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IIC C130 Exam Syllabus Topics:

SectionObjectives
Topic 1: Broker and Agent Practice Skills- Client communication and advisory skills
- Policy placement and insurer interaction
Topic 2: Insurance Products and Markets- Property and casualty insurance basics
- Commercial and personal lines overview
Topic 3: Legal and Regulatory Framework- Ethical standards and professional conduct
- Law of agency and fiduciary duty
Topic 4: Insurance Distribution Systems- Agent vs broker roles and responsibilities
- Distribution models (independent agency, brokerage, direct writers)
Topic 5: Insurance Fundamentals and Risk Concepts- Nature of risk (pure vs speculative risk)
- Insurance principles and contract basics

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

A commercial general liability policy has an aggregate limit of $1,000,000. During the current term, the insurer has already paid for three liability claims: one for $100,000, a second for $500,000, and a third for
$300,000. How much will the insurer pay if a new claim of $300,000 is submitted?

  • A. $100,000
  • B. $300,000
  • C. $0
  • D. $1,000,000
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Which homeowners package policy provides all-perils coverage on the building and named-perils coverage on the contents?

  • A. Broad
  • B. Basic
  • C. Standard
  • D. Comprehensive
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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A tenant's negligence causes a fire in the dwelling they rent. Typically, who is initially responsible for paying the damage?

  • A. The insurer that issued the homeowners policy
  • B. The insurer that issued the tenant's legal liability policy
  • C. The tenant who negligently caused the fire
  • D. The dwelling's owner who is responsible for the tenant's actions
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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A building valued at $500,000 is insured under a homeowners policy with a guaranteed replacement cost provision. If the building suffers a total fire loss, under what circumstances would the insurer pay the full cost of rebuilding, even if it cost $725,000?

  • A. The increased cost of replacement was due to a change in the potential occupancy of the building.
  • B. The amount insured was 100 percent of the replacement cost at last valuation.
  • C. The insured notified the insurer 115 days after the building improvements have been completed.
  • D. The amount of insurance under the policy was 85 percent of the replacement cost at last valuation.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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In which Canadian province is compulsory automobile insurance purchased from a private insurer?

  • A. Newfoundland and Labrador
  • B. British Columbia
  • C. Saskatchewan
  • D. Manitoba
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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