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IIC C11 Exam Syllabus Topics:

IIC Principles and Practice of Insurance Sample Questions:

1. [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 $200,000 loss, Cover It pays $100,000 and ZYX pays $100,000
B) On a $100,000 loss, Cover It pays $33,333 and ZYX pays $66,667
C) On a $600,000 loss, Cover It pays $300,000 and ZYX pays $300,000
D) On a $900,000 loss, Cover It pays $200,000 and ZYX pays $600,000

2. 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

3. What is a disadvantage of loss retention through borrowing?

A) Special accounting is always required
B) It requires significant commitment from senior management
C) It reduces the company's line of credit
D) It is difficult even if the company has assets to cover the loan

4. Which type of insurance company has the same capital structure as any other capital enterprise?

A) Factory mutual company
B) Captive company
C) Co-operative company
D) Stock company

5. Dominika's house sustains a fire resulting in a $500,000 total loss to the house and contents. Some pieces of furniture are salvageable and valued at $4,000 by the insurer. Dominika chooses to keep these items for her next home. Dominika's policy has a guaranteed replacement cost clause with a limit of $500,000 and a deductible of $1,000. What settlement amount will Dominika recover from the loss?

A) $500,000
B) $495,000
C) $499,000
D) $496,000

Solutions: