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Free PDF Quiz IIC - Authoritative C11 - Principles and Practice of Insurance Relevant Exam Dumps

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IIC Principles and Practice of Insurance Sample Questions (Q13-Q18):

NEW QUESTION # 13
What is generally thethirdstep in responding to a privacy breach?

A. Determine who needs to be notified and send notices
B. Contain the breach and assess ways to reduce harm
C. Investigate how the breach happened and prevent recurrence
D. Evaluate the risks associated with the breach

Answer: A,C,D

Explanation:
The typical privacy-breach response sequence used in Canadian insurance organizations follows four steps:
Contain the breachand secure the data (stop further exposure).
Evaluate the risks- determine sensitivity of data, potential harm, affected individuals, and severity.
Notifythose who must be informed (affected clients, regulators, privacy commissioners, insurers, or law enforcement).
Prevent recurrence- investigate causes and implement corrective measures.
Since Step 1 is containment and Step 2 is risk evaluation, thethirdstep isnotification.
Therefore, the correct answer isC.

NEW QUESTION # 14
The risk manager of an oil refinery is seeking ways to transfer the pollution risk of a new drilling method.
What is the best option?

A. Add the risk to the company's standard commercial property and liability policies
B. Retain the risk
C. Transfer the risk using a surety bond
D. Use a non-insurance loss-financing transfer agreement to insure the risk

Answer: D

Explanation:
Pollution exposures-especially from oil refinery operations-arehigh-severity, high-complexity risks.
Standard property and liability policiestypically exclude pollution, except for sudden and accidental events.
Pollution arising from new drilling methods is considered aspecialized environmental liabilityand often requirescustomized financial transfer mechanisms.
Anon-insurance loss-financing transfer agreement(also called a contractual risk transfer or financial risk transfer mechanism) allows the company to shift the financial consequences of pollution losses to another entity or through non-traditional insurance structures (e.g., environmental impairment liability contracts, captive agreements, or specialized financial instruments). This is the most appropriate and realistic way to transfer complex pollution exposures.
Option A (retain the risk) is unsafe due to catastrophic loss potential.
Option B (surety bond) guarantees performance, not pollution losses.
Option D is incorrect because standard policiesdo not coverthis exposure.
Thus the best option isC.

NEW QUESTION # 15
Which type of clause grants additional protection to the entity that has a registered interest on real property?

A. Additional interest clause
B. Bailee clause
C. Lienholder clause
D. Mortgage clause

Answer: D

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 # 16
Which risk could be insured bychattel coverage?

A. A mobile home belonging to a family
B. Trip cancellation for a honeymoon
C. Errors and omissions for a lawyer's office
D. A half-court shot contest at a basketball game

Answer: A

Explanation:
Chattelrefers tomovable personal property(as opposed to real property/land). Insurance policies that cover chattels protect items such as furniture, machinery, mobile homes, and other movable property.
Amobile homeis specifically recognized as chattel because it is transportable and not permanently affixed to land. Therefore, a mobile home qualifies for chattel insurance coverage.
Option A is atravel insurancerisk.
Option C is anevent prize indemnity risk, not related to chattel.
Option D isprofessional liability(errors & omissions), which covers negligence, not movable property.
Thus, the risk insurable under chattel coverage is amobile home, makingBthe correct choice.

NEW QUESTION # 17
Which role is directly employed by the Canadian property and casualty insurance industry?

A. Lawyer
B. Mechanic
C. Travel agent
D. Health professional

Answer: A

Explanation:
The Canadian property and casualty (P&C) insurance industry employs a range of specialized professionals who support the underwriting, claims, regulatory, and legal functions necessary for insurance operations.
Lawyers are commonly employed directly by insurers to provide advice on policy interpretation, defend claims litigation, ensure regulatory compliance, draft contracts, and handle disputes. They play a crucial role in the claims process, particularly for liability claims and complex legal matters.
Mechanics, travel agents, and health professionals are not directly employed by the P&C insurance industry.
Mechanics may work with insurers as third-party repair facilities, but they are not typically employees. Travel agents relate to travel services, not insurance employment. Health professionals may support life and health insurers or provide assessments for claims, but they are not ordinarily employed in theproperty and casualtysector. Therefore, the correct answer is A: Lawyer.

NEW QUESTION # 18
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