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IIC C131

C131

Exam Code: C131

Exam Name: Advanced Skills for the Insurance Broker and Agent

Updated: Sep 06, 2026

Q & A: 79 Questions and Answers

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IIC C131 Exam Syllabus Topics:

SectionObjectives
Topic 1: Regulatory and Legal Environment- Compliance and consumer protection
- Insurance regulations in Canada
Topic 2: Risk and Insurance Fundamentals- Risk identification and assessment
- Insurance principles and coverage types
Topic 3: Insurance Brokerage Practice- Client relationship management
- Broker roles and responsibilities
- Professional ethics and conduct
Topic 4: Underwriting and Policy Management- Underwriting guidelines and decision-making
- Policy administration and endorsements
Topic 5: Claims and Loss Handling- Loss adjustment principles
- Claims processes and documentation

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

Question 1

Which action illustrates the duty of care required from a broker when arranging a client's insurance program?

A. Await inquiries from the client before approaching the insurer on policy wording discrepancies
B. Inspect all the client's premises and provide risk control recommendations
C. Provide insurance options for known exposures
D. Disclose the percentage of the premium that will be paid as commission


Question 2

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. Request for a proposal
C. Lease agreement
D. Broker's letter of authority


Question 3

What type of liability policy would cover a product liability exposure arising from an error in the manufacturing design of a product?

A. Architect's liability
B. Garage liability
C. Commercial general liability (CGL)
D. Directors and officers liability (D & O)


Question 4

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. Property
C. Business interruption
D. Liability


Question 5

Peter, a broker, has been approached by a new client, Western Grocers Inc., an import-export company that distributes wholesale meats and seafood. The company has a main operating warehouse where a wide variety of products are stored. The company's president is concerned that the property insurance premiums are too high. She wants to remove the equipment breakdown coverage from the policy to save money. Discuss the information Peter would provide to the president regarding the need for an equipment breakdown insurance policy.


Solutions:

Question 1
Answer: C
Question 2
Answer: B
Question 3
Answer: C
Question 4
Answer: A
Question 5
Answer: Only visible for members

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