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Exam Code: C11
Exam Name: Principles and Practice of Insurance
Updated: Oct 07, 2026
Q & A: 103 Questions and Answers
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| Section | Objectives |
|---|---|
| Insurance Practice | - Underwriting and Pricing
|
| Insurance Principles | - Insurance Market Structure
|
| Legal Principles of Insurance | - Insurable Interest and Indemnity
|
If one in every five houses suffers a $50,000 loss each year, and all houses have the same value, what would the pure premium be for each homeowner?
Correct Answer: A 🗳️
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Which principle of insurance requires that an insured must have a financial interest in the subject matter of insurance at the time of loss?
Correct Answer: D 🗳️
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Why does the Office of the Superintendent of Financial Institutions (OSFI) control the types of investments insurers are allowed to make?
Correct Answer: D 🗳️
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Original Insurance Company terminated its broker agreement with TOY Insurance Brokers. Which situation likely resulted in this termination?
Correct Answer: C 🗳️
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Usually, what must an insurance intermediary do before using the personal information of a client for a purpose other than that for which the information was originally collected?
Correct Answer: B 🗳️
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