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IIC Principles and Practice of Insurance Sample Questions (Q45-Q50):

NEW QUESTION # 45
Which problem could arise with an oral binder?

Answer: D

Explanation:
An oral binder is a legally recognized temporary contract that provides immediate insurance coverage before a written policy is issued. While oral binders are valid in all Canadian provinces, their reliability depends entirely on whether the intermediary actually has binding authority from the insurer. If the broker or agent who gives the oral binder doesnothave the authority to commit the insurer, then the binder may not be valid, and coverage may not exist. This makes lack of authority the primary risk associated with oral binders.
Option A is incorrect-oral binders are legal across Canada.
Option B is incorrect-a binder cannot override policy warranties; it simply provides temporary coverage.
Option C is unrelated; privacy documentation is not what makes a binder valid or invalid.
Thus, the key problem is that the intermediary may not have binding authority, making D the correct answer.


NEW QUESTION # 46
How are staff adjusters and independent adjusters similar?

Answer: D

Explanation:
Bothstaff adjustersandindependent adjusterswork on behalf of the insurer when handling claims. A staff adjuster is an employee of the insurance company, while an independent adjuster is contracted by an insurer to investigate and adjust claims. Regardless of their employment relationship, both types of adjusters operate under the insurer's authority, follow the insurer's procedures, and act in the insurer's interests when assessing damages, determining coverage, and recommending settlement amounts.
Option A is incorrect because both adjustersdoperform investigations. Option C is incorrect-adjusters are licensed in most provinces, not only Quebec and New Brunswick. Option D is incorrect because both staff and independent adjusters have specific limitations on their settlement authority, which depend on the insurer' s internal guidelines. Therefore, the similarity that applies universally isB.


NEW QUESTION # 47
When one reinsurer cedes part of its business to another reinsurer, what is the second reinsurer called?

Answer: C

Explanation:
In the structure of reinsurance practices explained inPrinciples and Practice of Insurance, aretrocessionaireis the reinsurer that accepts risk from another reinsurer. This occurs through a process calledretrocession, where a reinsurer (the retrocedent) transfers a portion of its assumed risk to another reinsurer to further spread exposure and maintain solvency stability.
The terminology is important:
Theprimary insurerissues the original policy to the insured.
Thereinsurer(cessionaire) accepts risk from the primary insurer.
When that reinsurer then cedes part of the risk again, the receiving party is theretrocessionaire.
Retrocession is essential in risk-management frameworks because it allows reinsurers to diversify exposures and avoid concentration risks from catastrophic events. Therefore, the correct term for the second reinsurer isC. Retrocessionaire.


NEW QUESTION # 48
A person applies for fire insurance on their house but fails to mention that in winter they leave the house unoccupied for two months while vacationing. What is this an example of?

Answer: B

Explanation:
Insurance contracts are built on the principle of utmost good faith, meaning applicants must disclose all material facts that could influence the insurer's decision to accept the risk or determine the premium. Failing to mention a material fact-such as the home being unoccupied for long periods-is considered non- disclosure. Unoccupancy increases the risk of vandalism, frozen pipes, fire severity, and delayed emergency response, all of which affect underwriting decisions.
Option A, negligence, refers to failure to act with reasonable care, not failure to disclose.
Option C, breach of warranty, applies only after a policy is in force and a condition guaranteed to be true is violated.
Option D, discharge of contract, refers to cancellation or completion of contractual obligations.
Since the issue arises during the application stage and involves withholding a material fact, the correct classification is non-disclosure.


NEW QUESTION # 49
Jack owns a convenience store. During a severe hurricane, he places sandbags in front of his store and boards up the windows. Which technique of loss control is Jack utilizing?

Answer: A

Explanation:
Loss control refers to strategies used to minimize the frequency or severity of losses. In insurance principles, loss control is divided intoloss prevention(reducing likelihood) andloss reduction(reducing severity once loss becomes imminent or unavoidable).
In this scenario, the hurricane threat is already occurring and cannot be prevented. Jack's actions-placing sandbags, boarding windows, and securing the premises-are aimed atreducing the amount of damagefrom an impending peril. This aligns exactly withloss reduction, which focuses on mitigating the extent of loss after a peril has already materialized or cannot reasonably be avoided.
Avoidance (option A) would involve eliminating the risk entirely, such as relocating the business out of hurricane-prone regions. Risk transfer (option B) involves shifting financial consequences to an insurer.
Diversification (option C) spreads exposure across multiple assets or locations. Jack is instead applying a protective measure to reduce damage, makingD. Loss reductionthe correct choice.


NEW QUESTION # 50
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