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IIC C131 Actual Tests : Advanced Skills for the Insurance Broker and Agent

C131 actual test

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IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:

1. How can world events, such as climate change and flood, affect insurance?

A) Deductibles need to be removed from policies.
B) Excess levels will become mandatory.
C) Insurers need to modify their terms.
D) Premiums will become less expensive.


2. When a broker is focusing on a manufacturing facility's housekeeping regimen and safeguards for a prospect, what is he primarily trying to establish?

A) Whether the prospect is a morale hazard
B) How many expenses the facility has
C) Whether the prospect is profitable
D) How large the facility is


3. An insured who owns a factory had a major loss. A pressure vessel ruptured due to a faulty safety valve, causing water escape, that resulted in significant water damage. The insured is covered by two insurance policies. Which policy will cover this loss?

A) The insured's remediation policy will cover the loss.
B) The insured's CGL policy will pay the loss in full.
C) The insured will select which policy to cover the loss.
D) The insured's EBI policy will pay the loss in full.


4. A building contractor has been hired to perform renovations and additions to a run-down office building. The contractor is aware of the typical exposures that can arise from this operation and has adequate insurance in place, but needs to hire additional staff. He contacts his broker Andrew to discuss the benefit of having risk management measures in place during the contractor's employee selection process. Briefly describe the advice Andrew would provide.


5. An architect is sued by a client for having failed to account for local bylaws when designing a new home. For the insurance company to defend the architect, which coverage must he have in place?

A) Errors and omissions
B) Commercial building, equipment, and stock
C) Wrap-up liability
D) Explosion, collapse, and underpinning


Solutions:

Question # 1
Answer: C
Question # 2
Answer: A
Question # 3
Answer: D
Question # 4
Answer: Only visible for members
Question # 5
Answer: A

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