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IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
1. What should a broker do when selecting coverage for a client?
A) Compare wordings based on an analysis of the client's needs
B) Ensure that only standard policy wordings are used
C) Overinsure the client to protect the broker from an errors and omissions claim
D) Place the policy with the insurer that has the most legally-worded policies
2. What type of insurance policy would a life lease holder require?
A) Personal liability package
B) Mobile home and liability policy
C) Condominium insurance
D) Tenants package insurance
3. An underwriter receives a submission for a restaurant. The base rate is $0.80 per $100. Due to the client's loss history, the underwriter decides on a $0.15 loading. What premium would the underwriter charge for a building valuation of $200,000?
A) $1,900
B) $1,750
C) $1,300
D) $1,600
4. Insurance is based on the existence of which factor?
A) Premium
B) Tortfeasors
C) Absolute liability
D) Risk
5. In provinces with a graduated licensing system for intermediaries, what must the licensee achieve in order to write the next level of examination?
A) Work experience
B) Election to the council
C) Adequate remuneration
D) Regulator sponsorship
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: A |
1 Customer ReviewsCustomers Feedback (* Some similar or old comments have been hidden.)
It will be helpful for me to get Chartered Insurance Professional (CIP) certification.
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