3 Questions
Which of the following is the correct definition of insurance according to the Insurance Act in Canada?
The act of indemnifying one person against loss or liability for loss in respect of a certain risk or peril
What is the purpose of the Insurance Act in Canada?
To regulate the insurance industry and protect consumers
According to the Insurance Act in Canada, what is the role of the insurer in an insurance contract?
To indemnify the insured against loss or liability for loss
Test your knowledge of important insurance terms in Canada with this quiz! Learn about the definition of insurance, indemnification, risk and peril, and more. Challenge yourself and expand your understanding of the insurance industry in Canada.
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