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Chartered Insurance Professional (CIP) Principles and Practice of Insurance

Principles and Practice of Insurance

Last Update Jul 18, 2026
Total Questions : 100

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Questions 2

[Insurance Companies]

Which role is directly employed by the Canadian property and casualty insurance industry?

Options:

A.  

Lawyer

B.  

Mechanic

C.  

Travel agent

D.  

Health professional

Discussion 0
Questions 3

[Regulatory Framework]

Huronial Insurance Company submitted incorporation documents and received approval to sell personal-lines property and automobile policies. Which document will the Office of the Superintendent of Financial Institutions (OSFI) issue?

Options:

A.  

Insurer of record

B.  

Order of commencement

C.  

National insurance notice

D.  

Insurer establishment document

Discussion 0
Questions 4

[Regulatory Framework]

What is needed to change older statutes that tend to be all-inclusive statements of law on a particular subject?

Options:

A.  

Act of legislature

B.  

Vote by the populace

C.  

Bill presented by a member of the congress

D.  

Approval from the Supreme Court of Canada

Discussion 0
Questions 5

[Insurance Companies / Broker Agreements]

Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?

Options:

A.  

Original Insurance Company did not set service standards

B.  

Original Insurance Company provided quotes on all broker applications

C.  

TOY Insurance Brokers did not remit commissions owed to the insurer

D.  

TOY Insurance Brokers did not keep premiums in a trust account and used them to pay expenses

Discussion 0
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