IIC C11

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IIC Principles and Practice of Insurance Sample Questions:

1. Why would a policyholder use an intermediary?

A) They help to identify clients' insurance needs
B) They have unlimited liability
C) They represent all insurers
D) They make reinsurance arrangements for clients

2. A commercial brokerage failed to advise the insurer of a client's modified risk. The insurer discovered this only at the time of a major loss and denied the claim due to material change. How will the client MOST LIKELY proceed?

A) Pay for the loss, and oblige the brokerage to reimburse the deductible
B) Take legal action against the insurer, stating the insurer knew the full risk
C) Take legal action against the brokerage, stating it had a contractual responsibility to disclose the material change
D) Pay for the loss, and cancel the policy backdated to before the loss

3. Which statement best explains the concept of utmost good faith?

A) Is a requirement of all legal contracts
B) Is a lack of conduct that exceeds mere negligence
C) Requires a high standard of honesty
D) Implies the ability to void an insurance policy

4. What is the definition of subrogation?

A) A promise by one party to release another from responsibility in exchange for money
B) The right of the insurer to take action against the insured in cases of fraud
C) The process allowing an insurer that paid a claim to recover the amount from the legally responsible party
D) The full payout an insurer makes before receiving the deductible

5. What is a cover note?

A) Document issued by intermediaries to inform the insured that coverage has been arranged
B) Purchase agreement between the agent or broker and the insurer
C) File notes confirming insurance discussions between the intermediary and the insured
D) An amendment added to a written document that alters its provisions

Solutions: