PDF Version DemoIIC Principles and Practice of Insurance Sample Questions:
1. Which factor could explain poorer performance of renewal clients as opposed to new business clients?
A) Reinsurance only being available on renewal policies
B) New business clients limit claims in order to keep premiums low
C) More strict underwriting criteria for renewal risks
D) An automated renewal process
2. What is the correct placement of statutory conditions to their respective insurance policy?
A) A: automobile, B: accident & sickness, C: fire
B) A: accident & sickness, B: automobile, C: fire
C) A: fire, B: accident & sickness, C: automobile
D) A: accident & sickness, B: fire, C: automobile
3. What does the Institute for Catastrophic Loss Reduction (ICLR) encourage?
A) The understanding of weather patterns to aid all citizens in predicting weather
B) The pooling of funds by all members of society to deal with the predicted cost of a large-scale natural disaster
C) The development of mandatory evacuation procedures in the event of any moderate weather changes
D) The building of resilient communities through cost-effective techniques that enable structures to withstand severe weather or earthquakes
4. Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?
A) Broker should have requested Rashida send in a signed notice after issuance
B) Broker should have sent written confirmation to Rashida and the insurer
C) Broker should have requested a witness during the oral application
D) Insurer should have contacted Rashida directly before binding coverage
5. MacMan Inc. employs several salespersons who travel throughout Canada with samples of its products.
Which type of coverage does MacMan Inc. require to protect its samples while in the salespersons' possession?
A) Accident Insurance
B) Personal Property Floater
C) Aviation Insurance
D) Commercial Property Floater
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: D |
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