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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Claims and Loss Handling | - Claims processes and documentation - Loss adjustment principles |
| Topic 2: Risk and Insurance Fundamentals | - Insurance principles and coverage types - Risk identification and assessment |
| Topic 3: Insurance Brokerage Practice | - Broker roles and responsibilities - Client relationship management - Professional ethics and conduct |
| Topic 4: Underwriting and Policy Management | - Underwriting guidelines and decision-making - Policy administration and endorsements |
| Topic 5: Regulatory and Legal Environment | - Compliance and consumer protection - Insurance regulations in Canada |
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) Cooperates with the largest brokerage
B) Releases quotes for each broker sequentially
C) Blocks itself from dealing with other brokers on the risk
D) Negotiates with each broker based on the same terms and conditions
2. After examining an organization's financial statements and accounting records, a broker decides that they would like to take the company on as a client. What did the broker determine during their examination that helped make this decision?
A) The organization is consistently profitable.
B) The organization is compliant with federal and provincial tax laws.
C) The organization has paid policy premiums on time for the last seven years.
D) The organization has a captive company.
3. Angie is frustrated with her insurer as she recently had a mysterious disappearance claim that was denied under her commercial property policy. Why was Angie likely denied her claim?
A) She had chosen named perils coverage
B) Her appraisal was only received in the last three months
C) Her policy had not earned sufficient premium at the time of the loss
D) She had a similar claim in a previous policy term
4. A broker is emailed by a prospect looking to cover his three stores that do not hold title to any goods, and can never be held contractually responsible for those goods. What type of stores are these?
A) Manufacturing
B) Consignment
C) Freight forwarding
D) Bailor
5. How can world events, such as climate change and flood, affect insurance?
A) Insurers need to modify their terms.
B) Deductibles need to be removed from policies.
C) Premiums will become less expensive.
D) Excess levels will become mandatory.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: A |



