IIC C11 : Principles and Practice of Insurance

  • Exam Code: C11
  • Exam Name: Principles and Practice of Insurance
  • Updated: Oct 09, 2026     Q & A: 103 Questions and Answers

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IIC C11 Exam Syllabus Topics:

SectionWeightObjectives
Insurance Operations and Contracts20-25%- Fundamental Principles of Insurance
- Insurance Contract Basics
- Underwriting Process
- Policy Structure and Interpretation
Insurance Industry Overview10-15%- Insurance Market Structure
- Regulation and Legislation
- Claims Handling
Risk and Insurance15-20%- Risk Management Process
- Insurable Risk
- Nature of Risk
- Risk Identification and Measurement
Automobile Insurance15-20%- Mandatory Coverage Requirements
- Personal Automobile Coverage
- Commercial Automobile Coverage
Property Insurance15-20%- Policy Conditions and Exclusions
- Property Coverage Forms
- Valuation and Coinsurance
Liability Insurance15-20%- Professional Liability
- General Liability Concepts
- Commercial General Liability (CGL)

IIC Principles and Practice of Insurance Sample Questions:

Question #1

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

  • A. $5,000
  • B. $6,500
  • C. $3,200
  • D. $4,500
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #2

What is stated in the insuring agreements of a policy?

  • A. Premium
  • B. Description of the property covered
  • C. Signature clause
  • D. Lienholder
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #3

What type of company has the authority to bind coverage for a specific line of business as outlined by an insurer?

  • A. Factory mutual
  • B. Reinsurer
  • C. Syndicate mutual
  • D. Cover holder
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #4

Which type of clause grants additional protection to the entity that has a registered interest on real property?

  • A. Additional interest clause
  • B. Bailee clause
  • C. Lienholder clause
  • D. Mortgage clause
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #5

What is the Canadian Insurance Claims Managers Association (CICMA) responsible for?

  • A. Promoting a high standard of ethics in the handling of claims
  • B. Assessing automobile personal injury claims
  • C. Monitoring claims to detect fraudulent valuations
  • D. Analyzing the damageability of vehicles and property
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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