OTL Quiz 2
OTL Quiz on Insurance Knowledge
Test your knowledge of insurance concepts with our interactive OTL Quiz! Dive into key topics like broker authority, indemnity, perils, and more. This quiz is designed for those looking to enhance their understanding of the insurance industry.
- Learn about essential insurance terms
- Challenge yourself with multiple-choice questions
- Perfect for students and professionals alike
What is true about broker and agent authority?
Intermediaries obtain authority from a contract between them and the insurers
An implied agreement has specified terms stated between both parties
Brokers require a RIBO license to operate in the insurance industry
Policy premiums are kept by the intermediary, and commons are sent to the insurer
Which is an example of a peril?
Loose carpet on stairs
Slippery sidewalk in winter
Explosion resulting in fire
Poorly maintained heating system
Indemnity can best be defined as;
Benefiting from a loss
Compensation for damages suffered, without loss or gain
Being paid for a loss, less depreciation
Compensation for a loss within a required period of time
Failing to share a fact relating to a risk is known as:
Non-disclosure
A material fact
Contribution
Salvage
Define the term peril.
An example of risk
An event that will give rise to a loss
An event that will prevent a loss
A factor which may increase the chance of a loss
What kind of insurance salesperson sells policies for many insurers?
Adjuster
Broker
Agent
Employed Agent
Which of the following terms represents the principle of indemnity?
Disclosure
Utmost good faith
Materiality
Subrogation
An automobile insurance policy is an example of what type of contract?
Profit contract
Valued contract
Indemnity contract
Capacity contract
Exclusions are not found anywhere in the policy with the exception of:
Coverage summary
Policy conditions
Insuring agreements
Statutory conditions / Quebec general conditions
Select the correct fundamental for the principle of ‘utmost good faith’.
Subrogation
Duty of disclosure
Managing a risk
Reporting a claim
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