C11 Test Quiz | C11 Examcollection Questions Answers

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IIC Principles and Practice of Insurance Sample Questions (Q76-Q81):

NEW QUESTION # 76
If thenet premiumis $4,000 and thebroker's commissionis 20%, what is thepolicy premium?

Answer: D

Explanation:
Anet premiumis the amount remainingafter commission is deducted. Therefore, the policy premium must behigherthan the net premium, because the insurer must pay the broker their commission out of the gross premium.
Formula:
Net Premium=Policy Premium×(1#Commission Rate) ext{Net Premium} = ext{Policy Premium} imes (1
- ext{Commission Rate})Net Premium=Policy Premium×(1#Commission Rate)4,000=P×0.804,000 = P
imes 0.804,000=P×0.80P=4,0000.80=5,000P = rac{4,000}{0.80} = 5,000P=0.804,000=5,000 Thus, the policyholder must be charged$5,000, so that:
$1,000 (20%) goes to the broker, and
$4,000 remains as the net premium for the insurer.
Correct answer:C: $5,000.


NEW QUESTION # 77
What does the term "subject of insurance" refer to?

Answer: B

Explanation:
Thesubject of insuranceis the property, person, or legal liability exposure that is being insured. This is the central object of the policy-what the insurer agrees to indemnify or protect. For example, a house in a homeowner's policy, a vehicle in an automobile policy, or a person's life in a life insurance contract.
Identifying the subject of insurance is essential because underwriting, policy wordings, rates, and coverage conditions all revolve around what is being insured.
Option B refers toperils, which are the causes of loss, not the insured item. Option C refers to the insurer itself and is unrelated to the definition. Option D refers to policy language but not the underlying exposure.
Thus, the correct meaning of the term isA: the thing being insured.


NEW QUESTION # 78
How would a moving and storage company benefit from purchasing insurance to cover customers' goods while in transit?

Answer: B

Explanation:
Purchasing insurance that covers customers' goods in transit enhances the company's ability toattract more clients, which is referred to asgreater acquisition potential. Clients feel more confident choosing a mover that offers protection for their belongings, especially when transporting high-value items. This competitive advantage increases business opportunities and strengthens the company's reputation.
Option B-"feeling of security"-is a benefit but applies to theinsured party, not the business's competitive positioning. Option C is incorrect because purchasing insurance does not provide additional capital; it is a business cost. Option D (subscription policies) has no connection to transit insurance.
Therefore, the most direct business benefit for the moving company isA: Greater acquisition potential.


NEW QUESTION # 79
Which risk could be insured bychattel coverage?

Answer: B

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 # 80
[Insurance Companies - Reinsurance (Non-Proportional / Excess of Loss)] Cover It Insurance has a non-proportional reinsurance agreement with ZYX-Reinsurance:
$600,000 excess of $300,000.
Which payout is accurate?

Answer: B

Explanation:
In anon-proportional excess of losscontract, the reinsurer pays only the amountabove the retention (the deductible), up to its limit.
Retention =$300,000
Reinsurer's limit =$600,000
Maximum reinsurance payout =$600,000
Now apply it to a$600,000 loss:
Cover It Insurance pays the first$300,000(its retention).
The remaining$300,000is within the reinsurer's limit, so ZYX-Reinsurance pays$300,000.
Option A is incorrect-loss does not exceed retention, so reinsurer pays nothing.
Option B is incorrect-no reinsurance applies below $300,000.
Option D is incorrect because for a $900,000 loss, reinsurer would pay themaximum limit of $600,000, but Cover It would pay $300,000 retention plus the remaining $0? Actually total loss 900k: cover it pays 300k retention + 0 above? No, Cover It also pays any amount above reinsurance layer -> 900k minus 300k retention minus 600k limit = 0. The answer shown is still incorrect based on the numbers.
OnlyCis correctly calculated.


NEW QUESTION # 81
......

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