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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance and the Intermediary | 10% | - Roles of brokers and agents - Legal duties and ethics - Licensing and regulation |
| Topic 2: The Application Process | 10% | - Underwriting considerations - Duty of disclosure - Completing applications |
| Topic 3: From Quote to Policy | 10% | - Policy structure and components - Policy issuance and delivery - Quotation and binding authority |
| Topic 4: Property Insurance Wordings | 12% | - Coverages and exclusions - Common policy forms - Valuation methods |
| Topic 5: Property Insurance Exposures | 10% | - Small commercial property risks - Personal property risks - Exposures and perils |
| Topic 6: Communication and Service Skills | 8% | - Policy changes and endorsements - Client communication - Record keeping |
| Topic 7: Liability Insurance | 12% | - Personal liability coverages - Legal liability concepts - Commercial general liability |
| Topic 8: Sales and Client Needs | 10% | - Client consultation - Insurance solutions - Risk identification |
| Topic 9: Automobile Insurance | 10% | - Rating and policy issues - Mandatory and optional coverages - Provincial variations |
| Topic 10: Claims Handling | 8% | - Settlement and subrogation - Claim reporting process - Broker's role in claims |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
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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In provinces with a graduated licensing system for intermediaries, what must the licensee achieve in order to write the next level of examination?
- A. Regulator sponsorship
- B. Work experience
- C. Adequate remuneration
- D. Election to the council
Correct Answer: B 🗳️
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W & A Insurers Inc. has a capacity of $30 million for any single property risk. It also has a reinsurance agreement with Tri-insurance Inc. for an additional $40 million. A broker approaches W & A Insurers Inc.
with a request to write a low-hazard $37 million liability risk. What is the insurer's retention if it accepts and reinsures the risk?
- A. $27 million
- B. $37 million
- C. $30 million
- D. $40 million
Correct Answer: C 🗳️
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Which document releases the insurer from further obligations for a loss after payment is made?
- A. Proof of loss
- B. Sworn statement
- C. Non-waiver agreement
- D. Reservation of rights letter
Correct Answer: A 🗳️
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To protect themselves against claims that arise long after the policy expiration date, a broker should retain a permanent copy of which policy?
- A. Liability
- B. Automobile
- C. Property
- D. Crime
Correct Answer: A 🗳️
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