IIC C11 Exam Questions With PDF File Format

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IIC Principles and Practice of Insurance Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which is a pre-loss objective of risk management for an organization?

A. External obligations
B. Business development
C. Sustained growth
D. Operational continuity

Answer: D

Explanation:
Pre-loss objectives in risk management are goals an organization aims to achievebeforeany loss occurs. These objectives focus on minimizing the frequency and severity of losses, ensuring preparedness, and maintaining organizational functionality.
Operational continuityis a key pre-loss objective because it emphasizes having systems, controls, and procedures in place to ensure that operations run smoothly-even when risk exposures are present. This includes safety programs, maintenance schedules, compliance measures, and contingency planning.
Operational continuity ensures the business can withstand or avoid disruptions.
Option A (external obligations) is vague and not formally defined as a risk management objective.
Option B (sustained growth) and D (business development) arebusiness goals, not pre-loss risk management objectives.
Thus, the correct answer isC: Operational continuity.

NEW QUESTION # 12
Who has authority from a company to manage that company's business within their territory, to appoint other agents, and to settle claims?

A. General agent
B. Analyst
C. Wholesaler
D. Operating agent

Answer: A

Explanation:
A general agent is an individual or business entity that receives broad authority from an insurer to operate on its behalf within a designated geographic territory. This authority typically includes the power to manage the insurer's business, appoint sub-agents, oversee production, and settle certain types of claims within their delegated limits. In the traditional agency system in Canada, general agents act as intermediaries between the insurer and local agents, ensuring proper distribution of policies and adherence to underwriting rules.
This role is distinct from analysts, who do not hold managerial or appointment authority, and from wholesalers, whose function is typically limited to distributing insurance products to brokers rather than supervising an insurer's operations. Operating agents may have administrative duties but do not hold the broad binding and claim-settlement authority that defines a general agent. Thus, the only option that correctly matches the described authority structure is General agent.

NEW QUESTION # 13
[Insurance Companies - Reinsurance (Non-Proportional / Excess of Loss)] Cover It Insurance has a non-proportional reinsurance agreement with ZYX-Reinsurance:
$600,000 excess of $300,000.
Which payout is accurate?

A. On a $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
B. On a $900,000 loss, Cover It pays $200,000 and ZYX pays $600,000
C. On a $600,000 loss, Cover It pays $300,000 and ZYX pays $300,000
D. On a $100,000 loss, Cover It pays $33,333 and ZYX pays $66,667

Answer: C

Explanation:
In anon-proportional excess of losscontract, the reinsurer pays only the amountabove the retention (the deductible), up to its limit.
Retention =$300,000
Reinsurer's limit =$600,000
Maximum reinsurance payout =$600,000
Now apply it to a$600,000 loss:
Cover It Insurance pays the first$300,000(its retention).
The remaining$300,000is within the reinsurer's limit, so ZYX-Reinsurance pays$300,000.
Option A is incorrect-loss does not exceed retention, so reinsurer pays nothing.
Option B is incorrect-no reinsurance applies below $300,000.
Option D is incorrect because for a $900,000 loss, reinsurer would pay themaximum limit of $600,000, but Cover It would pay $300,000 retention plus the remaining $0? Actually total loss 900k: cover it pays 300k retention + 0 above? No, Cover It also pays any amount above reinsurance layer -> 900k minus 300k retention minus 600k limit = 0. The answer shown is still incorrect based on the numbers.
OnlyCis correctly calculated.

NEW QUESTION # 14
Which clause paysreplacement costeven if the lossexceeds the amount of insuranceon the dwelling?

A. Total replacement cost clause
B. Outright replacement clause
C. Guaranteed replacement cost clause
D. Pure restitution replacement clause

Answer: B,C,D

Explanation:
AGuaranteed Replacement Cost (GRC)clause is a special provision in homeowners' insurance that ensures the insurer will pay thefull cost to rebuild or repairthe dwellingeven if the loss exceeds the stated policy limit, provided all policy conditions are met (such as insuring to value and notifying the insurer of changes to the building).
This clause protects homeowners from unexpected increases in construction costs due to inflation, labour shortages, or material price spikes. The insurer guarantees complete reconstruction of the home, not merely up to policy limits.
Option A is not a recognized policy clause.
Option B (total replacement cost clause) is not the standard industry term.
Option C (pure restitution clause) does not exist in homeowners insurance terminology.
The only accurate clause that obligates the insurer to pay above policy limits is theGuaranteed Replacement Cost clause.

NEW QUESTION # 15
Which principle of insurance requires that an insured must have a financial interest in the subject matter of insurance at the time of loss?

A. Utmost good faith
B. Insurable interest
C. Indemnity
D. Subrogation

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
The principle of insurable interest is fundamental to insurance contracts and is essential for the validity of an insurance policy. Insurable interest exists when the insured stands to suffer a financial loss if the insured property is damaged, destroyed, or if the insured person is injured or dies. This principle ensures that insurance contracts are not used for speculation or gambling, which would be contrary to the purpose of insurance.
According to established insurance principles reflected in the Insurance Institute of Canada's Principles and Practice of Insurance, insurable interest must exist at the time of loss for property and liability insurance. For life insurance, insurable interest must exist at the time the policy is taken out. Without insurable interest, an insured would have no legitimate reason to purchase insurance, and the policy could be declared void.
For example, a homeowner has an insurable interest in their house because they would suffer a financial loss if it were damaged by fire. Similarly, a business has an insurable interest in its inventory and equipment. In contrast, a person cannot insure a stranger's property because they would not experience a financial loss if that property were damaged.
This principle protects insurers from moral hazard and ensures that insurance remains a mechanism for risk transfer and financial protection, rather than a means of profit. Therefore, the correct answer is B. Insurable interest.

NEW QUESTION # 16
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