AMF Damage Insurance study guide
AMF Damage Insurance · Work through your exam, one topic at a time.
The Autorité des marchés financiers (AMF) is the regulator that oversees Quebec's financial sector, and its website organizes insurance representatives under the Professionals section and prospective representatives under Becoming a professional. The Damage Insurance Representative Certification Exam is the certification step for people who intend to act as damage insurance representatives in Quebec. The AMF Damage Insurance study guide has 6 sections and about 1,970 words.
01Damage Insurance Fundamentals and the Regulatory Framework
Damage insurance (assurance de dommages) indemnifies the insured for loss or damage to property and resulting financial loss. It rests on the indemnity principle: the insured should be restored to approximately the pre-loss financial position, no better.
365 words, about 2 min02Property Insurance
Property insurance protects against physical damage to or loss of property. Candidates must understand the different bases of valuation: actual cash value (ACV), replacement cost, and agreed value.
337 words, about 2 min03Liability Insurance
Liability insurance protects the insured against claims for bodily injury or property damage caused to third parties. It is based on legal liability, meaning the insured must be legally obligated to pay damages.
323 words, about 2 min04Automobile Insurance
Automobile insurance in Canada is provincially regulated, with mandatory third-party liability coverage. In Quebec, the Société de l'assurance automobile du Québec (SAAQ) provides no-fault bodily injury coverage to all residents, while private insurers cover property damage and liability for damage to others' property.
316 words, about 2 min05Insurance of Persons Concepts Relevant to Damage Insurance
Although damage insurance focuses on property and liability, candidates must understand basic concepts of insurance of persons (life and health) because they may intersect with damage insurance, such as in commercial lines or personal lines. Key concepts include the principle of insurable interest in life insurance, which must exist at the time of application (not at time of loss), and the beneficiary designation.
332 words, about 2 min06Professional Practice and Ethics
Damage insurance professionals must adhere to ethical standards set by the AMF and provincial regulators. Key concepts include acting in the client's best interest, full disclosure, avoiding conflicts of interest, maintaining confidentiality, and continuing education.
297 words, about 1 min