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[General] Free IIC C11 Practice Exams, C11 Valid Test Guide

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【General】 Free IIC C11 Practice Exams, C11 Valid Test Guide

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IIC Principles and Practice of Insurance Sample Questions (Q34-Q39):NEW QUESTION # 34
Tame Insurance Company recently decided to terminate its broker agreement with XYZ Insurance Brokers.
Which situation would likely have resulted in this termination?
  • A. XYZ Insurance Brokers did not keep handled premiums in a trust account and instead used them to pay expenses
  • B. XYZ Insurance Brokers did not remit commissions owed to the insurer immediately after issuing a policy
  • C. Tame Insurance Company provided quotes on all applications received from the broker
  • D. Tame Insurance Company set a standard deductible for certain classes of business
Answer: A
Explanation:
Brokers are legally and ethically required to keep premiums in a trust account, separate from operating funds.
These trust monies belong to insurers (or insureds, depending on the context) until remitted. Misusing trust funds-such as using them to pay operating expenses-is considered a serious breach of fiduciary duty and a violation of insurance regulatory requirements. Such conduct jeopardizes financial integrity and can lead to immediate termination of the broker contract, regulatory sanctions, or license revocation. Therefore, option D reflects a valid and serious reason for terminating the agreement.
Option A concerns underwriting rules, not broker misconduct. Option B actually reflects good insurer service, not grounds for termination. Option C is incorrect because brokers do not owe commissionstoinsurers- insurers pay commissionstobrokers. The broker's responsibility is to remit collected premiums, not commissions.
Thus, the only option representing a breach serious enough to terminate an agency contract is D.

NEW QUESTION # 35
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. Specialized captive insurer
  • B. Government insurance company
  • C. Health and life insurer
  • D. Lloyd's Insurance Market
Answer: D
Explanation:
Spacecraft liability is anextremely specialized, high-severity, low-frequency riskrequiring underwriting expertise not found in standard insurers. TheLloyd's marketis internationally known for insuring unique, complex, and unusual risks-from satellites and spacecraft to aviation and marine exposures. Lloyd's operates as a marketplace of syndicates, allowing multiple underwriters to participate in a single risk, making it ideal for large and unusual exposures.
A health/life insurer (B) is irrelevant; they do not underwrite commercial liability exposures.
A captive insurer (C) could theoretically insure such a risk but requires the client tocreate and fundtheir own insurance company-impractical unless they are very large and sophisticated.
Government insurers (D) generally insure auto, workers' comp, or agricultural risks-not spacecraft.
Thus the best recommendation isA: Lloyd's Insurance Market.

NEW QUESTION # 36
How are staff adjusters and independent adjusters similar?
  • A. Both work on behalf of, and are paid by, the insurer
  • B. Neither is allowed to perform an investigation
  • C. Both are licensed only in Quebec and New Brunswick
  • D. Neither has any limitation on their authority to settle claims
Answer: A
Explanation:
Bothstaff adjustersandindependent adjusterswork on behalf of the insurer when handling claims. A staff adjuster is an employee of the insurance company, while an independent adjuster is contracted by an insurer to investigate and adjust claims. Regardless of their employment relationship, both types of adjusters operate under the insurer's authority, follow the insurer's procedures, and act in the insurer's interests when assessing damages, determining coverage, and recommending settlement amounts.
Option A is incorrect because both adjustersdoperform investigations. Option C is incorrect-adjusters are licensed in most provinces, not only Quebec and New Brunswick. Option D is incorrect because both staff and independent adjusters have specific limitations on their settlement authority, which depend on the insurer' s internal guidelines. Therefore, the similarity that applies universally isB.

NEW QUESTION # 37
Which is a pre-loss objective of risk management for an organization?
  • A. External obligations
  • B. Business development
  • C. Sustained growth
  • D. Operational continuity
Answer: D
Explanation:
Pre-loss objectives in risk management are goals an organization aims to achievebeforeany loss occurs. These objectives focus on minimizing the frequency and severity of losses, ensuring preparedness, and maintaining organizational functionality.
Operational continuityis a key pre-loss objective because it emphasizes having systems, controls, and procedures in place to ensure that operations run smoothly-even when risk exposures are present. This includes safety programs, maintenance schedules, compliance measures, and contingency planning.
Operational continuity ensures the business can withstand or avoid disruptions.
Option A (external obligations) is vague and not formally defined as a risk management objective.
Option B (sustained growth) and D (business development) arebusiness goals, not pre-loss risk management objectives.
Thus, the correct answer isC: Operational continuity.

NEW QUESTION # 38
Stuart sells his vehicle and cancels his auto policy. The insurer refunds the full unearned portion of the premium. What type of cancellation is this?
  • A. Non-adjusted rate
  • B. Pro rata
  • C. Fully fixed
  • D. Total rate
Answer: B
Explanation:
Apro rata cancellationoccurs when an insurer cancels a policy or when the insured cancelswithout penalty, and the insurer refunds thefullunexpired portion of the premium. The refund is calculated strictly based on time remaining in the policy period. No service charges, cancellation penalties, or retained percentages apply.
This is different fromshort rate cancellation, where a penalty is applied when the insured cancels voluntarily.
"Total rate," "fully fixed," and "non-adjusted rate" are not recognized forms of cancellation methods.
Thus, refunding the entire unused premium confirms the cancellation ispro rata.

NEW QUESTION # 39
......
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