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IIC C11 Exam Syllabus Topics:

SectionObjectives
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. Nature and purpose of insurance
            • 2. Risk concepts and risk pooling
              - Insurance Market Structure
              • 1. Roles of insurers, brokers, and intermediaries
                • 2. Regulatory environment overview
                  Insurance Practice- Underwriting and Pricing
                  • 1. Risk assessment methods
                    • 2. Premium calculation principles
                      - Claims Handling
                      • 1. Claims process stages
                        • 2. Fraud detection and prevention

                          IIC Principles and Practice of Insurance Sample Questions:

                          Which statement reflects how an insurer invests their capital?

                          • A. Insurers are compelled by regulations to invest in non-liquid assets
                          • B. Provincial regulations allow insurers to invest in foreign bond markets
                          • C. Government regulations specify the types of investmentsnot permittedto insurers
                          • D. There are no restrictions as to how an insurer can invest their capital
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

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

                          What is the annual premium for a building insured for$500,000at a rate of$0.80 per $100?

                          • A. $4,000
                          • B. $6,250
                          • C. $2,500
                          • D. $800
                          Reveal Solution  Discussion  0

                          Correct Answer: A  🗳️

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

                          Huronial Insurance Company submitted incorporation documents and received approval to sell personal-lines property and automobile policies. Which document will the Office of the Superintendent of Financial Institutions (OSFI) issue?

                          • A. Insurer of record
                          • B. Insurer establishment document
                          • C. Order of commencement
                          • D. National insurance notice
                          Reveal Solution  Discussion  0

                          Correct Answer: C  🗳️

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

                          Which insurance industry impact is an example of a surety?

                          • A. A manufacturer accepting shipping risks that are insured
                          • B. A bank issuing a mortgage on an insured building
                          • C. A doctor providing malpractice-covered services
                          • D. A developer advancing funds to a building contractor for a guaranteed project
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

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

                          What is needed to change older statutes that tend to be all-inclusive statements of law on a particular subject?

                          • A. Bill presented by a member of the congress
                          • B. Approval from the Supreme Court of Canada
                          • C. Vote by the populace
                          • D. Act of legislature
                          Reveal Solution  Discussion  0

                          Correct Answer: D  🗳️

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

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