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IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
1. A manufacturer had multiple experiences of missing inventory and suspects an employee may be involved.
Which coverage would a broker recommend for future occurrences?
A) Business interruption
B) 3-D policy
C) Property coverage
D) Liability coverage
2. Annette, a new broker, is completing a wrap-up liability insurance application for a condominium development. Before finalizing the application, she asks a coworker to review it. Her coworker advises Annette that she has missed an important detail. What detail did Annette likely miss?
A) The application needs to list all condominium developments currently under construction by the general contractor.
B) The project owner must provide evidence of separate liability coverage to qualify for the policy.
C) The application must include information about the construction of the parking garage.
D) The architect needs to be named as the primary insured on the policy.
3. Which party is the beneficiary under a surety bond?
A) Principal
B) Surety
C) Obligee
D) Insurer
4. Insurance premiums on automobile fleet policies are based on which factor?
A) Overall experience of all drivers
B) Original purchase price of all vehicles in the fleet
C) Mechanical condition of a vehicle from one particular fleet
D) Driving record of the individual drivers
5. In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?
A) Subcontractor
B) General contractor
C) Party in control of the project
D) Party in control of the land
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: C |
By Toby
