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IIC Principles and Practice of Insurance Sample Questions (Q70-Q75):

NEW QUESTION # 70
Jack is a first-time homeowner. How can he mitigate his risk?

Answer: B

Explanation:
Risk mitigation refers to reducing the frequency or severity of potential losses. A first-time homeowner can mitigate risk by taking proactive measures such as installing smoke alarms, securing doors and windows, maintaining the property, or eliminating hazards. These actions directly decrease the homeowner's volume of risk by reducing the probability of a loss or limiting its potential impact.
Option A-purchasing insurance-is not risk mitigation; it is risk transfer, where the financial consequences of loss are shifted to an insurer. Insurance does not reduce the likelihood of loss; it only provides compensation after loss.
Option B is the opposite of mitigation.
Option D is irrelevant to risk management.
Thus, the correct answer is C: Decrease their volume of risk.


NEW QUESTION # 71
What type of company has the authority to bind coverage for a specific line of business as outlined by an insurer?

Answer: B

Explanation:
A cover holder is a business entity authorized by an insurer-most often within the Lloyd's structure-to bind coverage, issue policies, collect premiums, and sometimes handle claims for specific lines of business. This authority is granted through a binding authority agreement, which outlines the scope of operations, underwriting limits, and compliance requirements. Cover holders extend the market reach of insurers while maintaining oversight through strict reporting and audit mechanisms.
A reinsurer assumes risk from insurers but does not issue retail policies or bind coverage for individual clients. A factory mutual is a specialized mutual insurer focusing on highly protected risks, not delegated binding authority. A syndicate mutual is not a recognized category in Canadian P&C operations. Since only a cover holder has formal delegated binding authority from an insurer, the correct answer is B.


NEW QUESTION # 72
Which statement reflects the concept that the premium for each risk should be commensurate with that risk?

Answer: A

Explanation:
One of the fundamental principles of insurance rating is that thepremium charged must accurately reflect the level of riskbeing insured. This principle ensures fairness and financial stability: individuals or businesses presenting a higher probability of loss or greater potential severity must payhigher premiums, while lower- risk policyholders pay less. This is essential because insurers must collect sufficient funds to cover expected claims, expenses, and maintain solvency.
Option B describes the pooling of funds, which is part of how insurance works but does not address how premiums are determined.
Option C relates to the general purpose of insurance, not premium adequacy.
Option D loosely refers to indemnification, not rating methodology.
Therefore, the only statement that accurately reflects the idea that premiums must be commensurate with the risk isA.


NEW QUESTION # 73
Which type of clause grants additional protection to the entity that has a registered interest on real property?

Answer: C

Explanation:
Comprehensive and Detailed Explanation (150-250 words):
Amortgage clauseis a specialized provision within property insurance policies that protects the financial interest of amortgagee-typically a bank or lending institution-when real property is used as collateral for a loan. Under thePrinciples and Practice of Insurance, this clause creates aseparate contract of insurancebetween the mortgagee and the insurer. This is critical because it ensures that the mortgagee's protection remains intact even if the insured violates policy conditions (such as failing to maintain the property or committing fraud).
This clause ensures that any loss settlement will first satisfy the mortgagee's insurable interest before any residual payment goes to the property owner. It also obligates the insurer to notify the mortgagee of policy cancellation or material changes, providing the lender an opportunity to take protective measures, such as force-placed insurance.
The mortgage clause is distinct from other clauses: abailee clauserelates to property held by others for repair or cleaning, alienholder clauseis used for movable property like automobiles, and anadditional interest clauseoffers limited notice but not the full contractual protection afforded to a mortgagee. Thus, the correct and most protective clause for real property isB. Mortgage clause.


NEW QUESTION # 74
A commercial brokerage failed to advise the insurer of a client's modified risk. The insurer discovered this only at the time of a major loss and denied the claim due to material change. How will the client MOST LIKELY proceed?

Answer: A

Explanation:
Brokers act as agents of the insured, meaning they owe a professional duty to advise the insurer of any material change in risk. A material change is any alteration that significantly affects the underwriting assessment of the policy. If a broker fails to report such a change, the insurer is legally entitled to void coverage or deny a claim because it was not given full information to properly rate or accept the risk.
When a claim is denied due to the broker's failure-not the insured's intentional nondisclosure-the insured will typically seek compensation by suing the brokerage for negligence. The brokerage has a legal duty of care to ensure proper communication with insurers on behalf of the client.
Options A and B make no sense because the insurer will not voluntarily pay after a justified denial. Option C is unlikely, because the insurer can demonstrate that it never received notification of the change. The correct and realistic recourse is legal action against the brokerage, making D correct.


NEW QUESTION # 75
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