IIC C130 : Essential Skills for the Insurance Broker and Agent
- Exam Code: C130
- Exam Name: Essential Skills for the Insurance Broker and Agent
- Updated: Oct 02, 2026
- Q & A: 79 Questions and Answers
About IIC C130 Exam
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IIC C130 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property Insurance Exposures | 10% | - Exposures and perils - Small commercial property risks - Personal property risks |
| Topic 2: Automobile Insurance | 10% | - Mandatory and optional coverages - Provincial variations - Rating and policy issues |
| Topic 3: Insurance and the Intermediary | 10% | - Licensing and regulation - Roles of brokers and agents - Legal duties and ethics |
| Topic 4: The Application Process | 10% | - Duty of disclosure - Underwriting considerations - Completing applications |
| Topic 5: Communication and Service Skills | 8% | - Policy changes and endorsements - Record keeping - Client communication |
| Topic 6: Claims Handling | 8% | - Settlement and subrogation - Claim reporting process - Broker's role in claims |
| Topic 7: Sales and Client Needs | 10% | - Insurance solutions - Client consultation - Risk identification |
| Topic 8: Property Insurance Wordings | 12% | - Coverages and exclusions - Valuation methods - Common policy forms |
| Topic 9: Liability Insurance | 12% | - Legal liability concepts - Personal liability coverages - Commercial general liability |
| Topic 10: From Quote to Policy | 10% | - Policy issuance and delivery - Quotation and binding authority - Policy structure and components |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
Which action on the part of the insured would most likely result in a surcharge to the insurance policy?
- A. Disclosure that his home has two mortgages
- B. Installation of a high-end home security system
- C. Trade-in of an existing vehicle for an eco-friendly vehicle
- D. Purchase of a new sports car for his teenage son to drive
Correct Answer: D 🗳️
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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. $1,300
- B. $1,900
- C. $1,600
- D. $1,750
Correct Answer: B 🗳️
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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.
Correct Answer:
See the solution in Explanation below:
Explanation:
A binder is temporary evidence of insurance issued before the final policy documents are completed. Because Jaspreet issued the binder while late details were still being confirmed, the final policy premium may legitimately differ from the binder estimate. Binders must be carefully controlled because they are temporary and should have clear expiry handling; the course stresses that binder expiry dates should be managed so they are not overlooked.
Four possible causes of the higher premium are as follows.
First, the final underwriting information may have changed. For example, K7 Properties may have later disclosed higher building values, different construction, additional locations, higher rents, different occupancy, vacancy, renovations, or greater liability exposure. If the binder was based on incomplete information, the insurer may rate the final policy higher once the full facts are known.
Second, the risk classification may have changed. A commercial property account may initially appear low hazard, but later details may show a higher-hazard occupancy, poorer fire protection, older wiring, inadequate security, tenant hazards, or increased exposure to water, theft, or liability claims.
Third, additional coverages, endorsements, or higher limits may have been added after the binder was issued.
Examples include sewer backup, flood, earthquake, bylaw coverage, business interruption, equipment breakdown, higher liability limits, or additional insured/mortgagee interests. Broader coverage normally increases premium.
Fourth, the insurer may have applied a loading, surcharge, or revised rate after reviewing loss history, inspections, claims experience, or market conditions. Rating can change when an underwriter adds a loading for adverse loss history, similar to how a base rate can be increased by an underwriting loading.
Jaspreet can offer three practical solutions.
First, he can explain the discrepancy clearly and recommend that K7 Properties accept the final policy at the higher premium if the coverage accurately reflects the exposure. This is the cleanest solution if the higher premium is justified by correct underwriting information and necessary coverage.
Second, he can review the coverage with the client and look for acceptable changes to reduce premium. This could include increasing deductibles, removing optional endorsements, adjusting limits, correcting values, changing coinsurance terms, or modifying coverage where the client accepts the risk. Jaspreet must not reduce essential coverage just to make the premium look better.
Third, he can approach the insurer for reconsideration or seek alternative quotations from other markets. If the premium increase resulted from misunderstanding, duplicate coverage, wrong classification, or incorrect rating information, he should request correction. If the insurer's final terms remain unattractive, he can test the market, provided there is enough time and no coverage gap.
After proposing the solutions, Jaspreet should document everything. He should explain the reason for the discrepancy in writing, compare the binder terms with the final policy terms, and confirm the client's chosen option. If the client accepts the higher premium, he should arrange payment and deliver the policy with a cover letter reminding the client to review the documents for accuracy. A broker's cover letter commonly reminds the insured to check policy documents carefully. If the client chooses reduced coverage, Jaspreet should obtain written instructions and clearly warn about any gaps or retained risks. If he seeks another market, he should ensure the existing binder or policy remains valid until replacement coverage is confirmed.
He should also notify the insurer of any required changes, issue revised documents where needed, diary all follow-up dates, and keep a complete file note to protect both the client and the brokerage from E & O disputes.
What must an intermediary remember when using a valuation guide to calculate the replacement cost for a dwelling?
- A. The tool used by each insurer would provide the exact same calculation.
- B. There is no substitute for an on-site inspection by the intermediary.
- C. The mortgage value may be less than the cost of replacing the building.
- D. There will be increased costs to repair or replace luxury or custom dwellings.
Correct Answer: D 🗳️
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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
Correct Answer: D 🗳️
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