IIC C11

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IIC Principles and Practice of Insurance Sample Questions:

1. What is the effect of perils and hazards on insurance rates for the underwriter?

A) The rate is determined by the law of large numbers for the hazards listed on the policy
B) The rate is calculated by multiplying the premium by the amount insured for each peril
C) An underwriter may use a higher rate if a hazard increases the likelihood of a loss by an insured peril
D) An underwriter may increase the rate if the insured event is likely to increase the hazard

2. Which insurance industry impact is an example of a surety?

A) A developer advancing funds to a building contractor for a guaranteed project
B) A doctor providing malpractice-covered services
C) A manufacturer accepting shipping risks that are insured
D) A bank issuing a mortgage on an insured building

3. Which statement reflects the concept that the premium for each risk should be commensurate with that risk?

A) One or more persons should provide protection to another person against loss
B) Proper settlement of losses should be paid out of the pool of funds
C) Risks can happen to anyone, so each individual should purchase insurance
D) Risks more likely to have losses should pay higher premiums

4. Stuart sells his vehicle and cancels his auto policy. The insurer refunds the full unearned portion of the premium. What type of cancellation is this?

A) Total rate
B) Fully fixed
C) Pro rata
D) Non-adjusted rate

5. 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) Coinsurance
B) Forfeiture
C) Contribution
D) Subscription

Solutions: