Canadian Accredited Insurance Broker (CAIB) Two Practice Exam

Which of the following is part of the summary of insurance coverages?

1. Policy maturity date

2. Claims history

3. Coverages provided

4. Deductible amounts

The correct answer is: Coverages provided

The summary of insurance coverages typically includes a comprehensive overview of what is included in the policy. This encompasses the specific coverages provided, giving a clear outline of the types of risks that are insured against and the associated protections. Understanding the coverages is fundamental for clients, as it helps them to grasp what is protected under their policy and ensures that they are adequately covered for their needs. While policy maturity date, claims history, and deductible amounts are important aspects of an insurance policy, they do not directly constitute the summary of insurance coverages. The maturity date relates to the timeline of the policy, claims history provides insight into past incidents, and deductible amounts detail how much the policyholder must pay out of pocket before the insurance coverage kicks in. These elements are significant, but the primary focus of the summary is on the coverages themselves.