Fundamentals of Insurance Chapter 3 QUESTIONS WITH COMPLETE SOLUTIONS
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What is the role of the federal Government when insurers receive federal licensing? Correct Answer: Licensing provided only to companies that can meet strict financial standards. Established by the o ... ffice of the Superintendent of Financial Institutions (OSFI). Insurers are monitored on an ongoing basis. What is the role of the provincial Government? Correct Answer: The superintendent of Insurance in each province are responsible for administrating the Insurance Act. Responsibilities include supervising terms and conditions of contracts, licensing of insurers and monitoring financial stability of insurers. [Show More]
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