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Questions and Answers
Which of the following is the correct definition of insurance according to the Insurance Act in Canada?
Which of the following is the correct definition of insurance according to the Insurance Act in Canada?
- The act of undertaking to indemnify oneself against loss or liability for loss
- The act of paying a sum of money or other thing of value upon the happening of a certain event
- The act of indemnifying one person against loss or liability for loss in respect of a certain risk or peril (correct)
- The act of exposing the object of insurance to a certain risk or peril
What is the purpose of the Insurance Act in Canada?
What is the purpose of the Insurance Act in Canada?
- To regulate the insurance industry and protect consumers (correct)
- To establish the rights and responsibilities of insurance companies
- To provide guidelines for filing insurance claims
- To define the terms and conditions of insurance policies
According to the Insurance Act in Canada, what is the role of the insurer in an insurance contract?
According to the Insurance Act in Canada, what is the role of the insurer in an insurance contract?
- To expose the object of insurance to a certain risk or peril
- To indemnify the insured against loss or liability for loss (correct)
- To pay a sum of money or other thing of value upon the happening of a certain event
- To undertake to indemnify oneself against loss or liability for loss
