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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 |
| Insurance and the Intermediary | 10% | - Roles of brokers and agents - Licensing and regulation - Legal duties and ethics |
| Automobile Insurance | 10% | - Mandatory and optional coverages - Rating and policy issues - Provincial variations |
| Property Insurance Wordings | 12% | - Coverages and exclusions - Common policy forms - Valuation methods |
| The Application Process | 10% | - Underwriting considerations - Completing applications - Duty of disclosure |
| Liability Insurance | 12% | - Personal liability coverages - Legal liability concepts - Commercial general liability |
| Communication and Service Skills | 8% | - Record keeping - Policy changes and endorsements - Client communication |
| Property Insurance Exposures | 10% | - Personal property risks - Small commercial property risks - Exposures and perils |
| Sales and Client Needs | 10% | - Insurance solutions - Risk identification - Client consultation |
| Claims Handling | 8% | - Claim reporting process - Broker's role in claims - Settlement and subrogation |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
The insurance industry is entering a hard market as a result of losses arising from extreme weather. Megan, a broker, has been advised by the North American Fire and Casualty Company that it will be increasing its homeowner policy rates by 25 percent, effective immediately.
How should Megan deliver the bad news to her client Mr. Robertson, a widower living on a fixed pension?
How will she communicate with her client and what outcomes will Megan work towards?
Correct Answer:
See the solution in Explanation below:
Explanation:
Megan should deliver the bad news clearly, respectfully, and with empathy, but she should not hide or soften the facts so much that Mr. Robertson misunderstands the situation. She should contact him personally, preferably by telephone or in person, because he is a widower on a fixed pension and the premium increase may cause financial stress. Her tone should be calm, professional, and supportive. She should explain that the increase is not personal to him alone; it is connected to a hard insurance market caused by higher expected future losses from extreme weather. Premiums are determined by statistical predictions of future losses and tend to increase during a hard market.
Megan should use active listening. This means she should allow Mr. Robertson to express frustration, ask questions, and explain his financial concerns. Active listening includes interpreting verbal and non-verbal cues, not simply giving a one-way explanation. She should avoid blaming the insurer or making promises she cannot keep. She should also avoid using technical language without explanation. Instead, she should explain the reason for the increase in plain language: insurers are paying more claims from weather-related losses, repair costs are rising, and insurers are tightening rates and underwriting rules.
The outcomes Megan should work toward are fairness, understanding, and a practical coverage solution. First, she should make sure Mr. Robertson understands why the premium increased. Second, she should review his policy to see whether the coverage still fits his needs. Third, she can explore options to reduce the premium, such as increasing the deductible, reviewing dwelling values, removing unnecessary optional endorsements, checking eligibility for discounts, improving risk-control features, or remarketing the policy to another insurer if appropriate. However, she must not recommend cutting essential coverage just to make the premium cheaper. That would expose Mr. Robertson to underinsurance and expose Megan to errors and omissions risk.
After discussing the options, Megan should clearly explain the consequences of each choice. If Mr. Robertson chooses a higher deductible, he must understand he will pay more out of pocket after a loss. If he removes optional coverage, he must understand what losses will no longer be insured. If he keeps the policy as issued, he must understand the new premium and payment requirements. Megan should document the conversation, confirm the client's decision in writing, and remind him to review the policy documents for accuracy. A broker's policy communication should include a reminder for the insured to review policy documents carefully.
Which is an example of an indirect loss?
- A. Loss of income following a fire claim that closes a factory
- B. Liability claim resulting from a slip and fall at a cinema
- C. Water damage to an apartment when a frustrated tenant intentionally fails to turn off a tap
- D. Arson at a retail store, initiated by an employee
Correct Answer: A 🗳️
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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. $1,000,000
- B. $0
- C. $300,000
- D. $100,000
Correct Answer: D 🗳️
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What type of insurance policy would a life lease holder require?
- A. Condominium insurance
- B. Personal liability package
- C. Mobile home and liability policy
- D. Tenants package insurance
Correct Answer: D 🗳️
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How much would Company B be required to pay for an insured loss of $200,000 if all three insurers' wordings have a contribution clause?
Insurer | Amount Insured
Company A | $300,000
Company B | $80,000
Company C | $20,000
- A. $40,000
- B. $25,000
- C. $20,000
- D. $80,000
Correct Answer: A 🗳️
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