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C81 Quiz #5

A professional setting showing an insurance broker discussing with clients, with insurance contracts and documents, emphasizing the theme of insurance intermediaries and regulations.

Insurance Intermediaries Quiz

Test your knowledge about the regulation of insurance intermediaries and related concepts! This quiz covers essential terms and principles in the insurance industry.

8 questions to challenge your understanding.
Multiple choice format for easy answering.
Perfect for aspiring insurance professionals.

8 Questions2 MinutesCreated by AnalyzingAgent247

Regulation of insurance intermediaries falls under:

The provincial government

The federal government

The municipal government

All three levels of government

Marci offers to sell her car for $3,500 and Gerald agrees to buy it, paying cash. This is an example of:

An implied contract

An insurance contract

An expressed contract

A sales contract

The capacity to confirm a contract of insurance is known as:

Binding authority

Capacity to contract

Sales capacity

Coverage authority

A broker gives a client a notice confirming that insurance coverage is in effect. This is a:

Confirmation of coverage

Binder certificate

Cover note

Policy

A _________ is one who has authority from a company to manage all of that company’s business within his/her territory:

Independent agent

Independent broker

General agent

Direct broker writer

Which of the following statement(s) is TRUE

The law of agency is an area that deals with situations when one person is authorized to act on another’s behalf

Agents may not secure contracts, but only act for their employers in contractual matters

Agents are all independent business people working for third parties in contractual matters

All the statements are TRUE

Which of the following is NOT normally a broker or agent responsibility

Act within the terms of their contract

Remit premiums collected within a specified limit

Give instructions as to the type of coverages an insured should have

Advise the insurer of the business written or submit application promptly

Brokers and agents must establish two bank accounts:

Trust account and Operating account

Premium account and Expense account

Premium account and Operating account

Trust account and Expense account

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