C81 Quiz #5
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.
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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