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IIC Principles and Practice of Insurance Sample Questions (Q54-Q59):

NEW QUESTION # 54
Which peril of operating a business is insurable?

A. Product obsolescence
B. Under-capitalization
C. Cybersecurity
D. Mismanagement

Answer: C

Explanation:
To be insurable, a peril must befortuitous, measurable, and not within the direct control of the insured.
Cybersecurity risksmeet these criteria, which is why insurers offercyber liability and data breach insurance.
These policies cover hacking, ransomware, privacy breaches, and business interruption caused by cyber events.
Mismanagement (B) is uninsurable because it results from internal decision failure.
Under-capitalization (C) is a business failure, not a fortuitous peril.
Product obsolescence (D) is a predictable business cycle risk and cannot be insured.
Thus, the only insurable peril listed isA: Cybersecurity.

NEW QUESTION # 55
What does the acronymPIPEDAstand for?

A. Private Information Protected from Email Decoding Attacks
B. Personal Insurance Products Electronically Delivered Act
C. Personal Information Protection and Electronic Documents Act
D. Protect Insurance Products by Electronic Decoding Algorithms

Answer: C

Explanation:
PIPEDAis the federal Canadian privacy legislation governing how private-sector organizations-including insurance companies, brokers, and adjusters-collect, use, and disclosepersonal informationduring commercial activities. Its full and correct name is:
Personal Information Protection and Electronic Documents Act
PIPEDA sets out requirements for informed consent, accuracy, safeguarding of data, client access rights, and limitations on secondary use of personal information. Insurance operations rely heavily on personal data, so compliance is mandatory.
Options A, B, and C are fictitious and have no connection to Canadian insurance regulation or privacy law.
Thus, the correct answer isD.

NEW QUESTION # 56
Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?

A. TOY Insurance Brokers did not keep premiums in a trust account and used them to pay expenses
B. Original Insurance Company did not set service standards
C. Original Insurance Company provided quotes on all broker applications
D. TOY Insurance Brokers did not remit commissions owed to the insurer

Answer: A

Explanation:
Brokers hold client premiums in trust accounts, separate from operating funds. This is a legal requirement under provincial insurance legislation. Trust funds belong to insurers (or insureds) until properly remitted. If TOY Insurance Brokers used trust funds to pay their own expenses, they violated both fiduciary duty and regulatory obligations. This constitutes serious professional misconduct and is one of the most common and serious reasons for immediate termination of a broker contract-often accompanied by regulatory investigation or license suspension.
Option A would not justify termination because service standards should be defined by the insurer, not the broker. Option B reflects good insurer practice and is unrelated to termination. Option C is incorrect because brokers do not remit commissions to insurers-insurers pay commissions to brokers.
Therefore, the only correct answer is D: failure to maintain premiums in a trust account.

NEW QUESTION # 57
What is the Canadian Insurance Claims Managers Association (CICMA) responsible for?

A. Monitoring claims to detect fraudulent valuations
B. Promoting a high standard of ethics in the handling of claims
C. Analyzing the damageability of vehicles and property
D. Assessing automobile personal injury claims

Answer: B

Explanation:
The Canadian Insurance Claims Managers Association (CICMA) is a professional body composed of senior claims managers across the Canadian insurance industry. Its principal purpose is to promote high ethical standards, professionalism, fairness, and integrity in claims handling. CICMA supports education, networking, and the sharing of best practices to ensure consistency and ethical conduct across insurers.
Option A is incorrect because CICMA does not evaluate or adjudicate claims; individual insurers and provincial accident benefit systems handle those tasks. Option B is incorrect because fraud detection is handled by insurers and sometimes by the Insurance Bureau of Canada (IBC). Option C is unrelated-vehicle damageability research is conducted by organizations such as the Insurance Institute for Highway Safety or similar bodies.
CICMA's work emphasizes ethics, professional development, and claims leadership, which align directly with option D.

NEW QUESTION # 58
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. Order of commencement
B. National insurance notice
C. Insurer establishment document
D. Insurer of record

Answer: A

Explanation:
To operate as a federally regulated insurance company in Canada, an insurer must receive authorization from OSFI after meeting all incorporation and capital requirements. Once OSFI is satisfied that the insurer has complied with statutory conditions, it issues an Order to Commence and Carry On Business-commonly referred to as an order of commencement. This document grants the insurer the legal authority to start underwriting and selling insurance in Canada.
Option A is not an official document under Canadian insurance regulation. Option C does not exist in federal insurance legislation. Option D is incorrect because the establishment of an insurer is handled through incorporation documents, not a post-approval "establishment" certificate.
Therefore, the correct OSFI authorization document is B: Order of commencement.

NEW QUESTION # 59
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