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Which scenario is an example of insurable interest?
A. The interest an underwriter has in writing profitable business
B. An employee's interest in the life insurance policy of a fellow employee
C. The interest an insurance company earns on its premiums
D. An employer's interest in the life of their employee
Answer: D
Explanation:
Insurable interest exists when someone would suffer a financial loss if a person or property were damaged, lost, or deceased. Employers have a legitimate, recognized insurable interest in the lives of key employees, as their death or disability could result in financial loss-for example, reduced productivity, training costs, or loss of specialized expertise. Therefore, A represents a valid and legally recognized insurable interest.
Option B involves investment income earned by insurers-this is not an insurable interest but a financial outcome of operations. Option C reflects a business motive but not an insurable interest because an underwriter does not stand to personally lose financially if a policyholder dies or property is damaged. Option D is generally invalid unless the employee can demonstrate a direct financial dependency, which is typically not the case.
Thus, the only clear example of insurable interest is A: the employer's interest in the life of an employee.
NEW QUESTION # 78
Which is NOT one of the three types of knowledge an underwriter requires to be successful in their role?
A. Prescription knowledge
B. Claims knowledge
C. Insurance product knowledge
D. Industry knowledge
Answer: A
Explanation:
Successful underwriters must blend several types of knowledge to properly assess risk and construct suitable terms. The core areas typically highlighted in insurance education are:
Insurance product knowledge - Understanding policy wordings, coverages, exclusions, conditions, endorsements, and how different products respond to various loss scenarios.
Industry knowledge - Knowing the industries they insure (e.g., construction, retail, manufacturing):
operational hazards, typical loss trends, regulatory environment, and risk-management practices.
Claims knowledge - Appreciating how losses actually occur, how claims are adjusted, common coverage disputes, and historical loss experience. This helps underwriters anticipate problem areas and price and structure coverage appropriately.
"Prescription knowledge" is not a standard category in underwriting education. While underwriters may need guidelines, manuals, and rules, this is not recognized as one of the three foundational knowledge types.
Therefore, the item that is NOT one of the three required knowledge types is A. Prescription knowledge.
NEW QUESTION # 79
Usually, what must an insurance intermediary do before using the personal information of a client for a purpose other than that for which the information was originally collected?
A. Obtain permission from the federal privacy officer to continue
B. Obtain permission from the client to do so
C. Write to the client advising of the alternate usage
D. Advise the insurer's ombudsperson of the intended usage
Answer: B
Explanation:
Under Canadian privacy legislation (such as PIPEDA), personal information may only be used for the specific purpose for which it was originally collected unless the client provides informed consent for additional use.
Insurance intermediaries must therefore obtain explicit permission from the client before using or disclosing their information for any new purpose, such as marketing, cross-selling, or sharing data with third-party providers.
Option B-simply notifying the client-is insufficient without consent. Option C is incorrect, as the ombudsperson deals with complaints, not privacy approvals. Option D is incorrect because privacy officers do not grant permissions; the law requires consent from the individual, not from government officials.
Since consent is central to privacy compliance in insurance operations, the intermediary must obtain permission from the client, making A the correct answer.
NEW QUESTION # 80
Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?
A. Broker should have requested a witness during the oral application
B. Insurer should have contacted Rashida directly before binding coverage
C. Broker should have sent written confirmation to Rashida and the insurer
D. Broker should have requested Rashida send in a signed notice after issuance
Answer: C
Explanation:
Whenever coverage is boundorally, the broker must follow up withwritten confirmationto both:
theinsured, to confirm the accuracy of information provided, and
theinsurer, to notify them of all disclosed underwriting details.
This written documentation protects all parties by ensuring the insurer is fully aware of material facts-such as the presence of a swimming pool-and prevents disputes like this one.
Option A is unnecessary and not industry practice.
Option C refers to a notice after issuance, but the dispute occurred at binding, so this is too late.
Option D is incorrect; the insurer does not verify every detail directly with insureds-this is the broker's responsibility.
Thus, the broker should have completed written confirmation, makingBthe correct answer.
NEW QUESTION # 81
What does the term "subject of insurance" refer to?
A. The type of wording applicable to the policy
B. The perils associated with the risk
C. The company providing the coverage
D. The thing being insured
Answer: D
Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.
NEW QUESTION # 82
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