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IIC Principles and Practice of Insurance Sample Questions (Q86-Q91):

NEW QUESTION # 86
What is the effect of perils and hazards on insurance rates for the underwriter?

A. An underwriter may increase the rate if the insured event is likely to increase the hazard
B. The rate is calculated by multiplying the premium by the amount insured for each peril
C. The rate is determined by the law of large numbers for the hazards listed on the policy
D. An underwriter may use a higher rate if a hazard increases the likelihood of a loss by an insured peril

Answer: D

Explanation:
Hazards are conditions thatincrease the likelihood or severity of a losscaused by an insured peril.
Underwriters assess hazards (physical, moral, and morale hazards) to determine whether a risk is acceptable and at what price.
If hazards make an insured perilmore likely to occur, the underwriter willincrease the rateto reflect higher expected losses. This aligns exactly with option C.
Option A is close but incorrectly states "insured event," not "insured peril," and is less precise.
Option B misinterprets the law of large numbers; it applies to loss predictability, not hazard listing.
Option D misunderstands rating-rates are not calculated by multiplying premium by insured value.
Thus, the correct statement isC.

NEW QUESTION # 87
Which factor could explain poorer performance of renewal clients as opposed to new business clients?

A. An automated renewal process
B. Reinsurance only being available on renewal policies
C. New business clients limit claims in order to keep premiums low
D. More strict underwriting criteria for renewal risks

Answer: C

Explanation:
New business clients often want to present themselves aslow-riskto secure better premium rates. As a result, they may be cautious about reporting small claims or may practice better loss prevention-at least initially.
This can make new business perform better from a loss-ratio perspective.
However,renewal clients may become less cautiousover time or more willing to submit smaller claims once they are already insured. Additionally, insurers sometimes relax underwriting scrutiny on renewals compared to new applications, which can further widen performance differences.
Option A (automated renewals) does not inherently affect claims behaviour.
Option B is incorrect-renewal underwriting is typicallyless strict, not more.
Option C is false; reinsurance availability does not differ based on new vs. renewal status.
Thus, the factor most likely contributing to poorer renewal performance isD: New business clients limit claims to keep premiums low, improving their initial results relative to renewals.
If you haveQuestions 85 onward, feel free to send them!

NEW QUESTION # 88
What does the term "subject of insurance" refer to?

A. The type of wording applicable to the policy
B. The thing being insured
C. The company providing the coverage
D. The perils associated with the risk

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 # 89
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. Fully fixed
B. Non-adjusted rate
C. Total rate
D. Pro rata

Answer: D

Explanation:
Apro rata cancellationoccurs when an insurer cancels a policy or when the insured cancelswithout penalty, and the insurer refunds thefullunexpired portion of the premium. The refund is calculated strictly based on time remaining in the policy period. No service charges, cancellation penalties, or retained percentages apply.
This is different fromshort rate cancellation, where a penalty is applied when the insured cancels voluntarily.
"Total rate," "fully fixed," and "non-adjusted rate" are not recognized forms of cancellation methods.
Thus, refunding the entire unused premium confirms the cancellation ispro rata.

NEW QUESTION # 90
Which statement best describes unearned premium?

A. The accumulated premium that has not been paid out against a loss
B. The premium that covers the policy period that has expired
C. The earned premium that has been paid out as the broker's commission
D. The premium that covers the policy duration that has not yet passed

Answer: D

Explanation:
Unearned premium is the portion of the premium that corresponds to the period of insurance not yet elapsed.
When an insured prepays a premium (often for a 12-month policy), the insurer earns that premium gradually over the policy term as time passes. Any amount relating to future coverage-coverage the insurer has not yet provided-is considered unearned premium. It represents a liability on the insurer's balance sheet because if the policy is cancelled, the insurer must refund the unearned portion to the insured, subject to policy terms.
Option A is the opposite: that describes earned premium, not unearned premium. Option B is incorrect because unearned premium is unrelated to claims payments; it is a time-based accounting concept. Option D is incorrect because broker commissions are not part of earned or unearned premium calculations; they are an expense paid out of the premium.
Therefore, the correct definition is C: the premium for the remaining period of insurance that has not yet passed.

NEW QUESTION # 91
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