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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Risk and Insurance Fundamentals | - Insurance principles and coverage types - Risk identification and assessment |
| Claims and Loss Handling | - Loss adjustment principles - Claims processes and documentation |
| Underwriting and Policy Management | - Underwriting guidelines and decision-making - Policy administration and endorsements |
| Regulatory and Legal Environment | - Compliance and consumer protection - Insurance regulations in Canada |
| Insurance Brokerage Practice | - Client relationship management - Professional ethics and conduct - Broker roles and responsibilities |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
Question 1
Charlotte, a broker, is meeting a potential client in person, and hopes to close the new business account. The potential client is a contractor, a line of work which Charlotte also has past experience in.
a) Explain how Charlotte can present herself professionally in the meeting to establish credibility with the client.
b) Explain the value of establishing credibility with the client and the value Charlotte brings to the interaction.
Question 2
A broker is reviewing a client's risk profile. The client commonly sends their employees on international trips to source rare goods, which are often found in unstable parts of the world. The broker recommends a kidnap, ransom and extortion policy. Which type of client is this?
A. Freight forwarder
B. Contractor
C. Builder
D. Distributor
Question 3
How can a broker BEST investigate a roofing contractor's operations to identify liability exposures?
A. Speak with past customers of the contractor
B. Read reviews on the contractor's website
C. Ask the client what type of claims they are worried about
D. Ask the client to detail what a typical project involves
Question 4
Pure Meats Ltd. is a new company selling freezer-packed and processed meat products for resale in stores within Canada. The president has approached Rebecca, a broker who is an expert on products liability insurance. The media recently covered stories of individuals becoming ill or dying from listeriosis due to contaminated processed meat products. Identify the underwriting considerations and information Rebecca needs to assess this exposure. What will she recommend as part of an insurance program to cover the company's products liability exposure? Explain why.
Question 5
Davies Architect has opened two new offices in the last quarter. Its recent claims history includes a break-in at its head office a month ago and legal action against the firm due to a structural mistake made by the architect and engineer six months ago. The firm's insurance broker is reviewing its current insurance program, and the renewal date is in two months. Due to stable market conditions, there have been no recent changes made by insurers to policy wordings or pricing. The firm has been very cooperative with providing information. Briefly discuss how the broker would review the renewal for this architectural firm.
Solutions:
| Question 1 Answer: Only visible for members | Question 2 Answer: D | Question 3 Answer: D | Question 4 Answer: Only visible for members | Question 5 Answer: Only visible for members |
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