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IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
1. Sufi is a handywoman who regularly takes samples of her finished work to trade shows. Which coverage would Sufi's broker recommend for her samples?
A) Personal property coverage
B) Event liability coverage
C) Exhibition floater
D) Tool floater
2. Which type of property loss is commonly covered under the commercial property broad form (CPBF)?
A) Loss of inventory shortage
B) Loss of money and securities
C) Damage to a salesperson's samples
D) Damage to automobiles
3. An insured has a commercial property policy with a $50,000 deductible and a policy limit of $100,000. If the insured suffers a loss of $50,000, how much will the insurer pay?
A) $25,000
B) $0
C) $50,000
D) $100,000
4. After examining an organization's financial statements and accounting records, a broker decides that they would like to take the company on as a client. What did the broker determine during their examination that helped make this decision?
A) The organization has a captive company.
B) The organization is consistently profitable.
C) The organization has paid policy premiums on time for the last seven years.
D) The organization is compliant with federal and provincial tax laws.
5. How do privacy laws impact brokers?
A) Provincial privacy legislation follows the same rules and regulations as federal privacy legislation.
B) Brokers may be held accountable for third parties' duty to provide appropriate privacy protection to clients.
C) Implied permission is given when a potential client asks for a quote.
D) Third parties must submit notarized written requests for the broker to release the insured's claims information.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: B |
By Steward
