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IIC C11 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Policy Structure and Provisions | 20–25% | - Endorsements and modifications - Policy components: declarations, insuring agreement, exclusions, conditions - Interpretation of policy wording |
| Topic 2: Introduction to Insurance | 10–15% | - Purpose and function of insurance - Basic concepts: risk, peril, hazard - Role of insurance in economy and society |
| Topic 3: Risk Management and Application | 15–20% | - Ethics and professional conduct - Risk identification, assessment, treatment - Application of principles to personal and commercial contexts |
| Topic 4: Legal Principles of Insurance | 20–25% | - Principle of indemnity - Subrogation and contribution - Contract law fundamentals - Insurable interest, utmost good faith |
| Topic 5: Insurance Industry Structure and Stakeholders | 15–20% | - Roles: underwriting, claims, reinsurance - Insurers, intermediaries, regulators - Legislation and regulation in Canada |
IIC Principles and Practice of Insurance Sample Questions:
1. 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) Retain the risk
B) Use a non-insurance loss-financing transfer agreement to insure the risk
C) Transfer the risk using a surety bond
D) Add the risk to the company's standard commercial property and liability policies
2. Why does the Office of the Superintendent of Financial Institutions (OSFI) control the types of investments insurers are allowed to make?
A) To minimize insurers' investment loss exposures
B) To maximize industry profits
C) To maximize insurers' returns on investments
D) To minimize industry indemnifications
3. 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; any claims will be subject to an increased deductible depending on the size of the loss
C) No; in-home businesses with a low to medium hazard grade do not affect eligibility
D) Yes; if the concealment is proven it could result in the contract being nullified
4. How are staff adjusters and independent adjusters similar?
A) Both work on behalf of, and are paid by, the insurer
B) Neither is allowed to perform an investigation
C) Both are licensed only in Quebec and New Brunswick
D) Neither has any limitation on their authority to settle claims
5. An insurer writes a $60,000,000 risk for a premium of $30,000. Using pro rata reinsurance, it transfers 25% of the risk to the reinsurer. The risk then suffers a $100,000 loss. How much does the reinsurer contribute to this loss?
A) $60,000
B) $100,000
C) $25,000
D) $75,000
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: C |
