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IIC C11 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Legal Principles of Insurance | 20–25% | - Contract law fundamentals - Insurable interest, utmost good faith - Principle of indemnity - Subrogation and contribution |
| Topic 2: Insurance Industry Structure and Stakeholders | 15–20% | - Insurers, intermediaries, regulators - Roles: underwriting, claims, reinsurance - Legislation and regulation in Canada |
| Topic 3: Risk Management and Application | 15–20% | - Ethics and professional conduct - Risk identification, assessment, treatment - Application of principles to personal and commercial contexts |
| Topic 4: Introduction to Insurance | 10–15% | - Basic concepts: risk, peril, hazard - Role of insurance in economy and society - Purpose and function of insurance |
| Topic 5: Insurance Policy Structure and Provisions | 20–25% | - Endorsements and modifications - Interpretation of policy wording - Policy components: declarations, insuring agreement, exclusions, conditions |
IIC Principles and Practice of Insurance Sample Questions:
Karl recently purchased a house in Winnipeg. Prior to the purchase he asked if the house had termites. The house was infested, but the seller falsely stated there were none. After signing the contract, Karl discovered the infestation. Which element makes the purchase contract voidable?
- A. Undue influence
- B. Mistake about assumptions
- C. Fraudulent misrepresentation
- D. Innocent misrepresentation
Correct Answer: C 🗳️
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If thenet premiumis $4,000 and thebroker's commissionis 20%, what is thepolicy premium?
- A. $6,500
- B. $3,200
- C. $4,500
- D. $5,000
Correct Answer: D 🗳️
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Robin is employed as a loss adjuster handling a large residential fire claim. Which is NOT one of their responsibilities?
- A. Assess the claim with integrity
- B. Explain relevant insurance coverage
- C. Provide legal advice even if the claimant has legal counsel
- D. Uphold the law with respect to its interpretation
Correct Answer: C 🗳️
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What is his responsibility?
- A. Advise the insured the policy covers the loss, if he confirms it
- B. Verify the independent adjuster's report has no errors
- C. Advise an underwriter the policy requires a premium increase at renewal
- D. Record preliminary information and ask further details
Correct Answer: D 🗳️
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John convinces Louise to sign a contract for room and board at his house in Montreal in exchange for $1,000.
When Louise prepares to move in, John informs her that she will be staying in a room at a run-down hotel he owns. Which cause of nullity is Louise MOST LIKELY to employ to cause the contract to be of no effect?
- A. Violence
- B. Fraud
- C. Lesion
- D. Error
Correct Answer: B 🗳️
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