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Topic: Real IIC C11 Exam Practice QuestionsThis is a desktop-based C11 practice exam software that doesn't require an internet connection except for license validation during purchase. The software provides Principles and Practice of Insurance (C11) practice exams that are customizable, helping students prepare for the actual C11 Exam. The team updates the IIC C11 tests regularly and is available 24/7 to address any issues. Assessment records are saved for easy tracking. Windows computers support the desktop IIC C11 practice exam software. IIC Principles and Practice of Insurance Sample Questions (Q39-Q44):NEW QUESTION # 39
Karl recently purchased a house in Winnipeg. Prior to the purchase he asked if the house had termites. The house was infested, but the seller falsely stated there were none. After signing the contract, Karl discovered the infestation. Which element makes the purchase contract voidable?
A. Mistake about assumptions
B. Fraudulent misrepresentation
C. Undue influence
D. Innocent misrepresentation
Answer: B
Explanation:
A contract becomes voidable when one party is induced to enter it through fraudulent misrepresentation.
Fraudulent misrepresentation occurs when a party knowingly makes a false statement, intending to mislead the other party, and the misled party relies on that statement when entering the contract. In this scenario, the seller knew the house had termites but intentionally misrepresented the truth when questioned by Karl. This is a deliberate falsehood, fulfilling all elements of fraud: false representation, knowledge of falsity, intent to induce reliance, actual reliance, and resulting detriment.
Undue influence involves pressure or dominance, which is not present. A mistake about assumptions only applies when both parties are mistaken in good faith about a fundamental fact-here the seller acted deliberately. Innocent misrepresentation involves an unintentional error, but the scenario explicitly describes intentional deception. Thus, the correct legal classification is fraudulent misrepresentation.
NEW QUESTION # 40
Which financial outcome would be expected when engaging in a speculative risk?
A. Possibility of gain only
B. No possibility of loss
C. No possibility of gain
D. Possibility of either gain or loss
Answer: D
Explanation:
In insurance terminology, aspeculative riskis a situation where there is a possibility of either financial gain or financial loss, depending on how events unfold. This is what makes it different from apure risk, where the only possible outcomes are loss or no loss (but never a profit). Examples of speculative risk include investing in the stock market, starting a business, or buying foreign currency. In each of these situations, you may end up with a profit, break even, or suffer a loss.
Because speculative risks involve the potential for profit, they are generally not insurable. Insurance is designed to respond to pure risks, such as the risk of fire damaging a building, or a car accident causing injury or property damage. In those cases, there is no opportunity for financial gain from the event itself-only the chance of economic loss or no loss at all.
Therefore, the defining characteristic of speculative risk, and the correct answer to this question, is the possibility of either gain or loss, which is captured by option D.
NEW QUESTION # 41
Which statement describes a primary function of a telephone adjuster?
A. Process all paperwork for independent examiners
B. Act as a liaison between the intermediary and the insurer
C. Authorize repairs suggested by the staff adjuster
D. Process a large volume of claims
Answer: D
Explanation:
A telephone adjuster (often called an inside adjuster) handles claims that can be resolved quickly without requiring in-person investigation. Their main role is to efficiently process a high volume of straightforward claims, such as small auto physical-damage losses, minor property losses, and simple theft claims.
Because these claims do not require field investigations, telephone adjusters focus on gathering information by phone, confirming coverage, arranging payments, and closing files promptly.
Option B is incorrect-telephone adjusters do not take instructions from staff adjusters; they operate independently within their own authority levels.
Option C is incorrect-they do not process paperwork for independent adjusters.
Option D is incorrect-they are not intermediaries; they serve the insurer directly.
The correct function is A: processing a large volume of claims.
NEW QUESTION # 42
What is the name of the pooling agreement where all high-risk drivers are underwritten in a common pool?
A. Underwriters Association
B. Facility Association
C. High-risk Drivers of Canada
D. Substandard Group
Answer: B
Explanation:
The Facility Association is the Canadian automobile insurance mechanism designed to ensure that high-risk drivers, who cannot obtain insurance in the voluntary market, are still able to secure the legally required automobile insurance coverage. All auto insurers in participating provinces must be members, and losses and premiums in the pool are shared among them according to market share.
Option B, "Substandard Group," is not an official Canadian mechanism. Option C does not refer to any recognized underwriting pool for high-risk auto insurance. Option D is not an actual insurance entity.
Only the Facility Association accurately represents the mandatory pooling arrangement for high-risk drivers.
NEW QUESTION # 43
Robin is employed as a loss adjuster handling a large residential fire claim. Which is NOT one of their responsibilities?
A. Uphold the law with respect to its interpretation
B. Provide legal advice even if the claimant has legal counsel
C. Assess the claim with integrity
D. Explain relevant insurance coverage
Answer: B
Explanation:
Loss adjusters are required to conduct themselves with professionalism, fairness, and integrity. Their responsibilities include explaining how coverage applies, gathering facts, assessing damage, and ensuring the claim is handled according to policy terms and applicable law. This includes respecting legal requirements and proper interpretation of insurance statutes and conditions.
However, adjusters must not provide legal advice. Legal advice is the domain of licensed lawyers. Adjusters may explain policy terms, clarify obligations, or interpret claims procedures, but they cannot advise a claimant on legal strategy, liability, lawsuit responses, or legal rights beyond policy interpretation. Doing so breaches professional boundaries and regulatory expectations.
Therefore, the only option that isnota responsibility is D: Provide legal advice, making it the correct answer.
NEW QUESTION # 44
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