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IIC C11 Exam Questions Are Out: Download And Prepare [2026]

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IIC Principles and Practice of Insurance Sample Questions (Q99-Q104):

NEW QUESTION # 99
[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 $900,000 loss, Cover It pays $200,000 and ZYX pays $600,000
B. On a $100,000 loss, Cover It pays $33,333 and ZYX pays $66,667
C. On a $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
D. On a $600,000 loss, Cover It pays $300,000 and ZYX pays $300,000

Answer: D

Explanation:
In anon-proportional excess of losscontract, the reinsurer pays only the amountabove the retention (the deductible), up to its limit.
Retention =$300,000
Reinsurer's limit =$600,000
Maximum reinsurance payout =$600,000
Now apply it to a$600,000 loss:
Cover It Insurance pays the first$300,000(its retention).
The remaining$300,000is within the reinsurer's limit, so ZYX-Reinsurance pays$300,000.
Option A is incorrect-loss does not exceed retention, so reinsurer pays nothing.
Option B is incorrect-no reinsurance applies below $300,000.
Option D is incorrect because for a $900,000 loss, reinsurer would pay themaximum limit of $600,000, but Cover It would pay $300,000 retention plus the remaining $0? Actually total loss 900k: cover it pays 300k retention + 0 above? No, Cover It also pays any amount above reinsurance layer -> 900k minus 300k retention minus 600k limit = 0. The answer shown is still incorrect based on the numbers.
OnlyCis correctly calculated.

NEW QUESTION # 100
Which legal term describes the time in which a claim may be brought by the policyholder?

A. Prescription
B. Waiver
C. Non-waiver
D. Release

Answer: A

Explanation:
Prescription refers to the legally defined period during which an insured is permitted to initiate legal action to enforce a claim under the insurance contract. Once the prescriptive period expires, the insured loses the legal right to pursue the claim, even if the claim itself is otherwise valid. This protects insurers from indefinite liability and encourages timely reporting and settlement of claims.
A waiver is the voluntary relinquishment of a known right. A release is a document signed by the insured surrendering further claims, usually after settlement. A non-waiver agreement preserves the insurer's right to investigate a claim without admitting liability. None of these terms relate to the legal time limit for bringing an action. Therefore, the correct term describing the time frame for commencing legal proceedings is prescription.

NEW QUESTION # 101
Usually, what must an insurance intermediary do before using the personal information of a client for a purpose other than that for which the information was originally collected?

A. Write to the client advising of the alternate usage
B. Advise the insurer's ombudsperson of the intended usage
C. Obtain permission from the client to do so
D. Obtain permission from the federal privacy officer to continue

Answer: C

Explanation:
Under Canadian privacy legislation (such as PIPEDA), personal information may only be used for the specific purpose for which it was originally collected unless the client provides informed consent for additional use.
Insurance intermediaries must therefore obtain explicit permission from the client before using or disclosing their information for any new purpose, such as marketing, cross-selling, or sharing data with third-party providers.
Option B-simply notifying the client-is insufficient without consent. Option C is incorrect, as the ombudsperson deals with complaints, not privacy approvals. Option D is incorrect because privacy officers do not grant permissions; the law requires consent from the individual, not from government officials.
Since consent is central to privacy compliance in insurance operations, the intermediary must obtain permission from the client, making A the correct answer.

NEW QUESTION # 102
Deanna owns a house worth $1,000,000 but chooses to insure it for $500,000. What clause might prevent her from being fully reimbursed in the event of a loss?

A. Forfeiture
B. Contribution
C. Subscription
D. Coinsurance

Answer: D

Explanation:
The coinsurance clause requires the insured to carry insurance equal to a specified percentage (commonly
80%, 90%, or 100%) of the property's value. If the insured carries less than the required amount, they become a coinsurer and share in any partial loss. This prevents underinsurance and encourages insureds to maintain adequate coverage levels.
Here, Deanna insures a $1,000,000 property for only $500,000-50%. If the policy requires 80% coinsurance, she should be carrying at least $800,000. Because she does not, she will not be fully reimbursed for partial losses; her payment will be reduced proportionally based on the coinsurance formula.
Option A (forfeiture) applies to breaches of policy conditions. Option C (contribution) applies when multiple insurers cover the same risk. Option D (subscription) applies when several insurers share a single risk by percentage participation.
Thus, the clause that could reduce Deanna's recovery is B: Coinsurance.

NEW QUESTION # 103
A company suffers an $80,000 theft loss from its commercial property.
Insurer A covers the property for $300,000.
Insurer B covers the same property for $100,000.
Assuming both policies have identical terms, how is the $80,000 loss shared?

A. Insurer A pays $40,000; Insurer B pays $40,000
B. Insurer A pays $0; Insurer B pays $60,000
C. Insurer A pays $60,000; Insurer B pays $20,000
D. Insurer A pays $80,000; Insurer B pays $0

Answer: C

Explanation:
When two insurers cover the same property, theprinciple of contributionapplies. Each insurer pays a proportion of the loss based on its share of the total insurance in force. Here:
Total insurance = $300,000 + $100,000 = $400,000
Insurer A's share = 300,000 / 400,000 =75%
Insurer B's share = 100,000 / 400,000 =25%
Loss = $80,000
Insurer A pays 75% × 80,000 =$60,000
Insurer B pays 25% × 80,000 =$20,000
Thus,Cis correct.

NEW QUESTION # 104
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