IIC Chartered Insurance Professional (CIP) C11

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IIC Principles and Practice of Insurance Sample Questions:

1. What is binding authority?

A) Agreement between an insurer and an insured regarding reinsurance
B) Equivalent to an insurers cover note
C) List of clients who the broker can contact for coverage
D) Permission to confirm coverage before submitting it to the insurer

2. Which statement reflects how an insurer invests their capital?

A) Government regulations specify the types of investmentsnot permittedto insurers
B) There are no restrictions as to how an insurer can invest their capital
C) Provincial regulations allow insurers to invest in foreign bond markets
D) Insurers are compelled by regulations to invest in non-liquid assets

3. What is the effect of perils and hazards on insurance rates for the underwriter?

A) The rate is calculated by multiplying the premium by the amount insured for each peril
B) An underwriter may use a higher rate if a hazard increases the likelihood of a loss by an insured peril
C) An underwriter may increase the rate if the insured event is likely to increase the hazard
D) The rate is determined by the law of large numbers for the hazards listed on the policy

4. [Insurance Companies - Reinsurance (Non-Proportional / Excess of Loss)] Cover It Insurance has a non-proportional reinsurance agreement with ZYX-Reinsurance:
$600,000 excess of $300,000.
Which payout is accurate?

A) On a $100,000 loss, Cover It pays $33,333 and ZYX pays $66,667
B) On a $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
C) On a $600,000 loss, Cover It pays $300,000 and ZYX pays $300,000
D) On a $900,000 loss, Cover It pays $200,000 and ZYX pays $600,000

5. Robin is employed as a loss adjuster handling a large residential fire claim. Which is NOT one of their responsibilities?

A) Explain relevant insurance coverage
B) Uphold the law with respect to its interpretation
C) Assess the claim with integrity
D) Provide legal advice even if the claimant has legal counsel

Solutions: