What best describes policy conditions?

Terms which must be followed or coverage is void

Why do we Qualify Clients?

See if they're a good fit for brokerage/company

Signatures on Policies are Important Because...

Declaration by Applicant, Confirming Information is Accurate

What is the best definition of Binding Authority?

Capacity to confirm coverage to applicants who submit insurance application

All of the Following Databases are available through IBC except...

Home & Auto Claims History Report (HACHR)

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C130 Fast Track Chapter 3 & 4

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Questions 14

Answers

1
Canada's National Summer Sport
Soccer
Lacrosse
Football
Baseball
2
What best describes policy conditions?
Statutory Conditions
Terms which must be followed or coverage is void
Done to prevent small print clauses to avoid paying claims
Promise by the insured to do something or to maintain something
3
All Policies are 12 Months in Length
True
False
4
Why do we Qualify Clients?
Client is a Cold Lead Kicking Tires
Client is a Moral Hazard
See if they're a good fit for brokerage/company
Ensure they have multiple mortgages
5
How many markets does an insurance agent working at BCAA (Direct Writer) typically have access to?
One
None
Two
More than 2
6
Which of the following risks can be calculated on an electronic basis?
30 ft Yacht
Large Commercial Fishing Operation
Auto Insurance Policy
High Value Home Policy
7
What is the purpose of a Broker/Agent Report?
Advocate for Client to Insurer
Upsell Client
Ask Client for Referrals
Tell Insurer about commission potential
8
Signatures on Policies are Important Because...
Confirms Payment Terms of Policy
Declaration by Applicant, Confirming Information is Accurate
Declaration by Insurer, Confirming Coverage
Declaration by Broker, Confirming Client Can Pay for Policy
9
On a Homeowners policy, the policy wording will vary by carrier
False
True
10
What is the best definition of Binding Authority?
Broker Acts as insurer and allows coverage up to $50,000 in premium
Capacity to confirm coverage to applicants who submit insurance application
Insured confirms with carrier they are insured
Brokers can bind to whatever limits they wish.
11
A Client failing to comply with the Duty of Disclosure can lead to which of the following
Higher Premiums
Higher Deductibles
Misrepresentation
Losing Discounts
12
All of the Following Databases are available through IBC except...
Autoplus
Commercial Tracking System (CTS)
Habitational Insurance Tracking System (HITS)
Home & Auto Claims History Report (HACHR)
13
Who ultimately decides to bind a policy?
Agent
Broker
Underwriter
Client
14
Which singer had the number one hit in 2005 called "We Belong Together"?
Mariah Carey
Beyonce
Ashanti
Nelly

C130 Fast Track Chapter 3 & 4 Flashcards | StudBud