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| Section | Objectives |
|---|---|
| Legal and Regulatory Framework | - Ethical standards and professional conduct - Law of agency and fiduciary duty |
| Insurance Products and Markets | - Property and casualty insurance basics - Commercial and personal lines overview |
| Broker and Agent Practice Skills | - Policy placement and insurer interaction - Client communication and advisory skills |
| Insurance Distribution Systems | - Agent vs broker roles and responsibilities - Distribution models (independent agency, brokerage, direct writers) |
| Insurance Fundamentals and Risk Concepts | - Nature of risk (pure vs speculative risk) - Insurance principles and contract basics |
What should the intermediary do if the person reporting the claim is not named on the insurance policy?
Correct Answer: B 🗳️
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A tenant's negligence causes a fire in the dwelling they rent. Typically, who is initially responsible for paying the damage?
Correct Answer: C 🗳️
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Miro's vehicle and Stephanie's vehicle collide with each other in New Brunswick. Neither of them has loss or damage coverage, also known as collision coverage. The chart shows the physical damage and assigned fault.
How would the payment be apportioned?
Driver | Physical Damage | Fault Percent
Miro | $4,000 | 50%
Stephanie | $2,000 | 50%
Correct Answer: C 🗳️
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Chandeep, a broker with binding authority, sold property and liability coverage to his new client, Multiplex Movies. Three days into the policy term, there was a slip-and-fall incident. The liability loss was denied by the insurer. Multiplex Movies sues Chandeep for E & O. Which allegation will most likely be successful for the insured?
Correct Answer: C 🗳️
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What does the term contra proferentem mean?
Correct Answer: D 🗳️
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