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IIC C130 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Ethics, Legal Principles, and Professional Standards | - Duty of care and fiduciary responsibility - Ethical conduct and regulatory expectations |
| Topic 2: Insurance Intermediaries and Distribution | - Agency relationships and authority - Distribution systems (direct writer, independent brokerage, etc.) - Role of agents and brokers |
| Topic 3: Insurance Fundamentals and Core Concepts | - Types of risk and risk management - Principles of insurance (risk, insurability, contracts) |
| Topic 4: Client Needs and Risk Assessment | - Information gathering and client interviewing - Identifying client exposures and loss potential |
| Topic 5: Insurance Products and Policy Basics | - Policy structure and coverage concepts - Property and liability insurance fundamentals |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
W & A Insurers Inc. has a capacity of $30 million for any single property risk. It also has a reinsurance agreement with Tri-insurance Inc. for an additional $40 million. A broker approaches W & A Insurers Inc.
with a request to write a low-hazard $37 million liability risk. What is the insurer's retention if it accepts and reinsures the risk?
- A. $27 million
- B. $37 million
- C. $30 million
- D. $40 million
Correct Answer: C 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
The insurance industry is entering a hard market as a result of losses arising from extreme weather. Megan, a broker, has been advised by the North American Fire and Casualty Company that it will be increasing its homeowner policy rates by 25 percent, effective immediately.
How should Megan deliver the bad news to her client Mr. Robertson, a widower living on a fixed pension?
How will she communicate with her client and what outcomes will Megan work towards?
Correct Answer:
See the solution in Explanation below:
Explanation:
Megan should deliver the bad news clearly, respectfully, and with empathy, but she should not hide or soften the facts so much that Mr. Robertson misunderstands the situation. She should contact him personally, preferably by telephone or in person, because he is a widower on a fixed pension and the premium increase may cause financial stress. Her tone should be calm, professional, and supportive. She should explain that the increase is not personal to him alone; it is connected to a hard insurance market caused by higher expected future losses from extreme weather. Premiums are determined by statistical predictions of future losses and tend to increase during a hard market.
Megan should use active listening. This means she should allow Mr. Robertson to express frustration, ask questions, and explain his financial concerns. Active listening includes interpreting verbal and non-verbal cues, not simply giving a one-way explanation. She should avoid blaming the insurer or making promises she cannot keep. She should also avoid using technical language without explanation. Instead, she should explain the reason for the increase in plain language: insurers are paying more claims from weather-related losses, repair costs are rising, and insurers are tightening rates and underwriting rules.
The outcomes Megan should work toward are fairness, understanding, and a practical coverage solution. First, she should make sure Mr. Robertson understands why the premium increased. Second, she should review his policy to see whether the coverage still fits his needs. Third, she can explore options to reduce the premium, such as increasing the deductible, reviewing dwelling values, removing unnecessary optional endorsements, checking eligibility for discounts, improving risk-control features, or remarketing the policy to another insurer if appropriate. However, she must not recommend cutting essential coverage just to make the premium cheaper. That would expose Mr. Robertson to underinsurance and expose Megan to errors and omissions risk.
After discussing the options, Megan should clearly explain the consequences of each choice. If Mr. Robertson chooses a higher deductible, he must understand he will pay more out of pocket after a loss. If he removes optional coverage, he must understand what losses will no longer be insured. If he keeps the policy as issued, he must understand the new premium and payment requirements. Megan should document the conversation, confirm the client's decision in writing, and remind him to review the policy documents for accuracy. A broker's policy communication should include a reminder for the insured to review policy documents carefully.
What information is typically included in a cover letter prepared by a broker for the insured?
- A. An explanation of the insurer's underwriting process
- B. A description of the broker and insurer's relationship
- C. An indication of the commission earned for placing the risk
- D. A reminder to review the policy documents for accuracy
Correct Answer: D 🗳️
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When qualifying a new client, how might an intermediary best differentiate their services from those of the current broker or agent?
- A. Know the products the incumbent intermediary offers
- B. Counter the incumbent's marketing and advertising strategies
- C. Compete based on premium cost and commissions
- D. Understand the financial motives of the client
Correct Answer: A 🗳️
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What should be considered when adding the increased cost-demolition or construction endorsement to an insurance policy?
- A. Since the entire building has to be demolished to bring it up to code after a loss, the coverage increases the amount of insurance.
- B. The older the building, the more likely it is to deviate from current building codes.
- C. Municipal building codes often require that owners update their property every 10 years.
- D. It covers the requirement to bring existing structures up to code, even when the building remains unchanged.
Correct Answer: B 🗳️
Explanation: Only visible for PassReview members. You can sign-up / login (it's free).
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