The Fundamentals of Insurance exam format is pretty straightforward – there are 100 Multiple Choice Questions. These practice questions are designed to help you get ready for this important exam. To prepare for this exam, it comes down to diligent study habits and practice, practice, practice until you know the information like the back of.. allow the spread of risk. The definition of insurance in the Insurance Act includes all of the following important points: 1. Payment is made only when a certain peril has damaged the object of insurance. 2. Payment is limited to the actual amount of the loss, no more and no less. 3.
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Study with Quizlet and memorize flashcards containing terms like The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system, A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result.. Payscale.com says that insurance brokers in Canada earn an average salary of $43,421/yr. But the first step is to pass the Level 1 exam. With some of the best student feedback in the industry and over 91,473 enrollments, our Level 1 Licensing Package helps new brokers pass the Fundamentals of Insurance exam & experienced brokers pass the C AIB.
