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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Liability Insurance | 12% | - Legal liability concepts - Commercial general liability - Personal liability coverages |
| Topic 2: Sales and Client Needs | 10% | - Client consultation - Insurance solutions - Risk identification |
| Topic 3: From Quote to Policy | 10% | - Policy issuance and delivery - Quotation and binding authority - Policy structure and components |
| Topic 4: Property Insurance Exposures | 10% | - Small commercial property risks - Exposures and perils - Personal property risks |
| Topic 5: Claims Handling | 8% | - Claim reporting process - Broker's role in claims - Settlement and subrogation |
| Topic 6: Communication and Service Skills | 8% | - Policy changes and endorsements - Record keeping - Client communication |
| Topic 7: Insurance and the Intermediary | 10% | - Legal duties and ethics - Roles of brokers and agents - Licensing and regulation |
| Topic 8: Property Insurance Wordings | 12% | - Valuation methods - Common policy forms - Coverages and exclusions |
| Topic 9: The Application Process | 10% | - Duty of disclosure - Completing applications - Underwriting considerations |
| Topic 10: Automobile Insurance | 10% | - Rating and policy issues - Mandatory and optional coverages - Provincial variations |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
Question 1
Why would an intermediary want to know if a client is renovating their home?
A. The risk of a peril occurring is greater for a building under construction.
B. The increase in property taxes will have to be factored into the premium.
C. The policy needs to be cancelled and written under a builder's risk policy.
D. The liability hazards decrease because the home is unoccupied.
Question 2
What must an intermediary remember when using a valuation guide to calculate the replacement cost for a dwelling?
A. There is no substitute for an on-site inspection by the intermediary.
B. The mortgage value may be less than the cost of replacing the building.
C. There will be increased costs to repair or replace luxury or custom dwellings.
D. The tool used by each insurer would provide the exact same calculation.
Question 3
An insured reports a loss to their broker and is subsequently contacted by an adjuster to discuss the claim. A few days later, the insured calls their broker to ask a question about their claim settlement. What is the best course of action for the broker to take?
A. Review the policy wordings with the insured
B. Connect the insured with their loss adjuster to discuss the claim
C. Advise the insured to contact the ombudsperson
D. Provide expected settlement values to the insured
Question 4
Which item would be insured under a personal articles floater?
A. Antique table
B. Leather sofa
C. Stamp collection
D. Coffee machine
Question 5
What is the primary way an agent and an exclusive agent differ?
A. In the way they evaluate a client
B. In their authority to handle claims
C. In the number of insurance companies they can represent
D. In the way they advise clients of policy coverages
Solutions:
| Question 1 Answer: A | Question 2 Answer: C | Question 3 Answer: B | Question 4 Answer: C | Question 5 Answer: C |
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