IIC C11 : Principles and Practice of Insurance

  • Exam Code: C11
  • Exam Name: Principles and Practice of Insurance
  • Updated: Oct 05, 2026
  • Q & A: 103 Questions and Answers

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About IIC C11 Exam

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IIC C11 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Insurance Industry Overview10-15%- Regulation and Legislation
- Claims Handling
- Insurance Market Structure
Topic 2: Risk and Insurance15-20%- Nature of Risk
- Risk Management Process
- Insurable Risk
- Risk Identification and Measurement
Topic 3: Liability Insurance15-20%- Commercial General Liability (CGL)
- General Liability Concepts
- Professional Liability
Topic 4: Property Insurance15-20%- Property Coverage Forms
- Policy Conditions and Exclusions
- Valuation and Coinsurance
Topic 5: Insurance Operations and Contracts20-25%- Insurance Contract Basics
- Policy Structure and Interpretation
- Underwriting Process
- Fundamental Principles of Insurance
Topic 6: Automobile Insurance15-20%- Mandatory Coverage Requirements
- Personal Automobile Coverage
- Commercial Automobile Coverage

IIC Principles and Practice of Insurance Sample Questions:

Question #1

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

  • A. Bailee clause
  • B. Mortgage clause
  • C. Additional interest clause
  • D. Lienholder clause
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #2

Which is a pre-loss objective of risk management for an organization?

  • A. Operational continuity
  • B. External obligations
  • C. Sustained growth
  • D. Business development
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #3

What does the Institute for Catastrophic Loss Reduction (ICLR) encourage?

  • A. The development of mandatory evacuation procedures in the event of any moderate weather changes
  • B. The building of resilient communities through cost-effective techniques that enable structures to withstand severe weather or earthquakes
  • C. The understanding of weather patterns to aid all citizens in predicting weather
  • D. The pooling of funds by all members of society to deal with the predicted cost of a large-scale natural disaster
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #4

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

  • A. Purchase insurance
  • B. Decrease his volume of risk
  • C. Increase his volume of risk
  • D. Purchase many different kinds of goods
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #5

Insurer A and Insurer B cover the same building and the policies are NOT subject to contribution. The building sustains a loss of $450,000. How can the insured claim for their loss?

  • A. Claim the full amount from Insurer A and have Insurer B pay the loss deductible
  • B. Claim 50% of the loss from each insurer
  • C. Claim the full amount from insurer A
  • D. Claim the full amount from Insurer B and request them to subrogate against Insurer A
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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