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IIC C11 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Property Insurance | 15-20% | - Valuation and Coinsurance - Property Coverage Forms - Policy Conditions and Exclusions |
| Risk and Insurance | 15-20% | - Risk Identification and Measurement - Risk Management Process - Nature of Risk - Insurable Risk |
| Insurance Industry Overview | 10-15% | - Insurance Market Structure - Claims Handling - Regulation and Legislation |
| Automobile Insurance | 15-20% | - Commercial Automobile Coverage - Personal Automobile Coverage - Mandatory Coverage Requirements |
| Liability Insurance | 15-20% | - Professional Liability - Commercial General Liability (CGL) - General Liability Concepts |
| Insurance Operations and Contracts | 20-25% | - Insurance Contract Basics - Underwriting Process - Policy Structure and Interpretation - Fundamental Principles of Insurance |
IIC Principles and Practice of Insurance Sample Questions:
Why would a policyholder use an intermediary?
- A. They represent all insurers
- B. They make reinsurance arrangements for clients
- C. They have unlimited liability
- D. They help to identify clients' insurance needs
Correct Answer: D 🗳️
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What type of cancellation occurs if theinsuredcancels the policy before expiry?
- A. Pro rata
- B. Short rate
- C. Half-term
- D. Partial-term
Correct Answer: A,B 🗳️
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What are many of the statutory conditions designed to accomplish?
- A. Outline the steps to take to cancel the policy
- B. Provide clarity on the intent of the policy
- C. Shift the onus of proof from the insured to the insurer
- D. State how PIPEDA applies to the insured and insurer
Correct Answer: B 🗳️
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If one in every five houses suffers a $50,000 loss each year, and all houses have the same value, what would the pure premium be for each homeowner?
- A. $100,000
- B. $2,500
- C. $5,000
- D. $10,000
Correct Answer: C 🗳️
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What is a cover note?
- A. File notes confirming insurance discussions between the intermediary and the insured
- B. Document issued by intermediaries to inform the insured that coverage has been arranged
- C. Purchase agreement between the agent or broker and the insurer
- D. An amendment added to a written document that alters its provisions
Correct Answer: B 🗳️
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