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IIC C131 Exam Syllabus Topics:

SectionObjectives
Liability Insurance- Commercial and general liability concepts
Risk Management- Monitoring and modifying risk management plans
- Analyzing risk exposures
- Selecting risk techniques
- Insurance in a risk management plan
Property Insurance Coverages- Property coverages fundamentals
Specialized Insurance Lines- Automobile insurance
- Contractors insurance
- Manufacturers, distributors, freight forwarders
- Builders risk insurance
- Crime and bonds

IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:

How can a broker BEST investigate a roofing contractor's operations to identify liability exposures?

  • A. Read reviews on the contractor's website
  • B. Speak with past customers of the contractor
  • C. Ask the client what type of claims they are worried about
  • D. Ask the client to detail what a typical project involves
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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After examining an organization's financial statements and accounting records, a broker decides that they would like to take the company on as a client. What did the broker determine during their examination that helped make this decision?

  • A. The organization is consistently profitable.
  • B. The organization has a captive company.
  • C. The organization is compliant with federal and provincial tax laws.
  • D. The organization has paid policy premiums on time for the last seven years.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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A broker is reviewing a quote against a submission for a client. The client owns several older rental housing units. Underwriting has agreed to the submission, with a roof exclusion on the older buildings. The client is happy with the premium cost, but not the exclusion. What should the broker do next?

  • A. Recommend the client find insurance elsewhere
  • B. Counsel the client to take the offer as is, since they like the price
  • C. Debate the underwriting department to prove the roofs are in good condition
  • D. Suggest the client replace the roofs in exchange for removal of the exclusion
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?

  • A. Party in control of the land
  • B. Party in control of the project
  • C. Subcontractor
  • D. General contractor
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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When a broker is focusing on a manufacturing facility's housekeeping regimen and safeguards for a prospect, what is he primarily trying to establish?

  • A. How many expenses the facility has
  • B. Whether the prospect is profitable
  • C. Whether the prospect is a morale hazard
  • D. How large the facility is
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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