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IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
1. An insurer issues a special clause on a property policy for a restaurant which denies coverage unless a sprinkler system is installed and active in the kitchen at the time of a fire loss. What type of clause has the insurer issued?
A) Subscription
B) Requirement
C) Exclusion
D) Condition
2. Trevor is cutting down a tree in his backyard. The tree accidentally falls onto his neighbour's shed, destroying the roof. Two weeks later, Trevor receives a document from his neighbour suing him for the damages to the shed and its contents. Which document has Trevor received?
A) Damages attestation
B) Statement of claim
C) Statement of defence
D) Judgment notice
3. a) Describe the characteristics and exposures of a seasonal dwelling.
b) Describe the characteristics of a mobile home.
4. John, a broker, has binding authority for comprehensive homeowners policies up to $200,000. On Saturday morning, a potential client calls John and advises that she is at the lawyer's office signing the purchasing documents for a $500,000 home and requires comprehensive homeowners coverage immediately. What action should John take?
A) Issue a cover note providing a comprehensive homeowners policy with a policy limit of $500,000
B) State that he will try to arrange coverage with the insurer on Monday morning
C) Provide coverage on a named-perils basis
D) Inspect the home and, if the risk is acceptable, issue a comprehensive homeowners policy with a limit of $500,000
5. During the renewal process, which tool keeps the broker on track and protects against lawsuits by requiring the insured's signature?
A) Checklist
B) Binder
C) Flowchart
D) Cover note
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: Only visible for members | Question # 4 Answer: B | Question # 5 Answer: A |






