IIC C11 : Principles and Practice of Insurance

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Exam Code: C11

Exam Name: Principles and Practice of Insurance

Updated: Jun 25, 2026

Q & A: 103 Questions and Answers

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IIC Principles and Practice of Insurance Sample Questions:

1. Which type of policy must be signed by a member of each participating insurer?

A) Prescription
B) Subrogation
C) Subscription
D) All-inclusive


2. What is needed to change older statutes that tend to be all-inclusive statements of law on a particular subject?

A) Bill presented by a member of the congress
B) Vote by the populace
C) Approval from the Supreme Court of Canada
D) Act of legislature


3. What should an insurer do if it wishes to have additional terms incorporated in an interim cover?

A) Set the terms down in writing
B) Rely on Statutory Conditions / General Conditions
C) Verbally declare its intent to the intermediary
D) Avoid releasing an interim cover prior to policy inception


4. Jack is a first-time homeowner. How can he mitigate his risk?

A) Decrease his volume of risk
B) Increase his volume of risk
C) Purchase many different kinds of goods
D) Purchase insurance


5. What is a post-loss objective of risk management for an organization?

A) External development
B) Peace of mind
C) Internal obligations
D) Stable earnings


Solutions:

Question # 1
Answer: C
Question # 2
Answer: D
Question # 3
Answer: A
Question # 4
Answer: A
Question # 5
Answer: D

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