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[General] Latest Updated IIC New C11 Test Forum: Principles and Practice of Insurance | C1

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【General】 Latest Updated IIC New C11 Test Forum: Principles and Practice of Insurance | C1

Posted at 1/17/2026 03:27:48      View：36 | Replies：0        Print      Only Author   [Copy Link] 1#
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IIC Principles and Practice of Insurance Sample Questions (Q72-Q77):NEW QUESTION # 72
What is generally thethirdstep in responding to a privacy breach?
  • A. Evaluate the risks associated with the breach
  • B. Investigate how the breach happened and prevent recurrence
  • C. Contain the breach and assess ways to reduce harm
  • D. Determine who needs to be notified and send notices
Answer: A,B,D
Explanation:
The typical privacy-breach response sequence used in Canadian insurance organizations follows four steps:
Contain the breachand secure the data (stop further exposure).
Evaluate the risks- determine sensitivity of data, potential harm, affected individuals, and severity.
Notifythose who must be informed (affected clients, regulators, privacy commissioners, insurers, or law enforcement).
Prevent recurrence- investigate causes and implement corrective measures.
Since Step 1 is containment and Step 2 is risk evaluation, thethirdstep isnotification.
Therefore, the correct answer isC.

NEW QUESTION # 73
The risk manager of an oil refinery is seeking ways to transfer the pollution risk of a new drilling method.
What is the best option?
  • A. Transfer the risk using a surety bond
  • B. Use a non-insurance loss-financing transfer agreement to insure the risk
  • C. Add the risk to the company's standard commercial property and liability policies
  • D. Retain the risk
Answer: B
Explanation:
Pollution exposures-especially from oil refinery operations-arehigh-severity, high-complexity risks.
Standard property and liability policiestypically exclude pollution, except for sudden and accidental events.
Pollution arising from new drilling methods is considered aspecialized environmental liabilityand often requirescustomized financial transfer mechanisms.
Anon-insurance loss-financing transfer agreement(also called a contractual risk transfer or financial risk transfer mechanism) allows the company to shift the financial consequences of pollution losses to another entity or through non-traditional insurance structures (e.g., environmental impairment liability contracts, captive agreements, or specialized financial instruments). This is the most appropriate and realistic way to transfer complex pollution exposures.
Option A (retain the risk) is unsafe due to catastrophic loss potential.
Option B (surety bond) guarantees performance, not pollution losses.
Option D is incorrect because standard policiesdo not coverthis exposure.
Thus the best option isC.

NEW QUESTION # 74
What is a disadvantage of loss retention through borrowing?
  • A. Special accounting is always required
  • B. It is difficult even if the company has assets to cover the loan
  • C. It reduces the company's line of credit
  • D. It requires significant commitment from senior management
Answer: C
Explanation:
When an organization chooses to handle losses throughborrowing, it is using debt financing-usually a bank loan or line of credit-to pay for losses instead of transferring the risk through insurance. While this may offer flexibility, it has several drawbacks. The most significant is that borrowingreduces the company's available line of credit, limiting funds that could otherwise be used for operations, expansion, or emergencies.
This reduction in liquidity can create financial strain, especially if multiple losses occur or if interest rates rise. Borrowing also increases debt obligations, which can affect cash flow and borrowing capacity.
Option A is incorrect; special accounting is not necessarily required beyond standard debt tracking.
Option C is not inherently a disadvantage-senior management involvement is routine in risk management.
Option D is incorrect; the difficulty of borrowing is determined by creditworthiness, not by the presence of assets.
Thus,Bis the correct disadvantage.

NEW QUESTION # 75
What is the effect of perils and hazards on insurance rates for the underwriter?
  • A. An underwriter may increase the rate if the insured event is likely to increase the hazard
  • B. The rate is calculated by multiplying the premium by the amount insured for each peril
  • C. An underwriter may use a higher rate if a hazard increases the likelihood of a loss by an insured peril
  • D. The rate is determined by the law of large numbers for the hazards listed on the policy
Answer: C
Explanation:
Hazards are conditions thatincrease the likelihood or severity of a losscaused by an insured peril.
Underwriters assess hazards (physical, moral, and morale hazards) to determine whether a risk is acceptable and at what price.
If hazards make an insured perilmore likely to occur, the underwriter willincrease the rateto reflect higher expected losses. This aligns exactly with option C.
Option A is close but incorrectly states "insured event," not "insured peril," and is less precise.
Option B misinterprets the law of large numbers; it applies to loss predictability, not hazard listing.
Option D misunderstands rating-rates are not calculated by multiplying premium by insured value.
Thus, the correct statement isC.

NEW QUESTION # 76
Which legal term describes the time in which a claim may be brought by the policyholder?
  • A. Release
  • B. Non-waiver
  • C. Waiver
  • D. Prescription
Answer: D
Explanation:
Prescription refers to the legally defined period during which an insured is permitted to initiate legal action to enforce a claim under the insurance contract. Once the prescriptive period expires, the insured loses the legal right to pursue the claim, even if the claim itself is otherwise valid. This protects insurers from indefinite liability and encourages timely reporting and settlement of claims.
A waiver is the voluntary relinquishment of a known right. A release is a document signed by the insured surrendering further claims, usually after settlement. A non-waiver agreement preserves the insurer's right to investigate a claim without admitting liability. None of these terms relate to the legal time limit for bringing an action. Therefore, the correct term describing the time frame for commencing legal proceedings is prescription.

NEW QUESTION # 77
......
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