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[General] Latest C11 Exam Camp, C11 New Braindumps

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【General】 Latest C11 Exam Camp, C11 New Braindumps

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IIC Principles and Practice of Insurance Sample Questions (Q68-Q73):NEW QUESTION # 68
Why does the Office of the Superintendent of Financial Institutions (OSFI) control the types of investments insurers are allowed to make?
  • A. To maximize insurers' returns on investments
  • B. To minimize insurers' investment loss exposures
  • C. To maximize industry profits
  • D. To minimize industry indemnifications
Answer: B
Explanation:
OSFI regulates federally incorporated insurers to ensure they remain solvent and financially stable so they can pay claims. One of the key regulatory tools is restricting or monitoring insurers' investment portfolios. By controlling the types of investments insurers may purchase, OSFI aims to reduce exposure to excessive investment risks, ensuring that insurers do not jeopardize policyholder funds through speculative or volatile investments.
Option A is incorrect-OSFI's mandate is consumer protection, not profit maximization.
Option B is incorrect because indemnification amounts depend on claims, not investment rules.
Option C is incorrect-while returns are important, OSFI's priority is safety, not maximizing yield.
Thus, the correct purpose is D: minimizing insurers' investment loss exposures to protect policyholders and maintain financial stability.

NEW QUESTION # 69
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?
  • A. Cessionaire
  • B. Alternate Insurer
  • C. Retrocessionaire
  • D. Primary Insurer
Answer: C
Explanation:
In the structure of reinsurance practices explained inPrinciples and Practice of Insurance, aretrocessionaireis the reinsurer that accepts risk from another reinsurer. This occurs through a process calledretrocession, where a reinsurer (the retrocedent) transfers a portion of its assumed risk to another reinsurer to further spread exposure and maintain solvency stability.
The terminology is important:
Theprimary insurerissues the original policy to the insured.
Thereinsurer(cessionaire) accepts risk from the primary insurer.
When that reinsurer then cedes part of the risk again, the receiving party is theretrocessionaire.
Retrocession is essential in risk-management frameworks because it allows reinsurers to diversify exposures and avoid concentration risks from catastrophic events. Therefore, the correct term for the second reinsurer isC. Retrocessionaire.

NEW QUESTION # 70
Which insurance industry impact is an example of a surety?
  • A. A manufacturer accepting shipping risks that are insured
  • B. A doctor providing malpractice-covered services
  • C. A developer advancing funds to a building contractor for a guaranteed project
  • D. A bank issuing a mortgage on an insured building
Answer: C
Explanation:
Asurety bondis a three-party contract in which the surety guarantees the performance of a contractor (principal) for the benefit of a third party (obligee). In construction, a developer may require a contractor to post aperformance bondensuring the project will be completed as agreed. This is the classic example of suretyship.
Option A is banking, not surety.
Option B is liability insurance, not a three-party guarantee.
Option D involves marine or cargo insurance, not a performance guarantee.
Thus,Ccorrectly describes a surety situation.

NEW QUESTION # 71
What is binding authority?
  • A. Equivalent to an insurers cover note
  • B. Permission to confirm coverage before submitting it to the insurer
  • C. List of clients who the broker can contact for coverage
  • D. Agreement between an insurer and an insured regarding reinsurance
Answer: B
Explanation:
Binding authority is the authority an insurer grants to a broker or agent, allowing the intermediary to bind coverage on the insurer's behalf before the insurer has formally reviewed the application. When an intermediary has binding authority, they can confirm that coverage is in force immediately, subject to the terms granted by the insurer. This is crucial for situations requiring quick coverage, such as real estate closings, automobile purchases, or commercial contract deadlines.
Option A is incorrect because a cover note is thedocumentissued after binding coverage-not the binding authority itself. Option B is incorrect because binding authority has nothing to do with permission to contact clients. Option D is completely unrelated, as reinsurance agreements occur between insurers, not insureds.
Therefore, the correct description of binding authority is permission granted to an intermediary to bind coverage on behalf of the insurer, which is option C.

NEW QUESTION # 72
Which role is directly employed by the Canadian property and casualty insurance industry?
  • A. Mechanic
  • B. Health professional
  • C. Travel agent
  • D. Lawyer
Answer: D
Explanation:
The Canadian property and casualty (P&C) insurance industry employs a range of specialized professionals who support the underwriting, claims, regulatory, and legal functions necessary for insurance operations.
Lawyers are commonly employed directly by insurers to provide advice on policy interpretation, defend claims litigation, ensure regulatory compliance, draft contracts, and handle disputes. They play a crucial role in the claims process, particularly for liability claims and complex legal matters.
Mechanics, travel agents, and health professionals are not directly employed by the P&C insurance industry.
Mechanics may work with insurers as third-party repair facilities, but they are not typically employees. Travel agents relate to travel services, not insurance employment. Health professionals may support life and health insurers or provide assessments for claims, but they are not ordinarily employed in theproperty and casualtysector. Therefore, the correct answer is A: Lawyer.

NEW QUESTION # 73
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