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IIC C11 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Insurance Practice | - Underwriting and Pricing
|
| Topic 2: Insurance Principles | - Insurance Market Structure
|
| Topic 3: Legal Principles of Insurance | - Contract Law Basics
|
IIC Principles and Practice of Insurance Sample Questions:
Which insurance industry impact is an example of a surety?
- A. A doctor providing malpractice-covered services
- B. A bank issuing a mortgage on an insured building
- C. A manufacturer accepting shipping risks that are insured
- D. A developer advancing funds to a building contractor for a guaranteed project
Correct Answer: D 🗳️
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Dominika's house sustains a fire resulting in a $500,000 total loss to the house and contents. Some pieces of furniture are salvageable and valued at $4,000 by the insurer. Dominika chooses to keep these items for her next home. Dominika's policy has a guaranteed replacement cost clause with a limit of $500,000 and a deductible of $1,000. What settlement amount will Dominika recover from the loss?
- A. $499,000
- B. $500,000
- C. $495,000
- D. $496,000
Correct Answer: C 🗳️
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Whose signatures wouldusuallyappear on therisk's policy?
- A. Denis and Simone
- B. Alan and Cathy
- C. Denis and Cathy
- D. Simone and Alan
Correct Answer: B 🗳️
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Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?
- A. Original Insurance Company provided quotes on all broker applications
- B. TOY Insurance Brokers did not keep premiums in a trust account and used them to pay expenses
- C. TOY Insurance Brokers did not remit commissions owed to the insurer
- D. Original Insurance Company did not set service standards
Correct Answer: B 🗳️
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Kamal's home has an actual cash value (ACV) of $380,000 and is insured for $400,000. The house suffers
$180,000 damage. Which amount indemnifies Kamal?
- A. $380,000
- B. $200,000
- C. $180,000
- D. $400,000
Correct Answer: C 🗳️
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