The Ultimate IIC C130 Dumps PDF Review [Q28-Q43]

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The Ultimate IIC C130 Dumps PDF Review

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IIC C130 Exam Syllabus Topics:

Section	Weight	Objectives
Property Insurance Wordings	12%	– Common policy forms – Coverages and exclusions – Valuation methods
Claims Handling	8%	– Settlement and subrogation – Claim reporting process – Broker’s role in claims
Communication and Service Skills	8%	– Record keeping – Policy changes and endorsements – Client communication
From Quote to Policy	10%	– Policy structure and components – Quotation and binding authority – Policy issuance and delivery
The Application Process	10%	– Underwriting considerations – Completing applications – Duty of disclosure
Sales and Client Needs	10%	– Client consultation – Insurance solutions – Risk identification
Automobile Insurance	10%	– Mandatory and optional coverages – Rating and policy issues – Provincial variations
Insurance and the Intermediary	10%	– Legal duties and ethics – Licensing and regulation – Roles of brokers and agents
Property Insurance Exposures	10%	– Exposures and perils – Small commercial property risks – Personal property risks
Liability Insurance	12%	– Legal liability concepts – Commercial general liability – Personal liability coverages

Q28. A tenant’s negligence causes a fire in the dwelling they rent. Typically, who is initially responsible for paying the damage?

The tenant who negligently caused the fire

The insurer that issued the homeowners policy

The insurer that issued the tenant’s legal liability policy

The dwelling’s owner who is responsible for the tenant’s actions

Q29. What is included in an experience letter from an insurer or broker?

Amount of the last insurance premium paid

Period during which the individual was insured

Name of each driver and applicable licence class

List of all vehicles owned by the insured over the past six years

Q30. Which statement about the expiry dates of binders is correct?

Binders must include the statement “valid for one year.”

The expiry date must automatically be 30 days from the effective date of the policy.

An open expiry date should be used in case the delivery of the formal policy is delayed.

To minimize the risk of overlooking an expiring binder, the expiry date should fall on a business day.

Q31. What is an agent’s primary duty to the insurer?

Provide the insurer with all relevant material facts

Provide the insurer with the insured’s finances upon request

Bind the policy with the insurer they have the best relationship with

Quote the client with maximum amounts of liability coverage

Q32. a) Describe the characteristics and exposures of a seasonal dwelling.
b) Describe the characteristics of a mobile home.

Q33. What type of automobile insurance endorsement provides coverage for physical damage to a rented vehicle for which the insured has assumed responsibility under contract?

Loss of use

Non-owned automobile

Agreed value of automobiles

Loss of or damage to insured automobile

Q34. What information is typically included in a cover letter prepared by a broker for the insured?

An explanation of the insurer’s underwriting process

A description of the broker and insurer’s relationship

A reminder to review the policy documents for accuracy

An indication of the commission earned for placing the risk

Q35. What is an agent’s consideration when assessing a potential client and the client’s attitude towards risk?

People have the same acceptance of risk.

People’s habits are unrelated to their level of risk.

Availability of insurance coverage may be affected by the client’s lifestyle.

Clients who lead riskier lives are good sources of profit for insurance brokers.

Q36. An insured reports a loss to their broker and is subsequently contacted by an adjuster to discuss the claim. A few days later, the insured calls their broker to ask a question about their claim settlement. What is the best course of action for the broker to take?

Review the policy wordings with the insured

Advise the insured to contact the ombudsperson

Provide expected settlement values to the insured

Connect the insured with their loss adjuster to discuss the claim

Q37. What does the term contra proferentem mean?

The policy will be treated as if it never existed.

The policy can be affirmed at the option of the insured.

Any uncertainty in the policy wording will be construed in the insured’s favour.

Any insured listed on the policy must comply with all obligations under the policy.

Q38. Which additional coverage is not typically available for personal-lines risks, although it is often provided at an additional charge for commercial risks?

Flood insurance

Identity theft insurance

Specialized motor vehicle endorsement

Renovation and remodelling endorsement

Q39. Relay Cycle Shop has been non-operational for six months since an arsonist set fire to the building. The store is empty of all contents, and contractors continue to work onsite. The owner of the shop anticipates it will be able to reopen in four weeks. How would the shop traditionally be categorized by the insurer?

Idle

Vacant

Abandoned

Unoccupied

Q40. Jim owns a metal factory. Which question should Jim’s broker ask to best understand the commercial occupancy of the company?

What is the total number of your staff?

How is your factory protected against fire?

What does a typical day look like in your factory?

Is your factory left unattended for long periods of time?

Q41. Mikayla is an independent contractor who uses her own vehicle to deliver pizza. She is compensated by the number of pizzas she can deliver. If she is involved in an accident where she injures a third party, which coverage could respond?

Mikayla’s homeowners policy

The pizza company’s professional liability policy

The pizza company’s non-owned automobile policy

Mikayla’s employer’s liability coverage from its tenant’s legal liability

Q42. Michelle is a new agent who would like to protect herself against possible errors and omissions claims. What should Michelle practice in her interactions with clients and insurers?

Use close-ended questions with clients at all times

Ensure all communication with clients and insurers is done face-to-face

Offer advice to clients if she thinks it is beneficial, even if it is outside her area of expertise

Recommend that clients consult with experts outside the insurance field if a situation calls for it

Q43. Which occupancy would be most attractive to an insurer reviewing a property’s exposure?

Scrap yard

Restaurant

Clothing store

Auto body shop

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The Ultimate IIC C130 Dumps PDF Review [Q28-Q43]

IIC C130 Exam Syllabus Topics:

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