ICB Chapter 1- The Domestic Insurance Act

The undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril s called.....

• Insurance

• Indemnity

• Pledge

• Registration

The __________ _____ represents the statutory code on insurance law dealing with the regulation and licensing of insurance companies, insurance agents, brokers and salesmen in The Bahamas.

• Employment Act

• Insurance Act

• Road Traffic Act

• National Insurance Act

Part I of the Insurance Act is about..................

• Regulation of Insurance Companies

• Long Term Insurance

• Miscellaneous

• Preliminary

Which part of the Insurance Act discusses the establishment of the Insurance Commission Board, its operation and outlines the functions and powers of the Commission.

• Part II

• Part V

• Part VIII

• Part VI

True or False: Only Corporate bodies may conduct insurance business in The Bahamas.

• True

• False

True or False: The Commission may sue and be sued in its corporate name.

• True

• False

Part IV of the Insurance Act covers__________________.

• Associations of Underwriters

• Regulations of Insurance Companies

• General Insurance

• Long-Term Insurance

Who is an intermediary?

• Car Salesman

• A Professional

• Salespersons in The Bahamas

• The Insurance Company

Which part of the Insurance act covers the Registration of Insurance Intermediaries?

• Part I

• Part VII

• Part III

• Part V

True or False: A Salesperson must be knowledgeable in the legislation.

• True

• False