Chapter Two Knowledge Check

What is the difference between an independent brokerage system and a direct writer?

A direct writer markets their products directly to the public, An independent brokerage system does not, It uses independent brokers to sell their products.

You are a broker for Creative Solutions Brokerage Ltd. Your top priority is to produce business. You understand that it is not easy to sell something without having substantial knowledge about it. Continuing education is essential and aligns with the mandate of the provincial regulatory body. Brokers and agents must take _____ hours annually of approved courses and seminars relating to their business.

a) 10
b) 15
c) 24
d) 30

Based on the principal and agent legal relationship, it is understood that an insurer’s (principal’s) knowledge of a risk is the same as that of the intermediary (agent). What does this mean?

a) Full disclosure to the intermediary by the client is required
b) Information given to the intermediary by the client is deemed to be given to the insurer
c) Both the insurer and the intermediary are expected to be knowledgeable
d) Both the insurer and the intermediary are partners in protecting the client from fortuitous events

Chapter Two Knowledge Check

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