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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| From Quote to Policy | 10% | - Policy structure and components - Policy issuance and delivery - Quotation and binding authority |
| Automobile Insurance | 10% | - Provincial variations - Mandatory and optional coverages - Rating and policy issues |
| Property Insurance Wordings | 12% | - Common policy forms - Valuation methods - Coverages and exclusions |
| Sales and Client Needs | 10% | - Risk identification - Client consultation - Insurance solutions |
| Insurance and the Intermediary | 10% | - Licensing and regulation - Legal duties and ethics - Roles of brokers and agents |
| The Application Process | 10% | - Duty of disclosure - Underwriting considerations - Completing applications |
| Property Insurance Exposures | 10% | - Personal property risks - Small commercial property risks - Exposures and perils |
| Communication and Service Skills | 8% | - Policy changes and endorsements - Record keeping - Client communication |
| Liability Insurance | 12% | - Commercial general liability - Legal liability concepts - Personal liability coverages |
| Claims Handling | 8% | - Settlement and subrogation - Broker's role in claims - Claim reporting process |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
In provinces with a graduated licensing system for intermediaries, what must the licensee achieve in order to write the next level of examination?
- A. Election to the council
- B. Work experience
- C. Regulator sponsorship
- D. Adequate remuneration
Correct Answer: B 🗳️
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Mikayla is an independent contractor who uses her own vehicle to deliver pizza. She is compensated by the number of pizzas she can deliver. If she is involved in an accident where she injures a third party, which coverage could respond?
- A. Mikayla's employer's liability coverage from its tenant's legal liability
- B. The pizza company's professional liability policy
- C. The pizza company's non-owned automobile policy
- D. Mikayla's homeowners policy
Correct Answer: C 🗳️
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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.
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. $150,000
- B. $220,000
- C. $120,000
- D. $176,000
Correct Answer: A 🗳️
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What information is typically included in a cover letter prepared by a broker for the insured?
- A. An explanation of the insurer's underwriting process
- B. A reminder to review the policy documents for accuracy
- C. An indication of the commission earned for placing the risk
- D. A description of the broker and insurer's relationship
Correct Answer: B 🗳️
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