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IIC C130 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Insurance Fundamentals and Risk Concepts | - Insurance principles and contract basics - Nature of risk (pure vs speculative risk) |
| Broker and Agent Practice Skills | - Client communication and advisory skills - Policy placement and insurer interaction |
| Legal and Regulatory Framework | - Law of agency and fiduciary duty - Ethical standards and professional conduct |
| Insurance Distribution Systems | - Agent vs broker roles and responsibilities - Distribution models (independent agency, brokerage, direct writers) |
| Insurance Products and Markets | - Property and casualty insurance basics - Commercial and personal lines overview |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
The insured has a property policy on his cottage with a $120,000 limit of insurance. What is the amount of coverage available for loss or damage to his $12,000 cottage boathouse under a typical policy?
- A. $0, boathouses are excluded under the policy
- B. $120,000, the limit of the cottage policy
- C. $12,000, in addition to the $120,000 on the cottage
- D. $12,000, included in the limit on the cottage
Correct Answer: D 🗳️
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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.
An underwriter receives a submission for a restaurant. The base rate is $0.80 per $100. Due to the client's loss history, the underwriter decides on a $0.15 loading. What premium would the underwriter charge for a building valuation of $200,000?
- A. $1,750
- B. $1,300
- C. $1,600
- D. $1,900
Correct Answer: D 🗳️
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In which Canadian province is compulsory automobile insurance purchased from a private insurer?
- A. British Columbia
- B. Saskatchewan
- C. Newfoundland and Labrador
- D. Manitoba
Correct Answer: C 🗳️
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What must an intermediary remember when using a valuation guide to calculate the replacement cost for a dwelling?
- A. There will be increased costs to repair or replace luxury or custom dwellings.
- B. The tool used by each insurer would provide the exact same calculation.
- C. There is no substitute for an on-site inspection by the intermediary.
- D. The mortgage value may be less than the cost of replacing the building.
Correct Answer: A 🗳️
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