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[Hardware] Quiz IIC - C11–Valid Reliable Dumps Ppt

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【Hardware】 Quiz IIC - C11–Valid Reliable Dumps Ppt

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IIC Principles and Practice of Insurance Sample Questions (Q71-Q76):NEW QUESTION # 71
Ace Brokerage Inc., a liability insurer, has been in business for three years. It is suffering financial difficulties despite writing a significant amount of new business. What is the most likely reason?
  • A. Premiums were discounted when policyholders paid in full
  • B. Poor handling of its accounts receivable
  • C. Many clients have added endorsements to their policies
  • D. Lack of profit-sharing commissions earned
Answer: B
Explanation:
For a new insurer, cash flow and premium collection are critical. Liability claims often take years to develop, but expenses such as commissions, reinsurance, administration, and claim reserves must be funded immediately. If premiums are not collected promptly due to poor management of accounts receivable, the insurer may not have sufficient liquidity to meet obligations-even if it has written a large volume of business on paper.
Option B is irrelevant because insurers (unlike brokers) do not receive profit-sharing commissions.
Option C is not typically a cause of financial distress since endorsements generateadditionalpremium.
Option D-discounting premiums-could affect income but would not normally create severe financial difficulty unless combined with other poor practices.
The most likely reason for early-stage financial trouble is failure to collect premiums efficiently, making A correct.

NEW QUESTION # 72
Deanna owns a house worth $1,000,000 but chooses to insure it for $500,000. What clause might prevent her from being fully reimbursed in the event of a loss?
  • A. Contribution
  • B. Subscription
  • C. Forfeiture
  • D. Coinsurance
Answer: D
Explanation:
The coinsurance clause requires the insured to carry insurance equal to a specified percentage (commonly
80%, 90%, or 100%) of the property's value. If the insured carries less than the required amount, they become a coinsurer and share in any partial loss. This prevents underinsurance and encourages insureds to maintain adequate coverage levels.
Here, Deanna insures a $1,000,000 property for only $500,000-50%. If the policy requires 80% coinsurance, she should be carrying at least $800,000. Because she does not, she will not be fully reimbursed for partial losses; her payment will be reduced proportionally based on the coinsurance formula.
Option A (forfeiture) applies to breaches of policy conditions. Option C (contribution) applies when multiple insurers cover the same risk. Option D (subscription) applies when several insurers share a single risk by percentage participation.
Thus, the clause that could reduce Deanna's recovery is B: Coinsurance.

NEW QUESTION # 73
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?
  • A. Alternate Insurer
  • B. Cessionaire
  • C. Primary Insurer
  • D. Retrocessionaire
Answer: D
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 # 74
Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?
  • A. Original Insurance Company provided quotes on all broker applications
  • B. Original Insurance Company did not set service standards
  • C. TOY Insurance Brokers did not keep premiums in a trust account and used them to pay expenses
  • D. TOY Insurance Brokers did not remit commissions owed to the insurer
Answer: C
Explanation:
Brokers hold client premiums in trust accounts, separate from operating funds. This is a legal requirement under provincial insurance legislation. Trust funds belong to insurers (or insureds) until properly remitted. If TOY Insurance Brokers used trust funds to pay their own expenses, they violated both fiduciary duty and regulatory obligations. This constitutes serious professional misconduct and is one of the most common and serious reasons for immediate termination of a broker contract-often accompanied by regulatory investigation or license suspension.
Option A would not justify termination because service standards should be defined by the insurer, not the broker. Option B reflects good insurer practice and is unrelated to termination. Option C is incorrect because brokers do not remit commissions to insurers-insurers pay commissions to brokers.
Therefore, the only correct answer is D: failure to maintain premiums in a trust account.

NEW QUESTION # 75
Antonio lights a firecracker and throws it to Brett. Brett tosses it to Sandra. Sandra catches it and throws it to Celina. It explodes in Celina's hands, injuring her. Who is the immediate cause of the loss?
  • A. Sandra
  • B. Celina and Antonio
  • C. Brett
  • D. Antonio and Brett
Answer: A
Explanation:
In determining liability, the immediate (proximate) cause refers to the most direct, unbroken cause leading to the injury. In this sequence, the firecracker explodes in Celina's hands immediately after she receives it from Sandra. Although Antonio initiated the chain of events and Brett contributed, their actions are more remote.
The last voluntary act that directly placed the dangerous object in the position where it caused harm was Sandra's throw to Celina. Sandra's action is therefore the immediate cause, even though earlier individuals may share legal responsibility in a broader causation analysis.
Option D is incorrect because Celina did not cause her own injury; she merely received the firecracker.
Option C includes Antonio and Brett, but neither was the final actor in the chain.
Therefore, the immediate cause of loss is B: Sandra.

NEW QUESTION # 76
......
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