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IIC C11 Exam Syllabus Topics:

SectionObjectives
Insurance Practice- Claims Handling
  • 1. Claims process stages
    • 2. Fraud detection and prevention
      - Underwriting and Pricing
      • 1. Premium calculation principles
        • 2. Risk assessment methods
          Legal Principles of Insurance- Contract Law Basics
          • 1. Utmost good faith principle
            • 2. Formation of insurance contracts
              - Insurable Interest and Indemnity
              • 1. Insurable interest requirements
                • 2. Principle of indemnity and application
                  Insurance Principles- Fundamentals of Insurance
                  • 1. Risk concepts and risk pooling
                    • 2. Nature and purpose of insurance
                      - Insurance Market Structure
                      • 1. Roles of insurers, brokers, and intermediaries
                        • 2. Regulatory environment overview

                          IIC Principles and Practice of Insurance Sample Questions:

                          Which statement reflects the concept that the premium for each risk should be commensurate with that risk?

                          • A. Risks can happen to anyone, so each individual should purchase insurance
                          • B. One or more persons should provide protection to another person against loss
                          • C. Proper settlement of losses should be paid out of the pool of funds
                          • D. Risks more likely to have losses should pay higher premiums
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

                          Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                          [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 $100,000 loss, Cover It pays $33,333 and ZYX pays $66,667
                          • 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 $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

                          Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                          Patrice works as a broker meeting a new client. He is building rapport by performing similar actions to those of his client. Which form of in-person communication is he engaging in?

                          • A. Transparency
                          • B. Open listening
                          • C. Mirroring
                          • D. Copycatting
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

                          Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                          Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?

                          • A. Broker should have requested a witness during the oral application
                          • B. Broker should have requested Rashida send in a signed notice after issuance
                          • C. Broker should have sent written confirmation to Rashida and the insurer
                          • D. Insurer should have contacted Rashida directly before binding coverage
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

                          Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                          What type of wording is written on a custom basis for a specific situation?

                          • A. Treaty
                          • B. Chattel
                          • C. Manuscript
                          • D. Standard
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

                          Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

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