What usual function of underwriting is considered illegal for government insurers?

declining basic insurance coverage

Which of the following is a function of underwriting?

using actuarial methdology to determine rates

Which of the following would an underwriter consider as a misrepresentation on an application?

intentionally not reporting details of the claim

Under what circumstances would the third-party section of the policy respond due to absolute liability?

insured is legally liable while operating a vehicle while impaired

What is a recruiter, as it relates to insurance fraud?

person who enlists others to act as claimants in an insurance fraud scheme

Which of the following statements best describes contingent insurance?

applies if there is no other policy coverage

What happens when an insured operates a unlicensed vehicle and has no reasonable grounds to believe it was licensed?

insureds automobile policy is not transferable

What does the recreation benefit provide?

support for insureds to participate in recreational or leisure activities

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Week 6 Review

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Questions 10

Answers

1
What usual function of underwriting is considered illegal for government insurers?
selling coverage extensions
selling endorsement coverage
lowering insurance rates
declining basic insurance coverage
2
Which of the following is a function of underwriting?
using actuarial methdology to determine rates
determining the purchase price of the car
determining the amount to be paid for a claim
establishingn the terms of the application
3
Which of the following would an underwriter consider as a misrepresentation on an application?
intentionally not reporting details of the claim
underestimating the size of the engine
guessing the year and make of the vehicle
Forfeiting to disclose a ticket
4
Under what circumstances would the third-party section of the policy respond due to absolute liability?
insured is legally liable for damaging their own garage door
insured is legally liable for damaging municipality property
insured is legally liable for operating a vehicle authorized by law
insured is legally liable while operating a vehicle while impaired
5
What is a recruiter, as it relates to insurance fraud?
person who enlists others to act as claimants in an insurance fraud scheme
person who submits a fraudulent accident benefit claim
person who enlists others to join an insurance company as an employee
person who pays a fee for a seat and in return receives money
6
Which of the following statements best describes contingent insurance?
is the first policy to respond to the loss
begins paying after other insurance policies have paid
covers when the underlying policy has been used to pay claims
applies if there is no other policy coverage
7
What happens when an insured operates a unlicensed vehicle and has no reasonable grounds to believe it was licensed?
only the minimum automoibile insurance is transferable
underinsured motorist protection applies
insureds automobile policy is not transferable
insureds automobile policy is transferable
8
What type of coverage applies in BC when a BC motorist hits a pedestrian?
Enhanced Accident Benefits
Third party liabilty
Comprehensive coverage
Basic Vehicle Damage Coverage
9
Which of the following would be a municipal bylaw?
zoning
dangerous driving
trade between provinces
rules of the rood
10
What does the recreation benefit provide?
reimbursement for purchase of sports equipment
coverage for membership fees
reimbursement for a personal trainer
support for insureds to participate in recreational or leisure activities

Week 6 Review Flashcards | StudBud