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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Regulatory and Legal Environment | - Insurance regulations in Canada - Compliance and consumer protection |
| Underwriting and Policy Management | - Policy administration and endorsements - Underwriting guidelines and decision-making |
| Risk and Insurance Fundamentals | - Risk identification and assessment - Insurance principles and coverage types |
| Claims and Loss Handling | - Claims processes and documentation - Loss adjustment principles |
| Insurance Brokerage Practice | - Broker roles and responsibilities - Client relationship management - Professional ethics and conduct |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
1. An architect is sued by a client for having failed to account for local bylaws when designing a new home. For the insurance company to defend the architect, which coverage must he have in place?
A) Errors and omissions
B) Wrap-up liability
C) Commercial building, equipment, and stock
D) Explosion, collapse, and underpinning
2. Jeff, an intermediary who specializes in complex industrial risks, is reviewing a new request for insurance.
The client is a major construction company who is building a bridge, and wants insurance from end to end of the construction process, including property, liability, and other specialty coverages. From the preliminary information received on the new risk, Jeff understands that the risk CANNOT be placed with just one insurer.
Identify and discuss TWO different coverage options that Jeff can use to arrange coverage for this risk.
3. Annette, a new broker, is completing a wrap-up liability insurance application for a condominium development. Before finalizing the application, she asks a coworker to review it. Her coworker advises Annette that she has missed an important detail. What detail did Annette likely miss?
A) The application needs to list all condominium developments currently under construction by the general contractor.
B) The application must include information about the construction of the parking garage.
C) The architect needs to be named as the primary insured on the policy.
D) The project owner must provide evidence of separate liability coverage to qualify for the policy.
4. What type of property would be covered by mercantile stock burglary coverage under a crime insurance policy?
A) Securities
B) Furniture
C) Paper currency
D) Cheques
5. Peter, a broker, has been approached by a new client, Western Grocers Inc., an import-export company that distributes wholesale meats and seafood. The company has a main operating warehouse where a wide variety of products are stored. The company's president is concerned that the property insurance premiums are too high. She wants to remove the equipment breakdown coverage from the policy to save money. Discuss the information Peter would provide to the president regarding the need for an equipment breakdown insurance policy.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: Only visible for members | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: Only visible for members |
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