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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Automobile Insurance | 10% | - Mandatory and optional coverages - Provincial variations - Rating and policy issues |
| Property Insurance Wordings | 12% | - Common policy forms - Valuation methods - Coverages and exclusions |
| Sales and Client Needs | 10% | - Client consultation - Insurance solutions - Risk identification |
| Communication and Service Skills | 8% | - Record keeping - Policy changes and endorsements - Client communication |
| Property Insurance Exposures | 10% | - Personal property risks - Exposures and perils - Small commercial property risks |
| The Application Process | 10% | - Completing applications - Underwriting considerations - Duty of disclosure |
| Liability Insurance | 12% | - Legal liability concepts - Commercial general liability - Personal liability coverages |
| Insurance and the Intermediary | 10% | - Roles of brokers and agents - Legal duties and ethics - Licensing and regulation |
| Claims Handling | 8% | - Settlement and subrogation - Claim reporting process - Broker's role in claims |
| From Quote to Policy | 10% | - Quotation and binding authority - Policy issuance and delivery - Policy structure and components |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
What refers to one's ability to pay for any damage incurred as a result of the driver's actions or inaction?
- A. Uninsured motorist coverage
- B. Accident benefits
- C. No-fault insurance
- D. Financial responsibility
Correct Answer: D 🗳️
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What does the term contra proferentem mean?
- A. The policy will be treated as if it never existed.
- B. Any insured listed on the policy must comply with all obligations under the policy.
- C. The policy can be affirmed at the option of the insured.
- D. Any uncertainty in the policy wording will be construed in the insured's favour.
Correct Answer: D 🗳️
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Relay Cycle Shop has been non-operational for six months since an arsonist set fire to the building. The store is empty of all contents, and contractors continue to work onsite. The owner of the shop anticipates it will be able to reopen in four weeks. How would the shop traditionally be categorized by the insurer?
- A. Idle
- B. Unoccupied
- C. Abandoned
- D. Vacant
Correct Answer: D 🗳️
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An insured reports a loss to their broker and is subsequently contacted by an adjuster to discuss the claim. A few days later, the insured calls their broker to ask a question about their claim settlement. What is the best course of action for the broker to take?
- A. Connect the insured with their loss adjuster to discuss the claim
- B. Advise the insured to contact the ombudsperson
- C. Provide expected settlement values to the insured
- D. Review the policy wordings with the insured
Correct Answer: A 🗳️
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Michelle is a new agent who would like to protect herself against possible errors and omissions claims. What should Michelle practice in her interactions with clients and insurers?
- A. Use close-ended questions with clients at all times
- B. Offer advice to clients if she thinks it is beneficial, even if it is outside her area of expertise
- C. Ensure all communication with clients and insurers is done face-to-face
- D. Recommend that clients consult with experts outside the insurance field if a situation calls for it
Correct Answer: D 🗳️
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