) Executor of a will
- Pure premium is the:
a) Premium required to meet the inflated anticipated losses
b) Premium required to meet the losses that occur
c) Rate or premium required
d) Total premium required by the insurance company
b) Premium required to meet the losses that occur
- A binder:
a) Is an all inclusive insurance package
b) Cannot be terminated
c) Is a temporary insurance undertaking
d) Must always be in writing
c) Is a temporary insurance undertaking
- With respect to salvage:
a) It belongs to the insurer when a claim has been made and nothing can change that
b) It always belong to the insured
c) It consists of the useless debris of a total loss
d) Disposition can be negotiated between the insured and the insurer
d) Disposition can be negotiated between the insured and the insurer
- An independent agent or broker must maintain a trust account:
a) Into which all commission amounts are transferred
b) From which all business expenses are paid
c) From which net premiums are paid to insurers
d) Into which amounts are transferred to meet emergencies
c) From which net premiums are paid to insurers
- An insurer wishing to terminate an insurance policy may do so by:
a) Ordering the broker to issue a registered letter of cancellation
b) Giving the insured 15 days notice by registered mail and refunding the unearned premium
c) Refunding the entire policy premium
d) Ordering the insurance broker to pick up the policy from the insured
b) Giving the insured 15 days notice by registered mail and refunding the unearned premium
- The insured, under a Fire Policy, goes bankrupt and there is loss shortly afterward. Which
one (1) of the following statements are true?
a) As the insured is bankrupt, the policy is void
b) The loss would be paid by the trustee in Bankruptcy
c) Bankruptcy is a material change is risk and the policy is therefore void
d) The insurer is liable to pay the loss to the Trustee in Bankruptcy
d) The insurer is liable to pay the loss to the Trustee in Bankruptcy
- The Standard Mortgage Clause approved by the Insurance Bureau of Canada and generally
used throughout the insurance industry outlines:
a) The terms and conditions of the agreement between the insured and the mortgagee in
relation to their financial arrangement
b) The rights of the insurer, the obligations of the mortgagee, and the rights of the mortgagee
c) The coverage benefit of the mortgagee
d) That the insurer shall give fifteen (15) days written notice to the mortgagee if the insurer fails
to offer a renewal policy
b) The rights of the insurer, the obligations of the mortgagee, and the rights of the mortgagee
- Improvements and Betterments made to a Condominium Unit by its owner are:
a) Under the Blanket Feature of the Condominium Corporation’s Master Policy
b) Under Coverage A3 of the individual Unit Owners Comprehensive Policy
c) Under the Building coverage of the Condominium Corporation Master Policy
d) Under Coverage C of the Unit Owners Comprehensive Policy
b) Under Coverage A3 of the individual Unit Owners Comprehensive Policy
- Additional Living Expense under a Homeowners Comprehensive policy is payable when the
premises become unfit for occupancy in which one (1) of the following circumstances?
a) The insured’s home is sprayed for insects
b) The insured is having his home renovated
c) The insured’s home has suffered severe smoke damage
d) During a rainstorm, drains in the insured’s basement backed up, causing severe water
damage
c) The insured’s home has suffered severe smoke damage
- The Condominium Unit Owners Comprehensive Policy includes which one (1) of the
following?
a) It provides additional coverage for the owner of the Condominium unit if the Condominium
Corporation’s insurance is inadequate or is not effective
b) It adds the Condominium Corporation as an additional named insured with respect to liability
coverage
c) It amends the Tenants Comprehensive policy to include that which is usual to a
Condominium
d) It provides additional insurance protection for the Condominium Corporation in the event of
an uninsured loss
a) It provides additional coverage for the owner of the Condominium unit if the Condominium
Corporation’s insurance is inadequate or is not effective
Your client has a $100 000 Homeowners Comprehensive policy with a $200 deductible.
They are planning to build a new garage and begin to buy the necessary building materials.
$2000 worth of materials is stored in their backyard and $3000 worth in the brother’s garage
two blocks away. The brother’s garage is totally destroyed by fire, along with your client’s
materials stored there. How much can your client collect under their own policy?
a) Nothing
b) $2800
c) $3000
d) $2400
a) Nothing
A dwelling valued at $100 000 is owned and insured by three persons. The first person has
$50 000 invested. The second person has $25 000 invested and the third person has $25
000. The first person resides in the house. It is insured for $60 000. The building is
demolished by a tornado. How much would the second person receive from the insurers?
a) $15 000
b) $25 000
c) $12 000
d) $11 250
a) $15 000
- Which one (1) of the following coverages under a Homeowners Comprehensive policy
including Inflation Protection is NOT automatically increased in amount at the anniversary of
the policy?
a) Additional Living Expensive coverage
b) Dwelling Building coverage
c) Liability Coverage
d) Personal Property Coverage
c) Liability Coverage
- The “pair and sets” clause in an insurance policy means:
a) Settlement of a loss with respect to an article which is part of a set, shall be based upon the
basis that the entire set has been destroyed or damaged
b) The insurer will only pay one-half of the insurance if one of the pair is destroyed or damaged
c) Settlement of a loss with respect to an article which is part of a set, shall be based upon a
reasonable proportion of the value of the set, but not the entire set
d) The insurer will not pay for loss of a pair of precious stones unless they are properly set in
the setting containing them
c) Settlement of a loss with respect to an article which is part of a set, shall be based upon a
reasonable proportion of the value of the set, but not the entire set
- In Section 2 Liability Coverage of the Homeowners Comprehensive policy, coverage is
provided for Voluntary Payment for Damage to Property in which one of the following
situations?
a) Property of others damaged intentionally by the insured’s 10 year old son, for which he is not
legally liable.
b) Damage to a ride-on lawn mower rented from a local rent-all establishment.
c) Damage caused by a guest, who backed an automobile into a portable barbeque which the
insured had borrowed from a neighbour.
d) Loss by theft from insured’s premises of a shotgun on loan from a local sporting goods store.
a) Property of others damaged intentionally by the insured’s 10 year old son, for which he is not
legally liable.
Your client has a Comprehensive Condominium policy through your brokerage subject to a
$500 deductible. The common areas of the building suffer severe damage which is not
covered by the Condominium Corporations Master Policy. The loss is covered under your
client’s policy. The Corporation has assessed your client $2,000 of the damages. How would
your clients policy respond?
a) $1,500
b) $2,000
c) $0 because the Master policy does not cover the loss.
d) Would depend on number of unit owners involved in the assessment
a) $1,500
- The liability section of a Homeowners Comprehensive policy does NOT provide coverage for
which one of the following properties?
a) Family cemetery plots
b) Vacant land you own or rent for personal use
c) Premises where you reside temporarily
d) Newly acquired farm premises
d) Newly acquired farm premises
- To what extent does A2 Loss Assessment Coverage in the Comprehensive Condominium
Unit Owners policy cover an assessment against a Unit owner?
a) Any assessment made by the Corporation
b) Any assessment made by the Corporation as long as it is not from the Master policy
deductible.
c) Any assessment up to $50,000
d) Any covered assessment that is valid under the Corporation, insured by the Unit owners
policy and to a limit of $10,000
d) Any covered assessment that is valid under the Corporation, insured by the Unit owners
policy and to a limit of $10,000
- Your client has closed their seasonal residence for the winter and is not intending to return
until spring. What is the status of the premises?
a) Unoccupied
b) Vacant
c) Vacant and unoccupied
d) No material change has taken place
a) Unoccupied
- Which of the following best describes a Comprehensive Tenant Package policy?
a. It only covers theft.
b. It only covers theft provided there are visible signs of break in.
c. It is the same as Homeowners policy but does not cover building or outbuilding.
d. It covers the building, summer cottage and contents of both.
c. It is the same as Homeowners policy but does not cover building or outbuilding.
- Under a Basic Fire policy, the Insured will receive:
a. The amount applicable to the item.
b. The interest of the insured in the property.
c. The actual cash value.
d. The least of the above three options.
d. The least of the above three options.
- Your insured intends to renovate his bungalow and will have to vacate his home for six
months to do this. His coverage for additional living expense will:
a. Not provide any coverage.
b. Provide coverage for a maximum of two weeks.
c. Pay all extra expense incurred in the six month period.
d. Provide coverage only if a loss occurs in those six months
a. Not provide any coverage.
- A Condominium Unit Owners Package policy covers:
a. The entire building and the unit owner’s contents and outbuildings.
b. The contents of the unit and the improvements and betterments.
c. The unit, the entire building and improvements and betterments.
d. Only the contents of the unit
b. The contents of the unit and the improvements and betterments.
- Your client is selling her house and moving to a low rise condominium and calls you to
ask what she should do with her current homeowners policy. How would you advise your
client?
a. Endorse the current policy to the new address but delete the building and liability
because those coverage’s are picked up by the Master policy of the
Condominium.
b. All the building coverage’s for the new condominium are picked up by the Master
policy so she only needs a Tenants package in her name.
c. Make no change as the Homeowners policy is just as good as a Condo package
so you just need to change the address.
d. The Homeowners must be replaced by a Condominium Unit Owners policy which
gives certain extra coverages she will need as a unit owner
d. The Homeowners must be replaced by a Condominium Unit Owners policy which
gives certain extra coverages she will need as a unit owner
- Replacement Cost Coverage means:
a. The same as Actual Cash Value.
b. The cost of settling the claim based on the price paid for the property.
c. The cost of settling the claim based on today’s price without depreciation.
d. Remove the dollar limitation on certain property.
c. The cost of settling the claim based on today’s price without depreciation.
- Which of the following is not true in reference to Physical Hazard?
a. Slippery floors and loose tiles.
b. Decks and railings that have not been properly maintained.
c. Improper storage of flammables.
d. Poor financial results
d. Poor financial results
- Is loss or damage caused by an earthquake insurable?
a. Yes, it is one of the insured perils usually covered in a property insurance policy.
b. No, it is not available under a property policy.
c. Being an “Act of God” it is never insurable.
d. Yes, it can be added to a property policy for an additional premium.
d. Yes, it can be added to a property policy for an additional premium.
- Your insured has rented the same seasonal dwelling for 20 years for two months. They
bring all their clothes, bedding and supplies worth $4000. Unfortunately a fire destroys
the building in the first week and all is lost. Your insured has a $50,000 Comprehensive
Tenants package. How much would his policy pay above the $500 deductible?
a. Nothing
b. $1800
c. $3500
d. $4000
c. $3500
- Which of the following is not a part of the insuring agreement?
a. The exclusions.
b. The Premium.
c. The Perils.
d. Circumstances under which insured receive insurance proceeds.
b. The Premium.
- A very expensive Waterford Crystal vase would usually be insured under:
a. A fine arts floater.
b. A comprehensive homeowners policy
c. A personal articles floater.
d. A valuable papers rider.
a. A fine arts floater.
- Your insured’s woodworking hobby has become a retirement business and he has
converted his garage to a shop. How would you advise him on the affect to his
Comprehensive Homeowners policy?
a. It would not affect the policy as the garage is an extension of the building portion
of the policy.
b. Congratulate him on his entrepreneurship and wish him well.
c. You must advise the insurer immediately and arrange separate coverage.
d. You make a note on the file to re-inspect the risk on renewal and see if you client
is still in business
c. You must advise the insurer immediately and arrange separate coverage.
- An All Risk policy covers:
a. Any kind of loss.
b. Fire, Extended Coverage and Earthquake.
c. Fire, Extended Coverage, Earthquake and Sewer Backup.
d. Any kind of loss subject to exclusions.
d. Any kind of loss subject to exclusions.
- The Mortgage clause:
a. Provides better rights to the mortgagee than the insured.
b. Provides the same rights to the mortgagee as the insured.
c. Provides the same rights to the mortgagee as to a loss payee.
d. Provides better rights to the insured than to the mortgagee.
b. Provides the same rights to the mortgagee as the insured.
- The Fire and E/C Secondary and Seasonal Residence forms are:
a. Identical.
b. The Secondary covers more Perils.
c. The Seasonal covers more Perils.
d. Both automatically include burglary coverage
b. The Secondary covers more Perils.
- Which one of the following statements best describes the term “subrogation”?
a. It is the disposition of the salvage by the insurer after paying a total loss.
b. It is the amount of damage agreed upon by the insurer and the insured.
c. It deems that the right to claim has expired one year after the date of a loss.
d. It is the insurer’s right to recover a loss they have paid from the person
responsible for it
d. It is the insurer’s right to recover a loss they have paid from the person
responsible for it
- Water damage coverage on the Comprehensive Homeowners Policy covers losses
caused by:
a. Water that backed up from a sewer.
b. Accidental overflow, bursting of pipes or freezing.
c. Intentional overflow, bursting of pipes or freezing.
d. Bursting of pipes, freezing or seepage.
b. Accidental overflow, bursting of pipes or freezing.
- If your neighbour lets a bonfire get out of control and the smoke from it blackens the
newly painted exterior of your home, your Fire and Extended Coverage policy will pay
under which of the following perils?
a. Fire.
b. Smoke.
c. Vandalism.
d. Liability.
a. Fire.
- Should this same bonfire get totally out of control and burns down your garage including
your uninsured classic car plus your gas barbecue and lawnmower, your comprehensive
Homeowner policy will pay for:
a. The car and lawnmower.
b. The lawnmower and BBQ.
c. The car and BBQ.
d. All of the above
b. The lawnmower and BBQ.
- If Tom, Dick and Harry each own one third of a $300,000 dwelling and Harry insures it in
his name alone for $300,000 and there is a $90,000 loss, how much will Tom be paid
under the Fire Policy?
a. $90,000.
b. $100,000.
c. Nothing.
d. 80% of $300,000
c. Nothing.
- Which one of the following describes a “Valued” policy?
a. The policy issued by the insurer to a client of a valued broker.
b. The value of the investment dollars earned on premiums by an insurer to offset
underwriting loss. .
c. A policy which states the subject matter is valued at and insured for a stated
amount.
d. A policy that pays the full policy limit for all losses
c. A policy which states the subject matter is valued at and insured for a stated
amount.
- The Condominium Unit Owners policy:
a. Provides no coverage for wall to wall fitted carpeting.
b. Always provides coverage for the fitted broadloom.
c. May provide coverage for kitchen cabinets.
d. Covers everything within the unit whether moveable or fixed.
d. Covers everything within the unit whether moveable or fixed.
- In the property policy, which section describes the insured property?
a. The Statutory conditions.
b. The conditions.
c. The insuring agreement.
d. The extended coverage endorsement
c. The insuring agreement.
- Under a Comprehensive Homeowners policy, how can increased costs of repairs due to
the operation of a local bylaw regulating zoning be insured?
a. They are uninsurable.
b. They are automatically covered as an extension of 15% of the building value.
c. They are automatically covered if the home is under 20 years of age.
d. They are excluded unless a special endorsement is added to the policy.
d. They are excluded unless a special endorsement is added to the policy.
- When a claim is made under a policy which insures property, the insured person is
provided with a Proof of Loss to Complete. Why is this done?
a. The document is necessary to take to an appraiser to determine the amount of
the damage to the property in question.
b. The completed document must be retained by the insurer for 12 months for audit
purpose by the Provincial Department of Insurance.
c. The onus is on the insured to prove their loss and to prevent fraudulent claims.
d. To document the replacement value of the property damaged or lost
c. The onus is on the insured to prove their loss and to prevent fraudulent claims.
- Your client advises you that they are renovating their condo unit and their contents will
be put in storage for 2 months. They have a Comprehensive Condo policy and want to
know if they have to make any special provisions for coverage. How do you advise
them?
a. All coverage continues for 30 days. After that only theft is covered.
b. Only fire and theft coverage applies to property in storage.
c. All coverage’s under their present policy will apply.
d. There is not coverage at the storage location.
a. All coverage continues for 30 days. After that only theft is covered.
- What will an insurer do if a loss occurs under an insurance binder before a policy has
been issued?
a. The insurer will pay the claim in accordance with the coverages bound.
b. The insurer will cancel the binder by registered letter and deny the claim.
c. The insurer will demand the broker cover the loss.
d. The insured will await policy issuance before responding to confirm coverages
are properly in place.
a. The insurer will pay the claim in accordance with the coverages bound.
- Nearly every insurance policy has Policy Conditions which are common to all policies
issued in a particular class. Some policies contain Statutory Conditions. Which one of
the following classes of insurance contains Statutory Conditions?
a. Liability insurance policy.
b. Burglary insurance policy
c. Fire Insurance policy.
d. Marine Insurance policy
c. Fire Insurance policy.
- What is the purpose of the “pair and set” clause in a Property insurance policy?
a. It obliges the insurer to pay a total loss if any item of a pair or set is lost or
damaged.
b. It limits the liability of the insurer to not more than 20% of the total value of a pair
or set that is lost or damaged.
c. It protects the insurer from having to pay for a total loss when only part of a pair
or set is lost or damaged.
d. It warrants that diamond earring are properly set and inspected otherwise no loss
will be paid.
c. It protects the insurer from having to pay for a total loss when only part of a pair
or set is lost or damaged.
- Which one of the following statements is true regarding Replacement Cost insurance?
a. A professional appraisal is required by insurers before they will insure any
property for its replacement cost.
b. Most insurers do not require and insured to replace a damaged property as a
condition to be indemnified for its Replacement cost.
c. Only commercial properties can be insured on their Replacement cost.
d. A condition of this coverage is that Replacement must be with materials of similar
kind and quality
d. A condition of this coverage is that Replacement must be with materials of similar
kind and quality
- Your insureds decide to build a deck at the back of the house. The local Lumber
Company delivers $2500 in materials late one evening. While outside on the driveway
overnight, they were stolen. What would the Homeowners Comprehensive policy pay?
a. Nothing - as the materials were not part of the building at the time of loss.
b. A maximum of 10% of the building insurance carried.
c. The full loss subject to special policy limit of $2000.
d. The full loss subject to the deductible.
a. Nothing - as the materials were not part of the building at the time of loss.
- Both Vacancy and Unoccupied can have an impact on coverage under a Homeowners
policy. Which of the following is true?
a. Vacancy has the greatest impact.
b. Unoccupied has the greatest impact.
c. They both have the same impact in the heating season.
d. They both have the same impact in the non-heating season
a. Vacancy has the greatest impact.
- Rules and agreements concerning binding of insurance coverage by brokers are:
a. Laid out in the Insurance Act of Ontario
b. Set by RIBO and are uniform and apply to every insurance broker firm in Ontario
c. Set and agreed upon between each insurance company and the broker office
d. Enforced by the Department of Insuranc
c. Set and agreed upon between each insurance company and the broker office
- No insurer shall use a form of application, policy, endorsement or renewal
or continuation certificate in respect to automobile insurance other than:
a. A form created by FSCO
b. A form published by RIBO
c. A form approved by the Superintendent
d. A form approved by the Lieutenant Governor
c. A form approved by the Superintendent
- A member who places insurance with an insurer unlicensed to trade insurance in
Ontario must:
a. Arrange for the insurer to be licensed before the coverage is placed.
b. Ensure no additional taxes are charged to the expense of the insured.
c. Obtain the written consent of the member of the public whom the broker services
to the effect that they are aware their coverage will be carried by an unlicensed
insurer in the province
d. Obtain written guarantees from the insurer that they will abide by the legal
requirements under the Insurance Act of the province.
c. Obtain the written consent of the member of the public whom the broker services
to the effect that they are aware their coverage will be carried by an unlicensed
insurer in the province
- An Insurance broker:
a. Acts in any manner in soliciting, negotiating, or procuring the making of any
contract of insurance or reinsurance
b. Does not provide risk management
c. Holds his/her employees out as insurance consultants
d. Only advises
a. Acts in any manner in soliciting, negotiating, or procuring the making of any
contract of insurance or reinsurance
. The amount of Error and Omissions and Fidelity insurance every member must maintain is:
a. $200,000 & $500.000
b. $100,000 & $250,000
c. $3,000,000 & $100,000
d. $500,000 & $500,000
. $3,000,000 & $100,000
- The Registered Insurance Brokers Act of Ontario requires an individual to be registered
if they:
a. Are licensed under the Insurance Act to write business on behalf of a single insurer
b. Advise their friends to buy insurance from their insurance broker
c. On behalf of another negotiate an insurance contract and receive compensation
d. Are a Risk Manager for their employe
c. On behalf of another negotiate an insurance contract and receive compensation
- A car salesman in your city has arranged to pass you leads whenever he sells a home
and in return asks you to give him some premium consideration when his policy is up for
renewal. You consult the RIBO Act and realize that:
a. Contrary to popular belief you can reduce the premium but only up to the amount of
your commission.
b. You cannot pay him anything directly but you can pay a finder’s fee to the Real
Estate Firm which equals the first year premium.
c. Finder’s fees can be paid but only to persons who are registered as insurance
intermediaries
d. No cash can be exchanged. However, there is nothing to prohibit you from
purchasing a barbecue or other things of value as recognition for his assistance.
c. Finder’s fees can be paid but only to persons who are registered as insurance
intermediaries
- When an insurance broker moves from a brokerage firm and begins working for a
different firm, the individual must advise:
a. The Department of Insurance as soon a practicable.
b. RIBO at the time their new employer submits the next financial position report
c. RIBO within 30 days of the change
d. RIBO at the time the individual renews his/her registration certificate
c. RIBO within 30 days of the change
- As per section 14.7 of regulation 991 (RIB Act), “a member shall not act as
insurance broker in accordance with the code of conduct”:
a. By acting as an insurance agent
b. In a manner consistent with the code
c. By jeopardizing the member’s integrity, independence or competence
d. With courtesy and good faith
c. By jeopardizing the member’s integrity, independence or competence
- As an insurance broker “restricted to act under supervision”:
a. You may sell and solicit insurance and provide consultation to the general public
only within the community where your office is located
b. You may solicit insurance only from individuals who call to or visit your office
c. You may not act as a sole proprietor, control trust funds, or act as a designated
individual
d. You may control a trust account under the supervision of the designated individual
c. You may not act as a sole proprietor, control trust funds, or act as a designated
individual
- If you are employed as a general insurance broker, you are required to be RIBO licensed
if you:
a. Are a receptionist and you refer clients to a producer
b. Are filing claims information, policy declarations and endorsement forms
c. Collect and receipt insurance premiums from the general public
d. Discuss with the general public their insurance needs.
d. Discuss with the general public their insurance needs.