IIC Principles and Practice of Insurance : C11

  • Exam Code: C11
  • Exam Name: Principles and Practice of Insurance
  • Updated: Sep 25, 2026
  • Q & A: 103 Questions and Answers

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About IIC Principles and Practice of Insurance : C11 Exam

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IIC C11 Exam Syllabus Topics:

SectionWeightObjectives
Risk Management and Application15–20%- Risk identification, assessment, treatment
- Application of principles to personal and commercial contexts
- Ethics and professional conduct
Legal Principles of Insurance20–25%- Subrogation and contribution
- Contract law fundamentals
- Principle of indemnity
- Insurable interest, utmost good faith
Introduction to Insurance10–15%- Purpose and function of insurance
- Basic concepts: risk, peril, hazard
- Role of insurance in economy and society
Insurance Policy Structure and Provisions20–25%- Endorsements and modifications
- Interpretation of policy wording
- Policy components: declarations, insuring agreement, exclusions, conditions
Insurance Industry Structure and Stakeholders15–20%- Insurers, intermediaries, regulators
- Roles: underwriting, claims, reinsurance
- Legislation and regulation in Canada

IIC Principles and Practice of Insurance Sample Questions:

Question #1

Huronial Insurance Company submitted incorporation documents and received approval to sell personal-lines property and automobile policies. Which document will the Office of the Superintendent of Financial Institutions (OSFI) issue?

  • A. Insurer of record
  • B. Insurer establishment document
  • C. Order of commencement
  • D. National insurance notice
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #2

Which clause paysreplacement costeven if the lossexceeds the amount of insuranceon the dwelling?

  • A. Outright replacement clause
  • B. Guaranteed replacement cost clause
  • C. Total replacement cost clause
  • D. Pure restitution replacement clause
Reveal Solution  Discussion  0

Correct Answer: A,B,D  🗳️

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Question #3

A large commercial brokerage is approached by a new client who owns a spacecraft and wants liability insurance. What solution should the brokerage recommend?

  • A. Lloyd's Insurance Market
  • B. Specialized captive insurer
  • C. Health and life insurer
  • D. Government insurance company
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #4

Rashida claims she told her broker about the swimming pool when binding coverage. The adjuster disputes coverage because the insurer was not informed. What should have been done to prevent this dispute?

  • A. Insurer should have contacted Rashida directly before binding coverage
  • B. Broker should have requested Rashida send in a signed notice after issuance
  • C. Broker should have sent written confirmation to Rashida and the insurer
  • D. Broker should have requested a witness during the oral application
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #5

What are the four requirements of a binding contract under the Civil Code of Quebec?

  • A. Capacity, cause, consent, and object of contract
  • B. Acceptance, cause, consent, and subject of contract
  • C. Capacity, intention, co-operation, and lesion
  • D. Acceptance, agreement, capacity, and offer
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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