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High Pass-Rate Question C11 Explanations - Win Your IIC Certificate with Top Score

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IIC Principles and Practice of Insurance Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which statement reflects the concept that the premium for each risk should be commensurate with that risk?

A. One or more persons should provide protection to another person against loss
B. Risks can happen to anyone, so each individual should purchase insurance
C. Proper settlement of losses should be paid out of the pool of funds
D. Risks more likely to have losses should pay higher premiums

Answer: D

Explanation:
One of the fundamental principles of insurance rating is that thepremium charged must accurately reflect the level of riskbeing insured. This principle ensures fairness and financial stability: individuals or businesses presenting a higher probability of loss or greater potential severity must payhigher premiums, while lower- risk policyholders pay less. This is essential because insurers must collect sufficient funds to cover expected claims, expenses, and maintain solvency.
Option B describes the pooling of funds, which is part of how insurance works but does not address how premiums are determined.
Option C relates to the general purpose of insurance, not premium adequacy.
Option D loosely refers to indemnification, not rating methodology.
Therefore, the only statement that accurately reflects the idea that premiums must be commensurate with the risk isA.

NEW QUESTION # 67
Robin is employed as a loss adjuster handling a large residential fire claim. Which is NOT one of their responsibilities?

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

Answer: D

Explanation:
Loss adjusters are required to conduct themselves with professionalism, fairness, and integrity. Their responsibilities include explaining how coverage applies, gathering facts, assessing damage, and ensuring the claim is handled according to policy terms and applicable law. This includes respecting legal requirements and proper interpretation of insurance statutes and conditions.
However, adjusters must not provide legal advice. Legal advice is the domain of licensed lawyers. Adjusters may explain policy terms, clarify obligations, or interpret claims procedures, but they cannot advise a claimant on legal strategy, liability, lawsuit responses, or legal rights beyond policy interpretation. Doing so breaches professional boundaries and regulatory expectations.
Therefore, the only option that isnota responsibility is D: Provide legal advice, making it the correct answer.

NEW QUESTION # 68
Which insurance term is defined as providing compensation for losses or expenses that have been incurred?

A. Indemnify
B. Utmost good faith
C. Pure captive
D. Salvage

Answer: A,B

Explanation:
Comprehensive Explanation (150-250 words):
The termindemnifyis fundamental in insurance. To indemnify means tocompensate an insured party for actual losses or expenses incurred, restoring them as closely as possible to the financial position they occupied immediately before the loss. This principle ensures that insurance does not create profit or gain for the insured but instead acts as a financial safety mechanism to cover legitimate losses.
Indemnity is applied across many types of policies-property, automobile, liability, and more-and forms the basis of how claims are settled. When an insurer indemnifies an insured, the insurer may pay for repairs, replacement, medical expenses, or financial judgments depending on the policy coverage.
Option A,Salvage, is the insurer's right to recover value from damaged property after paying a claim.
Option C,Pure captive, refers to an insurance company created by a parent company to insure its own risks.
Option D,Utmost good faith, is the legal duty requiring both insurer and insured to disclose all material facts.
Only"indemnify"directly describes providing compensation for an incurred loss.

NEW QUESTION # 69
Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?

A. TOY Insurance Brokers did not remit commissions owed to the insurer
B. TOY Insurance Brokers did not keep premiums in a trust account and used them to pay expenses
C. Original Insurance Company did not set service standards
D. Original Insurance Company provided quotes on all broker applications

Answer: B

Explanation:
Brokers hold client premiums in trust accounts, separate from operating funds. This is a legal requirement under provincial insurance legislation. Trust funds belong to insurers (or insureds) until properly remitted. If TOY Insurance Brokers used trust funds to pay their own expenses, they violated both fiduciary duty and regulatory obligations. This constitutes serious professional misconduct and is one of the most common and serious reasons for immediate termination of a broker contract-often accompanied by regulatory investigation or license suspension.
Option A would not justify termination because service standards should be defined by the insurer, not the broker. Option B reflects good insurer practice and is unrelated to termination. Option C is incorrect because brokers do not remit commissions to insurers-insurers pay commissions to brokers.
Therefore, the only correct answer is D: failure to maintain premiums in a trust account.

NEW QUESTION # 70
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?

A. Retrocessionaire
B. Cessionaire
C. Alternate Insurer
D. Primary Insurer

Answer: A

Explanation:
In the structure of reinsurance practices explained inPrinciples and Practice of Insurance, aretrocessionaireis the reinsurer that accepts risk from another reinsurer. This occurs through a process calledretrocession, where a reinsurer (the retrocedent) transfers a portion of its assumed risk to another reinsurer to further spread exposure and maintain solvency stability.
The terminology is important:
Theprimary insurerissues the original policy to the insured.
Thereinsurer(cessionaire) accepts risk from the primary insurer.
When that reinsurer then cedes part of the risk again, the receiving party is theretrocessionaire.
Retrocession is essential in risk-management frameworks because it allows reinsurers to diversify exposures and avoid concentration risks from catastrophic events. Therefore, the correct term for the second reinsurer isC. Retrocessionaire.

NEW QUESTION # 71
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