IIC Principles and Practice of Insurance - C11 FREE EXAM DUMPS QUESTIONS & ANSWERS]

Question 1

George emails his cousin offering to buy her textbooks for $500. He states that unless she replies "no," they have a deal. Which essential element of a binding contract is missing?

A. Legality of object B. Capacity to contract C. Consideration D. Offer and acceptance

Discussion 0

Correct Answer: D Vote an answer

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Question 2

What should the broker provide in the broker report?

A. Comparable accounts to assist the insurer in rating B. The client's past premium and deductibles C. Any personal knowledge of the client D. Their suggested premium for the client

Discussion 0

Correct Answer: C Vote an answer

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Question 3

Whose signatures wouldusuallyappear on therisk's policy?

A. Alan and Cathy B. Simone and Alan C. Denis and Cathy D. Denis and Simone

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Correct Answer: A Vote an answer

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Question 4

Which statement reflects how an insurer invests their capital?

A. Insurers are compelled by regulations to invest in non-liquid assets B. There are no restrictions as to how an insurer can invest their capital C. Government regulations specify the types of investmentsnot permittedto insurers D. Provincial regulations allow insurers to invest in foreign bond markets

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Correct Answer: C Vote an answer

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Question 5

Antonio lights a firecracker and throws it to Brett. Brett tosses it to Sandra. Sandra catches it and throws it to Celina. It explodes in Celina's hands, injuring her. Who is the immediate cause of the loss?

A. Sandra B. Brett C. Antonio and Brett D. Celina and Antonio

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Correct Answer: A Vote an answer

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Question 6

What best describes a direct loss?

A. A loss covered by an insured peril, but not caused directly by the peril B. A loss not covered on the policy but covered by an endorsement C. Damage to property caused directly by the insured D. Damage to property by direct action of a peril insured against

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Correct Answer: D Vote an answer

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Question 7

Why does the need for liability insurance arise?

A. Meet societal obligations and norms B. Reduce personal risk to oneself C. Fulfill legal obligations to others D. Uphold ethical feelings of responsibility

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Correct Answer: C Vote an answer

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Question 8

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 bank issuing a mortgage on an insured building C. A manufacturer accepting shipping risks that are insured D. A doctor providing malpractice-covered services

Discussion 0

Correct Answer: A Vote an answer

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