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IIC C11 Exam Quizzes: Principles and Practice of Insurance - Itbraindumps Accurate Reliable Test Duration for your Studying

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IIC Principles and Practice of Insurance Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which statement best describes a valued contract?

A. Settlements involve periodic payments due to the nature of valuation
B. The insured can reject settlement offers and force a higher payout
C. The policy pays the full cost of replacing items even if this amount exceeds policy limits
D. Settlements are based on a predetermined amount agreed upon at contract formation

Answer: D

Explanation:
Avalued contractis one in which the insurer and insured agreein advanceon the value of the insured item. If a total loss occurs, the insurer pays this predetermined amount, regardless of the item's actual cash value at the time of loss. This type of contract is common in areas such as fine arts, antiques, life insurance, or items whose value is difficult to measure after loss. The purpose is to eliminate disputes over valuation after a loss occurs.
Option A incorrectly describes replacement cost coverage.
Option B misstates contract rights; insureds cannot force payouts beyond contractual terms.
Option C describes structured settlements, not valued contracts.
Thus, the correct definition isD.

NEW QUESTION # 21
Which role is directly employed by the Canadian property and casualty insurance industry?

A. Lawyer
B. Travel agent
C. Health professional
D. Mechanic

Answer: A

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 # 22
A large commercial brokerage is approached by a new client who owns a spacecraft and wants liability insurance. What solution should the brokerage recommend?

A. Government insurance company
B. Health and life insurer
C. Lloyd's Insurance Market
D. Specialized captive insurer

Answer: C

Explanation:
Spacecraft liability is anextremely specialized, high-severity, low-frequency riskrequiring underwriting expertise not found in standard insurers. TheLloyd's marketis internationally known for insuring unique, complex, and unusual risks-from satellites and spacecraft to aviation and marine exposures. Lloyd's operates as a marketplace of syndicates, allowing multiple underwriters to participate in a single risk, making it ideal for large and unusual exposures.
A health/life insurer (B) is irrelevant; they do not underwrite commercial liability exposures.
A captive insurer (C) could theoretically insure such a risk but requires the client tocreate and fundtheir own insurance company-impractical unless they are very large and sophisticated.
Government insurers (D) generally insure auto, workers' comp, or agricultural risks-not spacecraft.
Thus the best recommendation isA: Lloyd's Insurance Market.

NEW QUESTION # 23
Which insurance industry impact is an example of a surety?

A. A developer advancing funds to a building contractor for a guaranteed project
B. A manufacturer accepting shipping risks that are insured
C. A bank issuing a mortgage on an insured building
D. A doctor providing malpractice-covered services

Answer: A

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 # 24
In their property insurance application, a Quebec client stated there wasnohome business. The underwriter binds the policy without knowing the client runs a daycare in a detached garage. If a loss occurs, will there be consequences?

A. No; as long as the homeowner has at least three years' experience in the business
B. Yes; if the concealment is proven it could result in the contract being nullified
C. Yes; any claims will be subject to an increased deductible depending on the size of the loss
D. No; in-home businesses with a low to medium hazard grade do not affect eligibility

Answer: B

Explanation:
Insurance contracts rely on the principle ofutmost good faith, requiring applicants to disclose allmaterial facts-facts that would influence an underwriter's decision to accept, decline, or rate a risk. Operating a home daycare is unquestionably amaterial change in exposure, as it increases traffic, liability hazards, and occupancy risk. Even though the daycare is conducted in a detached garage, it still forms part of the premises insured.
If the clientmisrepresentsorfails to disclosethis information, and the insurer can prove concealment, the insurer mayvoid the policy ab initio (from the beginning)or deny the claim. This applies in Quebec as well, whose Civil Code also requires truthful disclosure of material risks.
Options A and B describe conditions that do not exist in Canadian property insurance.
Option D is incorrect because even low-hazard home businesses must be disclosed.
Thus,Cis correct.

NEW QUESTION # 25
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