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NEW QUESTION # 25
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?
Answer: C
Explanation:
In the structure of reinsurance practices explained inPrinciples and Practice of Insurance, aretrocessionaireis the reinsurer that accepts risk from another reinsurer. This occurs through a process calledretrocession, where a reinsurer (the retrocedent) transfers a portion of its assumed risk to another reinsurer to further spread exposure and maintain solvency stability.
The terminology is important:
Theprimary insurerissues the original policy to the insured.
Thereinsurer(cessionaire) accepts risk from the primary insurer.
When that reinsurer then cedes part of the risk again, the receiving party is theretrocessionaire.
Retrocession is essential in risk-management frameworks because it allows reinsurers to diversify exposures and avoid concentration risks from catastrophic events. Therefore, the correct term for the second reinsurer isC. Retrocessionaire.
NEW QUESTION # 26
What does the term "subject of insurance" refer to?
Answer: B
Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.
NEW QUESTION # 27
What is the name of the pooling agreement where all high-risk drivers are underwritten in a common pool?
Answer: C
Explanation:
The Facility Association is the Canadian automobile insurance mechanism designed to ensure that high-risk drivers, who cannot obtain insurance in the voluntary market, are still able to secure the legally required automobile insurance coverage. All auto insurers in participating provinces must be members, and losses and premiums in the pool are shared among them according to market share.
Option B, "Substandard Group," is not an official Canadian mechanism. Option C does not refer to any recognized underwriting pool for high-risk auto insurance. Option D is not an actual insurance entity.
Only the Facility Association accurately represents the mandatory pooling arrangement for high-risk drivers.
NEW QUESTION # 28
Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?
Answer: D
Explanation:
Whenever coverage is boundorally, the broker must follow up withwritten confirmationto both:
theinsured, to confirm the accuracy of information provided, and
theinsurer, to notify them of all disclosed underwriting details.
This written documentation protects all parties by ensuring the insurer is fully aware of material facts-such as the presence of a swimming pool-and prevents disputes like this one.
Option A is unnecessary and not industry practice.
Option C refers to a notice after issuance, but the dispute occurred at binding, so this is too late.
Option D is incorrect; the insurer does not verify every detail directly with insureds-this is the broker's responsibility.
Thus, the broker should have completed written confirmation, makingBthe correct answer.
NEW QUESTION # 29
A company suffers a $100,000 property loss at its commercial location. If Insurer X and Insurer Y have policies subject to the same terms and conditions, and there is no deductible, what will each insurer pay based on the information below?
Insurer X insured amount: $400,000
Insurer Y insured amount: $100,000
Answer: D
Explanation:
When more than one insurer covers the same property under policies with identical terms, the loss is often shared according to the proportion of insurance each company provides. This is commonly referred to as contribution "pro rata by limits." First, determine the total amount of insurance:
Insurer X: $400,000
Insurer Y: $100,000
Total insurance: $500,000
Next, determine each insurer's percentage of the total:
Insurer X: 400,000 ÷ 500,000 = 80%
Insurer Y: 100,000 ÷ 500,000 = 20%
The total loss is $100,000, so each insurer pays its proportion of the loss:
Insurer X: 80% × $100,000 = $80,000
Insurer Y: 20% × $100,000 = $20,000
There is no deductible to adjust these amounts. Thus, Insurer X pays $80,000 and Insurer Y pays $20,000, making Option C correct.
NEW QUESTION # 30
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