5 Questions
3.Which one (1) of the following statements is true about coverage for loss or damage caused by an earthquake?
It is automatically included under the extended perils of a property policy.
4.Which one (1) of the folowing statements about "Section 6-Direct Compensation-Property Damage Coverage" of O.A.P. 1 Owner's Policy is INCORRECT?
Comed would be covered, partially under O.A.P. 1 if partially at fault for the accident.
- four insured is involved in an accident and his/her automobile is heavily damaged. Repairs are estimated at $7,500. He/she calls to advise you that the insurer does not intend to have the vehicle repaired, but will make a cash settlement, as its actual cash value is shown in the "Red Book" as $5,000. What
should you tell your insured?
The insured is entitled to obtain an appraisal but must share the costs equally with the insurer.
6.Affes to pass leads to you as a registered insurance broker when cars are sold to customers who require automobile insurance. set the premium for their spouse's car automobile insurance to be reduced. How would you respond to this request?
Cam prohibited from paying a finder's fee to a person who is not licenced or registered as a general insurance medy who is not listed under Ontario Regulation 991, Section 15 (12)
- student calls you he/she needs insurance on a car leased from an automobile dealer. Which one (1) of the following policies is required?
O.A.P 2 Form Sutably endorsed
Test your knowledge about insurance coverage with these multiple-choice questions. Evaluate your understanding of earthquake coverage, O.A.P. 1 Owner's Policy, cash settlement for automobile damage, and insurance policies for leased cars.
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