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IIC C130 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Insurance Fundamentals and Risk Concepts | - Nature of risk (pure vs speculative risk) - Insurance principles and contract basics |
| Topic 2: Broker and Agent Practice Skills | - Client communication and advisory skills - Policy placement and insurer interaction |
| Topic 3: Insurance Products and Markets | - Property and casualty insurance basics - Commercial and personal lines overview |
| Topic 4: Legal and Regulatory Framework | - Ethical standards and professional conduct - Law of agency and fiduciary duty |
| Topic 5: Insurance Distribution Systems | - Distribution models (independent agency, brokerage, direct writers) - Agent vs broker roles and responsibilities |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
What type of insurance policy would a life lease holder require?
- A. Mobile home and liability policy
- B. Personal liability package
- C. Condominium insurance
- D. Tenants package insurance
Correct Answer: D 🗳️
Explanation: Only visible for GuideTorrent members. You can sign-up / login (it's free).
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. Advise the insured to contact the ombudsperson
- B. Review the policy wordings with the insured
- C. Provide expected settlement values to the insured
- D. Connect the insured with their loss adjuster to discuss the claim
Correct Answer: D 🗳️
Explanation: Only visible for GuideTorrent members. You can sign-up / login (it's free).
Which action on the part of the insured would most likely result in a surcharge to the insurance policy?
- A. Trade-in of an existing vehicle for an eco-friendly vehicle
- B. Disclosure that his home has two mortgages
- C. Purchase of a new sports car for his teenage son to drive
- D. Installation of a high-end home security system
Correct Answer: C 🗳️
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When brokers are self-regulated, which body enacts the licensing laws?
- A. Insurance company with which the intermediary places the majority of business
- B. Brokerage or agency in which the intermediary is employed
- C. Federal government only
- D. Provincial or territorial government
Correct Answer: D 🗳️
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Brenda works as a property and casualty underwriter in an industry that has some staged claims. Her accounts have a poor loss ratio and she has been put on a performance plan. She recently shadowed a senior broker for training purposes. He advised her on qualifying the client to establish whether the client and the brokerage can form a mutually beneficial business relationship.
She has just been approached by a new client, who would be the largest client in her portfolio. Describe what Brenda should keep in mind for her process regarding this client. How can Brenda qualify the client? Provide two questions she could ask if she suspects a moral hazard.
Correct Answer:
See the solution in Explanation below:
Explanation:
Brenda should not accept the client only because the account is large. A large client may produce significant premium, but it may also bring serious underwriting, claims, moral hazard, and errors and omissions risk.
Since Brenda's accounts already have a poor loss ratio and the industry has some staged claims, she must qualify the client carefully before treating the account as a good business opportunity. Qualifying the client means determining whether the client's needs, risk profile, attitude toward risk, claims history, and expectations match the brokerage's and insurer's ability to provide suitable coverage. The course logic is that an intermediary should understand how to differentiate service by knowing the client's current insurance arrangements and needs.
Brenda should begin by gathering complete underwriting information. She should identify the client's operations, ownership structure, property values, liability exposures, prior insurers, loss history, risk controls, financial stability, and reason for seeking new coverage. She should also consider whether the client is being transparent and whether the requested coverage is reasonable for the exposure. Under the principle of utmost good faith, full disclosure of material information is required from the applicant. Brenda should not rely only on the attractiveness of the premium. She should ask open-ended questions, verify details, document all answers, and be alert to inconsistencies between the client's story, prior claims, business operations, and requested limits.
To qualify the client, Brenda can ask questions such as: What insurance coverage do you currently have, and why are you considering changing brokers or insurers? What losses or claims have you had in the past five years, including any incidents that did not result in payment? What risk controls do you have in place to prevent losses? What coverage problems, exclusions, or disputes have you experienced with previous insurers? What are your expectations regarding premium, deductibles, claims service, and coverage limits?
These questions help Brenda determine whether the account is profitable, insurable, and ethically suitable for the brokerage.
If Brenda suspects a moral hazard, she should ask direct but professional questions. First: "Have you had any previous claims denied, investigated, or disputed by an insurer? If yes, what were the circumstances?" Second: "Are there any financial pressures, business closures, unpaid loans, legal disputes, or operational changes that could affect the risk or the likelihood of a claim?" These questions are appropriate because moral hazard involves the possibility that the insured's character, honesty, financial condition, or conduct could increase the chance of a loss or exaggeration of a claim. If concerns remain, Brenda should seek additional documentation, consult underwriting management, and avoid binding or recommending coverage until the risk is properly understood.
