IIC Advanced Skills for the Insurance Broker and Agent : C131

C131 real exams

Exam Code: C131

Exam Name: Advanced Skills for the Insurance Broker and Agent

Updated: Sep 15, 2026

Q & A: 79 Questions and Answers

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IIC C131 Exam Syllabus Topics:

SectionObjectives
Claims and Loss Handling- Loss adjustment principles
- Claims processes and documentation
Risk and Insurance Fundamentals- Risk identification and assessment
- Insurance principles and coverage types
Regulatory and Legal Environment- Insurance regulations in Canada
- Compliance and consumer protection
Insurance Brokerage Practice- Professional ethics and conduct
- Broker roles and responsibilities
- Client relationship management
Underwriting and Policy Management- Policy administration and endorsements
- Underwriting guidelines and decision-making

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

Question #1

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. Subcontractor
  • C. Party in control of the project
  • D. General contractor
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Correct Answer: C  🗳️

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Question #2

A broker is reviewing a client's risk profile. The client commonly sends their employees on international trips to source rare goods, which are often found in unstable parts of the world. The broker recommends a kidnap, ransom and extortion policy. Which type of client is this?

  • A. Freight forwarder
  • B. Builder
  • C. Contractor
  • D. Distributor
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Correct Answer: D  🗳️

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Question #3

How is the premium for a garage policy computed on a monthly average basis?

  • A. Permits the charging of an advance premium that is 75 percent of the annual premium
  • B. Provides an adjustment at year end after charging a 100 percent advance premium
  • C. Allows the insured to file quarterly reports detailing the actual monthly exposure
  • D. Requires that the insurer refund the insured if the total adjusted premium is greater than the advance premium
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Correct Answer: B  🗳️

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Question #4

A broker recommends that their commercial client repair the sprinkler system in their factory. Which risk management technique does the broker's suggestion fall under?

  • A. Avoidance
  • B. Risk transfer
  • C. Diversification
  • D. Risk reduction
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Correct Answer: D  🗳️

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Question #5

Which exclusion on the contractors' equipment floater applies to loss or damage caused by breaking through ice or sinking in soft ground?

  • A. Sinkhole exclusion
  • B. Muskeg exclusion
  • C. Territory exclusion
  • D. Overloading exclusion
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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