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IIC C11 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Legal Principles of Insurance | - Insurable Interest and Indemnity
|
| Topic 2: Insurance Principles | - Insurance Market Structure
|
| Topic 3: Insurance Practice | - Claims Handling
|
IIC Principles and Practice of Insurance Sample Questions:
Which factor could explain poorer performance of renewal clients as opposed to new business clients?
- A. An automated renewal process
- B. New business clients limit claims in order to keep premiums low
- C. Reinsurance only being available on renewal policies
- D. More strict underwriting criteria for renewal risks
Correct Answer: B 🗳️
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What is his responsibility?
- A. Advise an underwriter the policy requires a premium increase at renewal
- B. Verify the independent adjuster's report has no errors
- C. Advise the insured the policy covers the loss, if he confirms it
- D. Record preliminary information and ask further details
Correct Answer: D 🗳️
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Tame Insurance Company recently decided to terminate its broker agreement with XYZ Insurance Brokers.
Which situation would likely have resulted in this termination?
- A. XYZ Insurance Brokers did not remit commissions owed to the insurer immediately after issuing a policy
- B. Tame Insurance Company provided quotes on all applications received from the broker
- C. Tame Insurance Company set a standard deductible for certain classes of business
- D. XYZ Insurance Brokers did not keep handled premiums in a trust account and instead used them to pay expenses
Correct Answer: D 🗳️
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Orianna is an insurance professional who acts on behalf of the insurerandthe insured. She owns her client list and is paid commission once policies are arranged. What is her profession?
- A. Exclusive agent
- B. Independent adjuster
- C. Broker
- D. Underwriter
Correct Answer: C 🗳️
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Usually, what must an insurance intermediary do before using the personal information of a client for a purpose other than that for which the information was originally collected?
- A. Advise the insurer's ombudsperson of the intended usage
- B. Obtain permission from the client to do so
- C. Write to the client advising of the alternate usage
- D. Obtain permission from the federal privacy officer to continue
Correct Answer: B 🗳️
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