- Exam Code: C11
- Exam Name: Principles and Practice of Insurance
- Updated: Oct 04, 2026
- Q & A: 103 Questions and Answers
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| Section | Objectives |
|---|---|
| Insurance Practice | - Underwriting and Pricing
|
| Legal Principles of Insurance | - Insurable Interest and Indemnity
|
| Insurance Principles | - Insurance Market Structure
|
What is binding authority?
Correct Answer: A 🗳️
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Which statement describes a primary function of a telephone adjuster?
Correct Answer: C 🗳️
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[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?
Correct Answer: A 🗳️
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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?
Correct Answer: B 🗳️
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Which statement reflects how an insurer invests their capital?
Correct Answer: B 🗳️
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