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IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
1. Which article is not insured for off-premises coverage unless it is scheduled?
A) Musical instrument
B) Firearm
C) Business computer
D) Silverware
2. What should a broker do when selecting coverage for a client?
A) Ensure that only standard policy wordings are used
B) Overinsure the client to protect the broker from an errors and omissions claim
C) Place the policy with the insurer that has the most legally-worded policies
D) Compare wordings based on an analysis of the client's needs
3. Briefly discuss the liability exposures that arise from the ownership of animals.
4. What should be considered when adding the increased cost-demolition or construction endorsement to an insurance policy?
A) Since the entire building has to be demolished to bring it up to code after a loss, the coverage increases the amount of insurance.
B) It covers the requirement to bring existing structures up to code, even when the building remains unchanged.
C) Municipal building codes often require that owners update their property every 10 years.
D) The older the building, the more likely it is to deviate from current building codes.
5. A client who wants coverage for a risk, independent from the risk a broker previously arranged coverage for, is usually required to submit which document?
A) Formal written application
B) Statement of change request
C) Broker of record letter
D) Insured's authorization application
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: Only visible for members | Question # 4 Answer: D | Question # 5 Answer: A |
By Vic
