IIC C130 Questions & Answers - in .pdf
- Total Q&A: 79
- Update: Jul 05, 2026
- Price: $59.99
- Vendor: IIC
- Exam Code: C130
- Exam Name: Essential Skills for the Insurance Broker and Agent
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IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
1. What information is typically included in a cover letter prepared by a broker for the insured?
A) A description of the broker and insurer's relationship
B) A reminder to review the policy documents for accuracy
C) An explanation of the insurer's underwriting process
D) An indication of the commission earned for placing the risk
2. A building valued at $500,000 is insured under a homeowners policy with a guaranteed replacement cost provision. If the building suffers a total fire loss, under what circumstances would the insurer pay the full cost of rebuilding, even if it cost $725,000?
A) The insured notified the insurer 115 days after the building improvements have been completed.
B) The amount of insurance under the policy was 85 percent of the replacement cost at last valuation.
C) The amount insured was 100 percent of the replacement cost at last valuation.
D) The increased cost of replacement was due to a change in the potential occupancy of the building.
3. Jaspreet is employed as a broker. K7 Properties approached him for a large commercial policy. Two months prior to the inception date, he agreed to provide cover and sent them a binder while late details were confirmed. After finalizing the policy, he compares it to the binder and notices some premium discrepancies resulting in a higher policy premium.
List FOUR possible causes for the discrepancies.
Provide THREE solutions Jaspreet can offer the client. Explain the actions he should take after the solutions have been proposed.
4. Which name is a legal entity?
A) Joe's Bar and Grill
B) Best Brokers
C) Trains 'R Rolling
D) Olivia Clemente dba Discovery Playcare
5. Which document releases the insurer from further obligations for a loss after payment is made?
A) Reservation of rights letter
B) Non-waiver agreement
C) Sworn statement
D) Proof of loss
Solutions:
Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: Only visible for members | Question # 4 Answer: D | Question # 5 Answer: D |
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