Quiz Detail

Q1 . What is subrogation?

A Property saved from a loss.

B The sharing of loss between two or more insurance companies covering the same risk.

C Not considered to be a principle that reinforces indemnity.

D The legal process by which an insurer who has paid a loss pursues rights of recovery against a responsible third party.

Q2 . A proof of loss:

A Notifies an insurer of a claim.

B Is a form an insurer completes when there has been a loss

C Is a form an insured completes to describe what happened and the property that was lost

D Is a form that needs to be signed by a notary for a claim to be paid

Q3 . What is the amount called that is refunded to the client if an insured cancels their policy?

A Short rate.

B Pro-rata.

C Guaranteed refund.

D Change.

Q4 . Which of the following is TRUE?

A Stock Mutual's are the purest form of insurance companies.

B Lloyds of London's is not an Insurance company.

C Proximate cause is the last even before an occurrence which leads to a loss.

D Factory Mutual's specializes in the field of water loss prevention.

Q5 . What covers employee infidelity?

A 3D policy

B Employee security insurance.

C Inside/Outside robbery insurance.

D Extra expense insurance.

Q6 . Which of the following statements is TRUE?

A Lyoyd's of London is not an insurance market.

B Factory Mutual's will only insure factories.

C Stock companies are owned by shareholders.

D Assessment or Premium Note Mutual's are the purest form of crown corporations.

Q7 . What is a fiduciary?

A Bank

B Dry Cleaner

C Insurance Company

D Insurance Broker

Q8 . What is the purpose of the Hotline?

A To forward claims information to OHIP

B To arrest and stabilize the situation that caused the emergency.

C To attempt to deny claims.

D To direct clients to the closest medical facility.

Q9 . What is NOT a fiduciary?

A A person who makes good the obligations to the Obligee if the principal fails to do so.

B An executor of an estate.

C A trustee in bankruptcy.

D A person to whom the administration of something is entrusted for the benefit of another.

Q10 . Statutory conditions apply to ?

A Burglary Insurance.

B Liability Insurance.

C Fire Insurance.

D Marine Insurance.

Q11 . What is subrogation?