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| Section | Objectives |
|---|---|
| Client Needs and Risk Assessment | - Information gathering and client interviewing - Identifying client exposures and loss potential |
| Insurance Fundamentals and Core Concepts | - Types of risk and risk management - Principles of insurance (risk, insurability, contracts) |
| Ethics, Legal Principles, and Professional Standards | - Ethical conduct and regulatory expectations - Duty of care and fiduciary responsibility |
| Insurance Intermediaries and Distribution | - Role of agents and brokers - Distribution systems (direct writer, independent brokerage, etc.) - Agency relationships and authority |
| Insurance Products and Policy Basics | - Policy structure and coverage concepts - Property and liability insurance fundamentals |
1. What is the primary way an agent and an exclusive agent differ?
A) In the way they evaluate a client
B) In their authority to handle claims
C) In the number of insurance companies they can represent
D) In the way they advise clients of policy coverages
2. Briefly describe an exclusive agency company as a distribution channel that delivers insurance products to consumers.
3. What is included in an experience letter from an insurer or broker?
A) List of all vehicles owned by the insured over the past six years
B) Period during which the individual was insured
C) Amount of the last insurance premium paid
D) Name of each driver and applicable licence class
4. Relay Cycle Shop has been non-operational for six months since an arsonist set fire to the building. The store is empty of all contents, and contractors continue to work onsite. The owner of the shop anticipates it will be able to reopen in four weeks. How would the shop traditionally be categorized by the insurer?
A) Unoccupied
B) Vacant
C) Abandoned
D) Idle
5. Jaspreet is employed as a broker. K7 Properties approached him for a large commercial policy. Two months prior to the inception date, he agreed to provide cover and sent them a binder while late details were confirmed. After finalizing the policy, he compares it to the binder and notices some premium discrepancies resulting in a higher policy premium.
List FOUR possible causes for the discrepancies.
Provide THREE solutions Jaspreet can offer the client. Explain the actions he should take after the solutions have been proposed.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: Only visible for members | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: Only visible for members |
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