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

1. Which type of property loss is commonly covered under the commercial property broad form (CPBF)?

A) Loss of inventory shortage
B) Loss of money and securities
C) Damage to a salesperson's samples
D) Damage to automobiles


2. A broker is preparing to meet with a prospective client, Queen Ice Cream, who manufactures and distributes ice cream to five different provinces. What can the broker ask to ensure a smooth transition for the client?

A) How long has the client been in business?
B) Do all existing policies expire at the same time?
C) How many competitors are in the market?
D) How many flavours of ice cream does the client sell?


3. How can a broker BEST investigate a roofing contractor's operations to identify liability exposures?

A) Ask the client to detail what a typical project involves
B) Ask the client what type of claims they are worried about
C) Read reviews on the contractor's website
D) Speak with past customers of the contractor


4. In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?

A) Party in control of the project
B) General contractor
C) Party in control of the land
D) Subcontractor


5. How does a self-insured retention (SIR) differ from a deductible?

A) Does not affect the policy limit
B) Applies to losses below a specific amount
C) Does not encourage loss prevention measures
D) Is a method of insuring risk


Solutions:

Question # 1
Answer: C
Question # 2
Answer: B
Question # 3
Answer: A
Question # 4
Answer: A
Question # 5
Answer: B

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