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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Liability Insurance | - Commercial and general liability concepts |
| Topic 2: Property Insurance Coverages | - Property coverages fundamentals |
| Topic 3: Specialized Insurance Lines | - Contractors insurance - Manufacturers, distributors, freight forwarders - Automobile insurance - Crime and bonds - Builders risk insurance |
| Topic 4: Risk Management | - Analyzing risk exposures - Insurance in a risk management plan - Selecting risk techniques - Monitoring and modifying risk management plans |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
The question of whether an employee might convert cash or cheques for her own use would be considered when underwriting which policy coverages?
- A. Crime
- B. Liability
- C. Property
- D. Business interruption
Correct Answer: A 🗳️
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How can world events, such as climate change and flood, affect insurance?
- A. Excess levels will become mandatory.
- B. Insurers need to modify their terms.
- C. Deductibles need to be removed from policies.
- D. Premiums will become less expensive.
Correct Answer: B 🗳️
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For which prospective client should a broker conduct further risk analysis?
- A. A small business owner requesting an insurance package identical to the one she currently has
- B. A hardware store owner, who also delivers and assembles closets himself
- C. An independent adjuster, who requires errors and omissions coverage
- D. A retail store owner, who only has the one potential source of profit
Correct Answer: B 🗳️
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Pure Meats Ltd. is a new company selling freezer-packed and processed meat products for resale in stores within Canada. The president has approached Rebecca, a broker who is an expert on products liability insurance. The media recently covered stories of individuals becoming ill or dying from listeriosis due to contaminated processed meat products. Identify the underwriting considerations and information Rebecca needs to assess this exposure. What will she recommend as part of an insurance program to cover the company's products liability exposure? Explain why.
Reveal Solution Discussion 0Correct Answer:
see the Explanation for Detailed Solution.
Explanation:
Rebecca must assess Pure Meats as a serious products liability and contamination exposure. She should gather information about the products sold, ingredients, suppliers, processing methods, refrigeration controls, packaging, labelling, expiry dates, storage conditions, transportation methods, and distribution territory. Since the products are sold for resale across Canada, one defective batch could affect many customers and create multiple bodily injury claims.
She should also review food-safety controls: sanitation procedures, employee training, temperature monitoring, batch coding, traceability, quality testing, inspection records, recall plans, regulatory compliance, and supplier agreements. Listeriosis is important because it can cause severe illness or death, making claim severity potentially high. As a new company, Pure Meats may have limited loss history, so underwriters will rely heavily on its controls and management competence.
Rebecca should recommend a commercial general liability policy with strong products liability coverage.
She should also recommend product recall or contamination coverage , because a standard CGL may defend and indemnify against third-party bodily injury or property damage claims, but it may not fully cover recall expenses, public notices, testing, disposal, crisis management, or brand rehabilitation. Course topic reference: Manufacturers, Distributors, and Freight Forwarders; Products Liability; Food Contamination; Product Recall; Underwriting Considerations .
Annette, a new broker, is completing a wrap-up liability insurance application for a condominium development. Before finalizing the application, she asks a coworker to review it. Her coworker advises Annette that she has missed an important detail. What detail did Annette likely miss?
- A. The application needs to list all condominium developments currently under construction by the general contractor.
- B. The architect needs to be named as the primary insured on the policy.
- C. The project owner must provide evidence of separate liability coverage to qualify for the policy.
- D. The application must include information about the construction of the parking garage.
Correct Answer: D 🗳️
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