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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| 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:
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
Correct Answer: C 🗳️
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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
Correct Answer: D 🗳️
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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
Correct Answer: B 🗳️
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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
Correct Answer: D 🗳️
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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
Correct Answer: B 🗳️
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