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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: From Quote to Policy | 10% | - Policy structure and components - Quotation and binding authority - Policy issuance and delivery |
| Topic 2: Property Insurance Exposures | 10% | - Small commercial property risks - Exposures and perils - Personal property risks |
| Topic 3: Sales and Client Needs | 10% | - Risk identification - Insurance solutions - Client consultation |
| Topic 4: The Application Process | 10% | - Duty of disclosure - Completing applications - Underwriting considerations |
| Topic 5: Liability Insurance | 12% | - Commercial general liability - Personal liability coverages - Legal liability concepts |
| Topic 6: Insurance and the Intermediary | 10% | - Licensing and regulation - Roles of brokers and agents - Legal duties and ethics |
| Topic 7: Communication and Service Skills | 8% | - Client communication - Record keeping - Policy changes and endorsements |
| Topic 8: Automobile Insurance | 10% | - Mandatory and optional coverages - Provincial variations - Rating and policy issues |
| Topic 9: Claims Handling | 8% | - Settlement and subrogation - Claim reporting process - Broker's role in claims |
| Topic 10: Property Insurance Wordings | 12% | - Valuation methods - Common policy forms - Coverages and exclusions |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
A commercial general liability policy has an aggregate limit of $1,000,000. During the current term, the insurer has already paid for three liability claims: one for $100,000, a second for $500,000, and a third for
$300,000. How much will the insurer pay if a new claim of $300,000 is submitted?
- A. $300,000
- B. $100,000
- C. $1,000,000
- D. $0
Correct Answer: B 🗳️
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Brenda's house is valued at $250,000. She has a policy coverage limit of $220,000 and an 80 percent coinsurance clause. What would be the payout if the insured suffers a loss of $150,000?
- A. $176,000
- B. $150,000
- C. $120,000
- D. $220,000
Correct Answer: B 🗳️
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Regarding the duty of disclosure, what is required to comply with the principle of utmost good faith?
- A. Full disclosure of material information is required of the applicant.
- B. The intermediary is required to withhold disclosure of pertinent information if the client asks the broker to do so.
- C. The applicant has a duty to disclose all relevant and irrelevant facts.
- D. The broker or agent determines whether the information is material to the risk and discloses information accordingly, on behalf of the insured.
Correct Answer: A 🗳️
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The insurance industry is entering a hard market as a result of losses arising from extreme weather. Megan, a broker, has been advised by the North American Fire and Casualty Company that it will be increasing its homeowner policy rates by 25 percent, effective immediately.
How should Megan deliver the bad news to her client Mr. Robertson, a widower living on a fixed pension?
How will she communicate with her client and what outcomes will Megan work towards?
Correct Answer:
See the solution in Explanation below:
Explanation:
Megan should deliver the bad news clearly, respectfully, and with empathy, but she should not hide or soften the facts so much that Mr. Robertson misunderstands the situation. She should contact him personally, preferably by telephone or in person, because he is a widower on a fixed pension and the premium increase may cause financial stress. Her tone should be calm, professional, and supportive. She should explain that the increase is not personal to him alone; it is connected to a hard insurance market caused by higher expected future losses from extreme weather. Premiums are determined by statistical predictions of future losses and tend to increase during a hard market.
Megan should use active listening. This means she should allow Mr. Robertson to express frustration, ask questions, and explain his financial concerns. Active listening includes interpreting verbal and non-verbal cues, not simply giving a one-way explanation. She should avoid blaming the insurer or making promises she cannot keep. She should also avoid using technical language without explanation. Instead, she should explain the reason for the increase in plain language: insurers are paying more claims from weather-related losses, repair costs are rising, and insurers are tightening rates and underwriting rules.
The outcomes Megan should work toward are fairness, understanding, and a practical coverage solution. First, she should make sure Mr. Robertson understands why the premium increased. Second, she should review his policy to see whether the coverage still fits his needs. Third, she can explore options to reduce the premium, such as increasing the deductible, reviewing dwelling values, removing unnecessary optional endorsements, checking eligibility for discounts, improving risk-control features, or remarketing the policy to another insurer if appropriate. However, she must not recommend cutting essential coverage just to make the premium cheaper. That would expose Mr. Robertson to underinsurance and expose Megan to errors and omissions risk.
After discussing the options, Megan should clearly explain the consequences of each choice. If Mr. Robertson chooses a higher deductible, he must understand he will pay more out of pocket after a loss. If he removes optional coverage, he must understand what losses will no longer be insured. If he keeps the policy as issued, he must understand the new premium and payment requirements. Megan should document the conversation, confirm the client's decision in writing, and remind him to review the policy documents for accuracy. A broker's policy communication should include a reminder for the insured to review policy documents carefully.
Which locale is an example of an attractive nuisance?
- A. Public flower garden
- B. Suburban street
- C. Elementary school
- D. Residential pool
Correct Answer: D 🗳️
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