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IIC C131 Exam Syllabus Topics:

SectionObjectives
Property Insurance Coverages- Property coverages fundamentals
Specialized Insurance Lines- Crime and bonds
- Builders risk insurance
- Automobile insurance
- Manufacturers, distributors, freight forwarders
- Contractors insurance
Risk Management- Selecting risk techniques
- Analyzing risk exposures
- Monitoring and modifying risk management plans
- Insurance in a risk management plan
Liability Insurance- Commercial and general liability concepts

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

1. XYZ Insurer is known for using the first-in principle. If multiple brokers request quotations for a new applicant, how does XYZ Insurer respond?

A) Releases quotes for each broker sequentially
B) Blocks itself from dealing with other brokers on the risk
C) Cooperates with the largest brokerage
D) Negotiates with each broker based on the same terms and conditions


2. In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?

A) General contractor
B) Party in control of the project
C) Subcontractor
D) Party in control of the land


3. A broker binds a property policy for a future date, and follows up for documentation. While reviewing documents the client sent, it is discovered that the property is actually used as a rooming house, and not a family home. Why does underwriting instruct that the policy be cancelled?

A) The use of the home is a material fact that the client should have disclosed.
B) The broker did not complete an in-person home inspection.
C) The policy cannot be bound without proof of how the home is used.
D) The insurer already has too many rooming houses in their book of business.


4. A broker is using their prior market knowledge to place a risk with an insurer who accepts luxury log cabins.
Which insurer aspect is the broker considering?

A) Risk appetite
B) Risk avoidance
C) Risk tolerance
D) Risk management


5. Which person would be hired by another contractor, because of her experience in a particular trade, to complete a portion of a larger project?

A) Consultant
B) Project manager
C) Inspector
D) Subcontractor


Solutions:

Question # 1
Answer: B
Question # 2
Answer: B
Question # 3
Answer: A
Question # 4
Answer: A
Question # 5
Answer: D

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