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IIC C131 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Insuring Manufacturers & Distributors | 15% | |
| Introduction to Commercial Insurance | 10% | |
| Monitoring and Modifying Risk Plans | 5% | |
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
| Risk Management Principles | 15% | - Analyzing Risk Exposures - Developing Risk Management Plans - Selecting Risk Management Techniques |
| Commercial Property Coverages | 15% | - Policy Wordings and Clauses - Business Interruption Insurance |
| Commercial Liability Coverages | 15% | - Errors and Omissions - General Liability |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
Which document contains a rough outline from bidders of work to be completed, with details on how they will carry out this work?
- A. Certificate of insurance
- B. Lease agreement
- C. Broker's letter of authority
- D. Request for a proposal
Correct Answer: D 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
How is a party treated when added to a liability policy as an additional named insured?
- A. Named loss payees have more rights than the named insured.
- B. The certificate holder receives the same protections under the policy as named insureds.
- C. Both the names of the corporation and the individual insured must be listed on the declarations page.
- D. Additional named insureds can be amended by the broker without the need to inform the insurer.
Correct Answer: B 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
Insurance premiums on automobile fleet policies are based on which factor?
- A. Original purchase price of all vehicles in the fleet
- B. Driving record of the individual drivers
- C. Mechanical condition of a vehicle from one particular fleet
- D. Overall experience of all drivers
Correct Answer: D 🗳️
A property manager needs to insure the potential loss of revenue if his commercial property under construction is destroyed before its completion and occupancy. What would the intermediary request from the insurer?
- A. Production policy
- B. Customized wordings
- C. Contingent by-laws endorsement
- D. Underwriting manual
Correct Answer: B 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
A major automotive manufacturer is launching a line of electric vehicles. It intends to outsource the production of the vehicle batteries to a new supplier. The manufacturer's risk manager has requested that the supplier provide evidence of comprehensive vendor liability insurance, before the contract can be finalized.
What is the likely reason for the request?
- A. The manufacturer does not want to be held responsible for product liability claims.
- B. The manufacturer wants to be compensated in the event of the supplier's failure to perform the contract.
- C. The manufacturer does not want to be held responsible for the supplier's contractual liability claims.
- D. The manufacturer wants to ensure that the supplier prioritizes its work over other manufacturers.
Correct Answer: A 🗳️
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