IIC Principles and Practice of Insurance : C11

  • Exam Code: C11
  • Exam Name: Principles and Practice of Insurance
  • Updated: Aug 18, 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
Topic 1: Introduction to Insurance10–15%- Basic concepts: risk, peril, hazard
- Purpose and function of insurance
- Role of insurance in economy and society
Topic 2: Legal Principles of Insurance20–25%- Principle of indemnity
- Contract law fundamentals
- Insurable interest, utmost good faith
- Subrogation and contribution
Topic 3: Risk Management and Application15–20%- Application of principles to personal and commercial contexts
- Ethics and professional conduct
- Risk identification, assessment, treatment
Topic 4: Insurance Industry Structure and Stakeholders15–20%- Insurers, intermediaries, regulators
- Roles: underwriting, claims, reinsurance
- Legislation and regulation in Canada
Topic 5: Insurance Policy Structure and Provisions20–25%- Interpretation of policy wording
- Policy components: declarations, insuring agreement, exclusions, conditions
- Endorsements and modifications

IIC Principles and Practice of Insurance Sample Questions:

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

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


2. 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


3. Robin is employed as a loss adjuster handling a large residential fire claim. Which is NOT one of their responsibilities?

A) Explain relevant insurance coverage
B) Provide legal advice even if the claimant has legal counsel
C) Assess the claim with integrity
D) Uphold the law with respect to its interpretation


4. Stuart sells his vehicle and cancels his auto policy. The insurer refunds the full unearned portion of the premium. What type of cancellation is this?

A) Non-adjusted rate
B) Total rate
C) Pro rata
D) Fully fixed


5. Who has authority from a company to manage that company's business within their territory, to appoint other agents, and to settle claims?

A) Operating agent
B) General agent
C) Analyst
D) Wholesaler


Solutions:

Question # 1
Answer: B
Question # 2
Answer: C
Question # 3
Answer: B
Question # 4
Answer: C
Question # 5
Answer: B

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