IIC C11 - Principles and Practice of Insurance

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IIC C11 Exam Syllabus Topics:

IIC Principles and Practice of Insurance Sample Questions:

Question 1

A commercial brokerage failed to advise the insurer of a client's modified risk. The insurer discovered this only at the time of a major loss and denied the claim due to material change. How will the client MOST LIKELY proceed?

A. Take legal action against the brokerage, stating it had a contractual responsibility to disclose the material change
B. Take legal action against the insurer, stating the insurer knew the full risk
C. Pay for the loss, and oblige the brokerage to reimburse the deductible
D. Pay for the loss, and cancel the policy backdated to before the loss

Question 2

What is a cover note?

A. Document issued by intermediaries to inform the insured that coverage has been arranged
B. Purchase agreement between the agent or broker and the insurer
C. An amendment added to a written document that alters its provisions
D. File notes confirming insurance discussions between the intermediary and the insured

Question 3

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

Question 4

What is the Canadian Insurance Claims Managers Association (CICMA) responsible for?

A. Promoting a high standard of ethics in the handling of claims
B. Monitoring claims to detect fraudulent valuations
C. Assessing automobile personal injury claims
D. Analyzing the damageability of vehicles and property

Question 5

Samuel is a broker who does NOT have claims-handling authority. He received a call from an insured at the scene of an auto accident. The insured was upset, and Samuel reassured her that everything would be fine because she had coverage. Later, the insurer denied the claim due to impaired driving. What should Samuel have done differently?

A. Told the insured that the insurer would have to investigate before he could answer her concerns
B. Asked to speak to the police officer at the scene to determine legal implications
C. Told the insured to take immediate responsibility for the accident to uphold utmost good faith
D. Asked the insured more details and informed her the claim would not be covered

Solutions: