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IIC C130 Exam Syllabus Topics:

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

1. 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

2. 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?

3. 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

4. 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

5. 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.

Solutions: