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[General] Hot Exam C11 Training | Latest IIC C11: Principles and Practice of Insurance 100

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【General】 Hot Exam C11 Training | Latest IIC C11: Principles and Practice of Insurance 100

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IIC Principles and Practice of Insurance Sample Questions (Q78-Q83):NEW QUESTION # 78
Which statement reflects the concept that the premium for each risk should be commensurate with that risk?
  • A. One or more persons should provide protection to another person against loss
  • B. Risks can happen to anyone, so each individual should purchase insurance
  • C. Risks more likely to have losses should pay higher premiums
  • D. Proper settlement of losses should be paid out of the pool of funds
Answer: C
Explanation:
One of the fundamental principles of insurance rating is that thepremium charged must accurately reflect the level of riskbeing insured. This principle ensures fairness and financial stability: individuals or businesses presenting a higher probability of loss or greater potential severity must payhigher premiums, while lower- risk policyholders pay less. This is essential because insurers must collect sufficient funds to cover expected claims, expenses, and maintain solvency.
Option B describes the pooling of funds, which is part of how insurance works but does not address how premiums are determined.
Option C relates to the general purpose of insurance, not premium adequacy.
Option D loosely refers to indemnification, not rating methodology.
Therefore, the only statement that accurately reflects the idea that premiums must be commensurate with the risk isA.

NEW QUESTION # 79
What are the four requirements of a binding contract under the Civil Code of Quebec?
  • A. Capacity, cause, consent, and object of contract
  • B. Acceptance, cause, consent, and subject of contract
  • C. Acceptance, agreement, capacity, and offer
  • D. Capacity, intention, co-operation, and lesion
Answer: A
Explanation:
Under theCivil Code of Quebec, a valid contract requires four essential elements:
Capacity- Parties must be legally capable of contracting.
Cause- The reason or purpose each party has for contracting.
Consent- Agreement must be free and informed, without error, fear, or fraud.
Object of the contract- The subject matter of the agreement must be sufficiently defined and lawful.
These elements mirror common-law principles but differ in terminology. Option D is close but inaccurate-
"acceptance" is part of consent, and "subject" is a less precise term than "object." Options A and B include incorrect or irrelevant components.
Thus, the correct answer reflecting Quebec civil law requirements isC.

NEW QUESTION # 80
Samuel is a broker who does NOT have claims-handling authority. He received a call from an insured at the scene of an auto accident. The insured was upset, and Samuel reassured her that everything would be fine because she had coverage. Later, the insurer denied the claim due to impaired driving. What should Samuel have done differently?
  • A. Asked the insured more details and informed her the claim would not be covered
  • B. Asked to speak to the police officer at the scene to determine legal implications
  • C. Told the insured to take immediate responsibility for the accident to uphold utmost good faith
  • D. Told the insured that the insurer would have to investigate before he could answer her concerns
Answer: D
Explanation:
Brokers without claims-handling authority must be extremely careful in the statements they make to insureds, especially at the time of a loss. Samuel improperly promised coverage, something he had neither the authority nor sufficient information to confirm. Claims are determined by the insurer based on policy wording, exclusions, and investigation. The proper action would have been to reassure the insured emotionally while clearly stating that the insurer must first investigate the circumstances before any determination of coverage can be made.
Option B is inappropriate; the insured should not admit liability at the scene. Option C is improper because a broker has no authority to intervene in a police investigation. Option D is also incorrect; Samuel cannot deny coverage, as this is solely the insurer's role. Therefore, the only correct response is A, which aligns with proper professional conduct and avoids misrepresentation

NEW QUESTION # 81
Which financial outcome would be expected when engaging in a speculative risk?
  • A. Possibility of gain only
  • B. Possibility of either gain or loss
  • C. No possibility of loss
  • D. No possibility of gain
Answer: B
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 # 82
What is the name of the pooling agreement where all high-risk drivers are underwritten in a common pool?
  • A. Substandard Group
  • B. Underwriters Association
  • C. High-risk Drivers of Canada
  • D. Facility Association
Answer: D
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 # 83
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