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IIC Principles and Practice of Insurance Sample Questions (Q92-Q97):

NEW QUESTION # 92
If thenet premiumis $4,000 and thebroker's commissionis 20%, what is thepolicy premium?

Answer: A

Explanation:
Anet premiumis the amount remainingafter commission is deducted. Therefore, the policy premium must behigherthan the net premium, because the insurer must pay the broker their commission out of the gross premium.
Formula:
Net Premium=Policy Premium×(1#Commission Rate) ext{Net Premium} = ext{Policy Premium} imes (1
- ext{Commission Rate})Net Premium=Policy Premium×(1#Commission Rate)4,000=P×0.804,000 = P
imes 0.804,000=P×0.80P=4,0000.80=5,000P = rac{4,000}{0.80} = 5,000P=0.804,000=5,000 Thus, the policyholder must be charged$5,000, so that:
$1,000 (20%) goes to the broker, and
$4,000 remains as the net premium for the insurer.
Correct answer:C: $5,000.


NEW QUESTION # 93
Jack is a first-time homeowner. How can he mitigate his risk?

Answer: C

Explanation:
Risk mitigation refers to reducing the frequency or severity of potential losses. A first-time homeowner can mitigate risk by taking proactive measures such as installing smoke alarms, securing doors and windows, maintaining the property, or eliminating hazards. These actions directly decrease the homeowner's volume of risk by reducing the probability of a loss or limiting its potential impact.
Option A-purchasing insurance-is not risk mitigation; it is risk transfer, where the financial consequences of loss are shifted to an insurer. Insurance does not reduce the likelihood of loss; it only provides compensation after loss.
Option B is the opposite of mitigation.
Option D is irrelevant to risk management.
Thus, the correct answer is C: Decrease their volume of risk.


NEW QUESTION # 94
Who has authority from a company to manage that company's business within their territory, to appoint other agents, and to settle claims?

Answer: B

Explanation:
A general agent is an individual or business entity that receives broad authority from an insurer to operate on its behalf within a designated geographic territory. This authority typically includes the power to manage the insurer's business, appoint sub-agents, oversee production, and settle certain types of claims within their delegated limits. In the traditional agency system in Canada, general agents act as intermediaries between the insurer and local agents, ensuring proper distribution of policies and adherence to underwriting rules.
This role is distinct from analysts, who do not hold managerial or appointment authority, and from wholesalers, whose function is typically limited to distributing insurance products to brokers rather than supervising an insurer's operations. Operating agents may have administrative duties but do not hold the broad binding and claim-settlement authority that defines a general agent. Thus, the only option that correctly matches the described authority structure is General agent.


NEW QUESTION # 95
What should an insurer do if it wishes to have additional terms incorporated in an interim cover?

Answer: A

Explanation:
Interim covers-also called binders or cover notes-are legal proof of temporary coverage. Because they function as contracts, any additional terms the insurer wishes to impose must be clearly written and communicated to the insured at the time coverage is bound. Courts consistently require that policy terms be in writing to be enforceable, especially when modifying or restricting standard coverage.
Option B is incorrect because verbal instructions can lead to disputes and are not enforceable under contract law or statutory requirements. Option C is incorrect because statutory conditions apply automatically but do not add insurer-specific terms. Option D is unrelated-interim covers exist precisely to provide immediate insurance before the policy is issued.
Therefore, if the insurer wants additional conditions or limitations to apply, they must be set down in writing as part of the interim contract, making A the correct answer.


NEW QUESTION # 96
What does the term "subject of insurance" refer to?

Answer: C

Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.


NEW QUESTION # 97
......

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