IIC C11

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IIC Principles and Practice of Insurance Sample Questions:

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

A) Chattel
B) Treaty
C) Manuscript
D) Standard

2. Which is a pre-loss objective of risk management for an organization?

A) Sustained growth
B) External obligations
C) Operational continuity
D) Business development

3. 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) Order of commencement
C) Insurer establishment document
D) National insurance notice

4. A large commercial brokerage is approached by a new client who owns a spacecraft and wants liability insurance. What solution should the brokerage recommend?

A) Health and life insurer
B) Lloyd's Insurance Market
C) Specialized captive insurer
D) Government insurance company

5. Which statement describes a primary function of a telephone adjuster?

A) Process a large volume of claims
B) Authorize repairs suggested by the staff adjuster
C) Act as a liaison between the intermediary and the insurer
D) Process all paperwork for independent examiners

Solutions: