Study 10

Question 1

These four things are the focus of government regulation

Answer 1

1. Market Conduct 2. Affordability 3. Solvency 4.Availability of Insurance

Question 2

The Office of the Superintendent of Financial Institutions is responsible for

Answer 2

The constant supervision and enforcement of safeguards so that inadequately financed insurance companies are not established and existing ones remain financially healthy

Question 3

A business entity’s ability to meet it’s long-term financial commitments

Answer 3

Solvency

Question 4

The Financial Regulatory Authority (FSRA) is the “Regulator” for which province

Answer 4

Ontario

Question 5

A portion of insurance act that sets out Statutory Conditions (in common law) that apply to all ___________

Answer 5

Accident and Sickness, Automobile, and fire insurance contracts

Question 6

Statutory condition in the Civil Code of Quebec are called

Answer 6

General Conditions

Question 7

What are the 15 Statutory conditions in Canada

Answer 7

M isrepresentation
P roperty of other
C hange of interest
M aterial Change
T ermintation of insurance
R equirments after loss
F raud
W ho may give notice and proof
S alvage
E ntry, control, abandonment 
A ppraisal
W hen loss payable
R eplacement
A ction
N otice

Question 8

An insurer is liable for any loss or damage occurring after

Answer 8

B ankruptcy
O perayion of law (Divorce
D eath
S uccession

Question 9

List the four steps when responding to a privacy breach

Answer 9

1. Contain the breach
2. Evaluate the breach
3. Determine who needs to be notified of the breach and send notice
4. Prevent future breaches