- Exam Code: C131
- Exam Name: Advanced Skills for the Insurance Broker and Agent
- Certification Provider: IIC
- Corresponding Certification:Chartered Insurance Professional (CIP)
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IIC C131 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Monitoring and Modifying Risk Plans | 5% | |
| Insuring Manufacturers & Distributors | 15% | |
| Introduction to Commercial Insurance | 10% | |
| Risk Management Principles | 15% | - Analyzing Risk Exposures - Developing Risk Management Plans - Selecting Risk Management Techniques |
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Commercial Property Coverages | 15% | - Policy Wordings and Clauses - Business Interruption Insurance |
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
| Commercial Liability Coverages | 15% | - General Liability - Errors and Omissions |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
The question of whether an employee might convert cash or cheques for her own use would be considered when underwriting which policy coverages?
- A. Property
- B. Liability
- C. Business interruption
- D. Crime
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. Requires that the insurer refund the insured if the total adjusted premium is greater than the advance premium
- D. Allows the insured to file quarterly reports detailing the actual monthly exposure
Correct Answer: B 🗳️
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Which party is the beneficiary under a surety bond?
- A. Insurer
- B. Surety
- C. Principal
- D. Obligee
Correct Answer: D 🗳️
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Why is bylaws insurance used?
- A. To protect wooded lots in the country
- B. To cover projects that can take years to complete
- C. To protect new buildings that comply with the latest building codes
- D. To cover vacant lots
Correct Answer: B 🗳️
Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).
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. Commercial building, equipment, and stock
- C. Wrap-up liability
- D. Explosion, collapse, and underpinning
Correct Answer: A 🗳️
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