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IIC C11 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property Insurance | 15-20% | - Valuation and Coinsurance - Property Coverage Forms - Policy Conditions and Exclusions |
| Topic 2: Insurance Industry Overview | 10-15% | - Claims Handling - Regulation and Legislation - Insurance Market Structure |
| Topic 3: Risk and Insurance | 15-20% | - Risk Identification and Measurement - Nature of Risk - Insurable Risk - Risk Management Process |
| Topic 4: Liability Insurance | 15-20% | - Professional Liability - General Liability Concepts - Commercial General Liability (CGL) |
| Topic 5: Insurance Operations and Contracts | 20-25% | - Underwriting Process - Policy Structure and Interpretation - Insurance Contract Basics - Fundamental Principles of Insurance |
| Topic 6: Automobile Insurance | 15-20% | - Commercial Automobile Coverage - Mandatory Coverage Requirements - Personal Automobile Coverage |
IIC Principles and Practice of Insurance Sample Questions:
What type of wording is written on a custom basis for a specific situation?
- A. Treaty
- B. Chattel
- C. Manuscript
- D. Standard
Correct Answer: C 🗳️
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Which role is directly employed by the Canadian property and casualty insurance industry?
- A. Health professional
- B. Travel agent
- C. Mechanic
- D. Lawyer
Correct Answer: D 🗳️
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What is stated in the insuring agreements of a policy?
- A. Premium
- B. Lienholder
- C. Description of the property covered
- D. Signature clause
Correct Answer: C 🗳️
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What is the Canadian Insurance Claims Managers Association (CICMA) responsible for?
- A. Promoting a high standard of ethics in the handling of claims
- B. Monitoring claims to detect fraudulent valuations
- C. Analyzing the damageability of vehicles and property
- D. Assessing automobile personal injury claims
Correct Answer: A 🗳️
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[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 $900,000 loss, Cover It pays $200,000 and ZYX pays $600,000
- C. On a $600,000 loss, Cover It pays $300,000 and ZYX pays $300,000
- D. On a $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
Correct Answer: C 🗳️
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