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FUNDAMENTALS OF INSURANCE LATEST 2024
COMPLETE EXAM/ 170 QUESTIONS WITH 100%
CORRECT VERIFIED ANSWERS/ GRADED A+
(NEWEST!!!)
WHAT DOES THE FEDERAL GOVERNMENT DO - Correct Answer - IT MONITORS
THE FINANCIAL HEALTH OF FEDERALLY LICENSED INSURERS
WHAT DOES INSOLVENT MEAN - Correct Answer - THOSE WHO ARE NOT ABLE TO
PAY ALL INSURED LOSSES
WHAT DOES SOLVENT MEAN - Correct Answer - THOSE WHO ARE ABLE TO PAY
ALL INSURED LOSSES
WHAT HAPPENS WHNE AN INSURED BECOMES INSOLVENT - Correct Answer -
THE PROPERTY AND CAUSALITY INSURANCE COMPENSATION CORPORATION
TAKES OVER THE BUSINESS AND PAYS THE LOSSES
WHAT DOES THE PROVINCIAL GOVERNMENT DO - Correct Answer - THEY
APPROVE THE CONTENT OF INSURANCE CONTRACTS
IT LICENSES THE INSURERS OPERATING WITHIN THE PROVINCE INCLUDING
FEDERALLY LICENSED INSURER
IT ALSO MONITORS THE FINANCIAL HEALTH OF THE INSURERS WHICH
OPERATE IN THE PROVINCE ONLY
WHAT IS A FIDUCIARY - Correct Answer - SOMEONE THATNHANDELS SOMEONE
ELSES MONEY
WHO ARE FIDUCIARIES - Correct Answer - INSURERS AND BROKERS 1 / 3
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WHY SHOULD BROKER NOT USED UNEARNED COMMISSIONS - Correct Answer -
SO THAT IT IS AVAILABLE IN THE TRUST ACCOUNT TO BE REFUNDED TO THE
CLIENT IN CASE THE POLICY IS CANCELLED
WHAT IS THE PURPOSE OF CO INSURANCE - Correct Answer - · IT LIMITS THE
CAIM PAYMENT AFTER A PARTION LOSS WHEN THE INURER FINDS THAT THE
INUSRED HAS DELIBERATELY UNDERINSURED THE VALUES
WHEN IS CO INSURANCE APPLICABLE - Correct Answer - · CO INUSRANCE IS
ONLY APPLICABLE ON PARTIAL LOSSES. IF THE INSURED BUYS LESS
INSURANCE THAN 80% HE/SHE MAY BE PAID A CLAIM LESS THAN THE AMOUNT
OF DAMAGE AS PER THE CO INSURANCE CLAUSE FORMULA
WHAT IS THE CO INSURANCE CLAUSE FORMULA - Correct Answer - · CLAIM = (DID/SHOULD) x LOSS · SHOULD (80Xacv)
WHAT ARE THE RESPONSABILITIES OF THE INSURED WITH LOCK VEHICLE
WARRANTY - Correct Answer - · THE INSURED PROPERTY MUST BE STORED IN A
METAL COMPARTMENT
· VEHICLE SHOULD BE LOCKED WHEN THE INUSRED IS AWAR FROM IT
· CLAIM WILL BE PAID ONLY IF THE INUSRED IS ABLE TO SHOW THAT FORCE
WAS USED TO GAIN AN ACCESS TO THE VEHICLE
TEMPORARY LOCATION WITH COMMERCIAL POLICIES - Correct Answer - · A
LOCATION WHICH IS NOT OWNED RENTED OR CONTROLLED BY THE INSURED
IN WHOLE OR IN PART IS TEMPORARY LOCATION OF THE PORPERTY
VALUABLE PAPERS AND RECORD INSURANCE - Correct Answer - · THE CLAIM IS
PAYABLE FOR THE BLANK VALUE OF PAPER AND THE COST TO TRANSCRIBE
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pg. 3 WHAT IS COVERED UNDER BUILDERS RISK INSURANCE - Correct Answer - · IT
COVERS ALL MATERIALS WHICH ARE GOING TO BECOME ONE WITH THE FINAL
STRUCTURE
· COVERAGE LIMI PURCHASE MUST BE NO LESS THAN 100% OF THE
COMPLEETD VALUE OF THE PROJECT
· COVERAGE AUTOMATICALLY ENDS WHEN THE BUILDING IS OCCUPIED OR IF
THERE HAS BEEN NO WORK CONDUCTED FOR MORE THAT 30 DAYS
· TOOLS EQUIPMENT ARE NOT COVERED UNDER THIS FORM
WHO HAS THE AUTHRITY TO MAKE ALTERATIONS TO THE POLICY - Correct Answer - A PERSON WHO IS AUTHORIZED BY THE INSURER, BROKERS ARE
GENERALLY NOT AUTHORIZED
WHAT IS THE REMOVAL CLAUSE - Correct Answer - WHEN A PROPERTY IS
REMOVED TO AN UNNAMED LOCATION TO PROTECT IF FROM DAMAGE OR
FROM FURTHER DAMAGE IS COVERED UP TO 7 DAYS OR FOR THE REMAINDER
OF THE POLICY, WHICH EVER ONE IS SHORTER
WHEN DOES AN INSURANCE POLICY TAKE EFFECT - Correct Answer - AN
INSURANCE POLICY STARTS AT 1201AM STANDARD TIME AT THE ADDRESS OF
THE NAMED INUSRED AS STATED HEREIN.
WHAT IS SUBROGATION - Correct Answer - WHEN THE INUSRERS CAN SUE THE
PARTY RESPONSIBLE FOR THE LOSS OF THEIR CLIENT TO RECOVER MONEY
AFTER PAYING THE CLAIM.
WHAT IS SUBROGATION LIKE? - Correct Answer - ITS LIKE PUTTING SOMEONE IN
ANOTHER PERSONS SHOES
EFFECT OF A DELIVERY OF AN INSURANCE POLICY - Correct Answer - THE
INSURED IS ELIGIBLE FOR A CLAIM IF THE DOCUMENTS HAVE BEEN
DELIVERED TO HIM OR HER EVEN IF NO PAYMENT HAS BEEN MADE.
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