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IIC C130 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Legal and Regulatory Framework | - Law of agency and fiduciary duty - Ethical standards and professional conduct |
| Topic 2: Insurance Distribution Systems | - Distribution models (independent agency, brokerage, direct writers) - Agent vs broker roles and responsibilities |
| Topic 3: Insurance Products and Markets | - Property and casualty insurance basics - Commercial and personal lines overview |
| Topic 4: Broker and Agent Practice Skills | - Client communication and advisory skills - Policy placement and insurer interaction |
| 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:
Brenda's house is valued at $250,000. She has a policy coverage limit of $220,000 and an 80 percent coinsurance clause. What would be the payout if the insured suffers a loss of $150,000?
- A. $220,000
- B. $150,000
- C. $176,000
- D. $120,000
Correct Answer: B 🗳️
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What should a broker do when selecting coverage for a client?
- A. Overinsure the client to protect the broker from an errors and omissions claim
- B. Compare wordings based on an analysis of the client's needs
- C. Place the policy with the insurer that has the most legally-worded policies
- D. Ensure that only standard policy wordings are used
Correct Answer: B 🗳️
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It is critical that an intermediary is always mindful of privacy legislation during which method of sourcing clients?
- A. Tracking of expiry dates
- B. Online marketing
- C. Upselling
- D. Walk-ins
Correct Answer: B 🗳️
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When qualifying a new client, how might an intermediary best differentiate their services from those of the current broker or agent?
- A. Counter the incumbent's marketing and advertising strategies
- B. Compete based on premium cost and commissions
- C. Understand the financial motives of the client
- D. Know the products the incumbent intermediary offers
Correct Answer: D 🗳️
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What type of insurance policy would a life lease holder require?
- A. Condominium insurance
- B. Mobile home and liability policy
- C. Tenants package insurance
- D. Personal liability package
Correct Answer: C 🗳️
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