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IIC Principles and Practice of Insurance Sample Questions (Q84-Q89):

NEW QUESTION # 84
In a non-proportional (excess of loss) reinsurance contract, the reinsurer agrees to pay the portion of any loss thatexceeds $80,000, up to an additional$100,000.
How much would the primary insurer pay for an insured loss of$60,000?

Answer: C

Explanation:
Comprehensive Explanation (150-250 words):
In anexcess of loss (non-proportional) reinsurance contract, the reinsurer pays only when the lossexceeds the primary insurer's retention, known as thepriorityorattachment point. In this question, the priority is$80,000.
This means reinsurance doesnotrespond unless the loss exceeds $80,000.
Here, the actual loss is$60,000, which isbelowthe attachment point. Because the loss never reaches the
$80,000 threshold, the reinsurer owesnothing. Theentire lossremains the responsibility of the primary insurer.
The reinsurer's limit of $100,000 only becomes relevant if the loss exceeds $80,000, which is not the case here.
Therefore, the primary insurer pays100% of the $60,000 loss.
Correct answer:D.


NEW QUESTION # 85
Maritime Insurance has met all requirements to be incorporated as an insurance company in Canada. Why would it prefer to incorporate under the Nova Scotia provincial statute rather than the federal statute?

Answer: B

Explanation:
A company chooses provincial incorporation when it intends to operate only within that specific province.
This minimizes regulatory complexity because only the provincial Superintendent of Insurance regulates its operations. If Maritime Insurance plans to conduct business exclusively in Nova Scotia, incorporation under the Nova Scotia Insurance Act is simpler, less expensive, and avoids federal-level compliance requirements.
Option A is incorrect because capitalization is required under both federal and provincial laws. Option C may create confusion about naming conflicts, but name disputes do not determine the appropriate jurisdiction of incorporation. Option D is incorrect because selling insurance nationally requires federal licensing; a provincially incorporated insurer cannot operate beyond its home province unless licensed separately in each province-an inefficient approach.
Thus, the insurer would choose Nova Scotia incorporation only if it intends to operate solely within Nova Scotia, making B correct.


NEW QUESTION # 86
If a dispute arises between the insurer and insured over a claim, which party is responsible for satisfying the courts that a concealment of material facts has occurred?

Answer: C

Explanation:
In insurance law, the insurer bears the burden of proving that the insured failed to disclose a material fact.
Material facts are those that would influence an underwriter's decision to accept, rate, or decline the risk. If an insurer alleges concealment or misrepresentation, the onus lies with the insurer to establish-through underwriting evidence, policy documentation, and testimony-that the fact was material and that nondisclosure affected the insurer's judgment.
Option A is incorrect because the broker is merely an intermediary. Option C is not correct because the insured's role is to answer questions truthfully, but the legal burden of proof in court rests with the insurer when making the accusation. Option D, a third party, has no role in proving concealment.
Therefore, the insurer must satisfy the court that a material concealment occurred, making B correct.


NEW QUESTION # 87
Which problem could arise with an oral binder?

Answer: C

Explanation:
An oral binder is a legally recognized temporary contract that provides immediate insurance coverage before a written policy is issued. While oral binders are valid in all Canadian provinces, their reliability depends entirely on whether the intermediary actually has binding authority from the insurer. If the broker or agent who gives the oral binder doesnothave the authority to commit the insurer, then the binder may not be valid, and coverage may not exist. This makes lack of authority the primary risk associated with oral binders.
Option A is incorrect-oral binders are legal across Canada.
Option B is incorrect-a binder cannot override policy warranties; it simply provides temporary coverage.
Option C is unrelated; privacy documentation is not what makes a binder valid or invalid.
Thus, the key problem is that the intermediary may not have binding authority, making D the correct answer.


NEW QUESTION # 88
With respect to an insurance contract, what is the best example ofconsideration?

Answer: C

Explanation:
In contract law,considerationrefers to the exchange of something of value between parties. It is a necessary element for forming a legally binding insurance contract. In insurance, the insurer promises to indemnify the insured in exchange for thepremium-this exchange constitutes consideration.
OptionAis the only scenario demonstrating a clearbargained-for exchange. Jennifer gives up a painting of value, and Shania provides monetary payment. Even though the price is reduced, consideration still exists because each party is giving something of legal value.
Option B shows no exchange-only contemplation of future pricing.
Option C shows no contract formed, because the offer was not accepted.
Option D is a return/refund scenario, not an exchange forming a new contract.
Thus,Ais the best example of consideration.


NEW QUESTION # 89
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