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Professional C11 Latest Real Exam & Leading Offer in Qualification Exams & Trustable Practice C11 OnlineThe TroytecDumps is committed to helping you crack the IIC C11 certification exam on the first attempt. To get this objective we offer the most probable, real, and updated IIC Principles and Practice of Insurance exam dumps in three user-friendly formats. These formats of Principles and Practice of Insurance in Procurement and Supply IIC updated practice material are, Principles and Practice of Insurance C11 in Procurement and Supply IIC PDF file, desktop IIC C11 practice test software, and IIC C11 web-based practice test. IIC Principles and Practice of Insurance Sample Questions (Q46-Q51):NEW QUESTION # 46
Which type of policy must be signed by a member of each participating insurer?
A. All-inclusive
B. Prescription
C. Subrogation
D. Subscription
Answer: D
Explanation:
Asubscription policyis used when a single insurance risk is too large for one insurer to assume alone. Multiple insurers participate in the policy, each taking a percentage of the risk. Because each insurer is directly responsible for its portion, the policy must besigned by each participating insurer, acknowledging its share of liability.
Option A, prescription, refers to legal limitation periods.
Option B, all-inclusive, is not a recognized type of policy requiring multiple insurer signatures.
Option D, subrogation, is a legal right-not a policy type.
Only thesubscription policyrequires signatures from all insurers involved, makingCcorrect.
NEW QUESTION # 47
What does the term "subject of insurance" refer to?
A. The company providing the coverage
B. The thing being insured
C. The type of wording applicable to the policy
D. The perils associated with the risk
Answer: B
Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.
NEW QUESTION # 48
A retailer reports $250,000 revenues and $100,000 expenses, and projects $50,000 in sustained growth next year. What is its net income for the past year?
A. $300,000
B. $250,000
C. $150,000
D. $200,000
Answer: C
Explanation:
Net income is calculated by subtractingexpensesfromrevenues:
Net Income=Revenues#Expenses ext{Net Income} = ext{Revenues} - ext{Expenses} Net Income=Revenues#Expenses For this retailer:
$250,000#$100,000=$150,000$250{,}000 - $100{,}000 = $150{,}000$250,000#$100,000=$150,000 The projection of $50,000 sustained growth next year is irrelevant because the question asks specifically forlast year'snet income. Many insurance-based financial questions test the ability to isolate actual financial performance from future projections.
Options B, C, and D incorrectly combine revenue, expense, or growth figures.
Thus, the correct net income isA: $150,000.
NEW QUESTION # 49
Which risk could be insured bychattel coverage?
A. A half-court shot contest at a basketball game
B. Errors and omissions for a lawyer's office
C. Trip cancellation for a honeymoon
D. A mobile home belonging to a family
Answer: D
Explanation:
Chattelrefers tomovable personal property(as opposed to real property/land). Insurance policies that cover chattels protect items such as furniture, machinery, mobile homes, and other movable property.
Amobile homeis specifically recognized as chattel because it is transportable and not permanently affixed to land. Therefore, a mobile home qualifies for chattel insurance coverage.
Option A is atravel insurancerisk.
Option C is anevent prize indemnity risk, not related to chattel.
Option D isprofessional liability(errors & omissions), which covers negligence, not movable property.
Thus, the risk insurable under chattel coverage is amobile home, makingBthe correct choice.
NEW QUESTION # 50
Which statement best describes unearned premium?
A. The premium that covers the policy period that has expired
B. The accumulated premium that has not been paid out against a loss
C. The premium that covers the policy duration that has not yet passed
D. The earned premium that has been paid out as the broker's commission
Answer: C
Explanation:
Unearned premium is the portion of the premium that corresponds to the period of insurance not yet elapsed.
When an insured prepays a premium (often for a 12-month policy), the insurer earns that premium gradually over the policy term as time passes. Any amount relating to future coverage-coverage the insurer has not yet provided-is considered unearned premium. It represents a liability on the insurer's balance sheet because if the policy is cancelled, the insurer must refund the unearned portion to the insured, subject to policy terms.
Option A is the opposite: that describes earned premium, not unearned premium. Option B is incorrect because unearned premium is unrelated to claims payments; it is a time-based accounting concept. Option D is incorrect because broker commissions are not part of earned or unearned premium calculations; they are an expense paid out of the premium.
Therefore, the correct definition is C: the premium for the remaining period of insurance that has not yet passed.
NEW QUESTION # 51
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