CAA OTL Quiz
CAA OTL Insurance Quiz
Test your knowledge on insurance and risk management with our engaging CAA OTL Quiz. This quiz covers various aspects of insurance, including applications, types of risk, and the roles of agents. Perfect for those looking to enhance their understanding or prepare for certification.
- Multiple choice questions
- Immediate feedback on your answers
- Fun and educational way to learn
Written applications...
Are required by statute in all classes of insurance
Have no advantages over oral agreements
Must be signed by the applicant and sent to the insurer within 5 business days
Are preferable, to avoid misunderstanding
Tim is concerned about the risk of losing his income if he is hurt and unable to work. What type of risk is this?
Business Risk
Property Risk
Personal Risk
Moral Risk
Which is the best example of a physical hazard?
A factory manager with a careless attitude
A building with outdated electrical panels
A building with up to date wiring
A business with bad credit
Risk is:
An insured hazard
An insured peril
The chance of loss
Pure in nature
What does the term “moral hazard” most closely relate to?
The unsafe physical condition of the property
The location of the property insured
The positive attitude of the insured
The bad characteristics of the insured
Jenny opens up a new coffee shop downtown and expects to do well this year. What is this an example of?
Business risk
Speculative risk
Pure risk
Moral risk
Select the appropriate duty of a general agent.
Sell and underwrite risks for one insurance company only
Manage claims for all provinces that the insurer operates in
Create insurance rates and calculate premiums to be charged for categories of risks
Appoint other agents in the assigned province(s)
A binder…
Must be an oral agreement
Must be written
Does not provide coverage in the situation a loss occurs before full documents are sent
Is temporary proof of insurance
Everything is true about exclusive agency companies except:
They are employees of the insurer
They are paid commissions
Policies for new business often have higher commissions
They represent only one company
An insurance intermediary may be an agent, broker or a direct writer. In arranging insurance contracts, who does an agent represent?
An agent represents the company
An agent represents the company and the client
An agent represents the client
An agent represents himself
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