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IIC C11 Exam Syllabus Topics:

IIC Principles and Practice of Insurance Sample Questions:

1. Why does the need for liability insurance arise?

A) Meet societal obligations and norms
B) Uphold ethical feelings of responsibility
C) Reduce personal risk to oneself
D) Fulfill legal obligations to others

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

3. Which insurance term is defined as providing compensation for losses or expenses that have been incurred?

A) Salvage
B) Indemnify
C) Utmost good faith
D) Pure captive

4. An insurer writes a $60,000,000 risk for a premium of $30,000. Using pro rata reinsurance, it transfers 25% of the risk to the reinsurer. The risk then suffers a $100,000 loss. How much does the reinsurer contribute to this loss?

A) $60,000
B) $25,000
C) $75,000
D) $100,000

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

Solutions: