IIC C131 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Introduction to Commercial Insurance | 10% | |
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Risk Management Principles | 15% | - Analyzing Risk Exposures - Developing Risk Management Plans - Selecting Risk Management Techniques |
| Insuring Manufacturers & Distributors | 15% | |
| Commercial Liability Coverages | 15% | - General Liability - Errors and Omissions |
| Monitoring and Modifying Risk Plans | 5% | |
| Commercial Property Coverages | 15% | - Policy Wordings and Clauses - Business Interruption Insurance |
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
Question 1
A broker is reviewing a quote against a submission for a client. The client owns several older rental housing units. Underwriting has agreed to the submission, with a roof exclusion on the older buildings. The client is happy with the premium cost, but not the exclusion. What should the broker do next?
A. Counsel the client to take the offer as is, since they like the price
B. Suggest the client replace the roofs in exchange for removal of the exclusion
C. Debate the underwriting department to prove the roofs are in good condition
D. Recommend the client find insurance elsewhere
Question 2
Derek arranges hard-to-place insurance for contractors with specialized equipment. In addition to the condition of the equipment, what can Derek determine about the risk by examining photographs?
A. Proprietary information, which is not always included with an application
B. Product information, which is always better than an inventory list
C. Physical hazard, if the client does not have the latest equipment upgrades
D. Moral hazard, if there are poor maintenance habits
Question 3
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. Risk transfer
B. Avoidance
C. Diversification
D. Risk reduction
Question 4
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. Builder
B. Contractor
C. Freight forwarder
D. Distributor
Question 5
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. Explosion, collapse, and underpinning
D. Commercial building, equipment, and stock
Solutions:
| Question 1 Answer: B | Question 2 Answer: D | Question 3 Answer: D | Question 4 Answer: D | Question 5 Answer: A |
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