Insurance Institute
C131
Q1:
How can a broker BEST investigate a roofing contractor's operations to identify liability exposures?
○
A
Ask the client to detail what a typical project involves○
B
Speak with past customers of the contractor○
C
Ask the client what type of claims they are worried about○
D
Read reviews on the contractor's website
Insurance Institute
C131
Q2:
Insurance premiums on automobile fleet policies are based on which factor?
○
A
Overall experience of all drivers○
B
Driving record of the individual drivers○
C
Original purchase price of all vehicles in the fleet○
D
Mechanical condition of a vehicle from one particular fleet
Insurance Institute
C131
Q3:
Which party is the beneficiary under a surety bond?
○
A
Surety○
B
Insurer○
C
Obligee○
D
Principal
Insurance Institute
C131
Q4:
The senior manager of XYZ Trucking Company has received her company's automobile renewal policy, and considers the premium excessive. She asks her broker what exposures are covered under the policy. What will her broker make her aware of?
○
A
The non-owned exposure could include XYZ's own trucks.○
B
The owned exposure includes rented vehicles that replace any of XYZ's vehicles.○
C
There could be a non-owned exposure if XYZ's employees use their own vehicles for company business.○
D
There could be an owned exposure if the directors and officers use their personal vehicles to attend trade shows.
Insurance Institute
C131
Q5:
Two agents are discussing artificial intelligence being used more frequently in Canadian industries. They are enthusiastic to write these risks on behalf of their employer, who has relaxed its guidelines on niche risks. Which type of market are they likely in?
○
A
Soft market○
B
Hard market○
C
Weak market○
D
Strong market