IIC Advanced Skills for the Insurance Broker and Agent - C131 FREE EXAM DUMPS QUESTIONS & ANSWERS
A broker is preparing to meet with a prospective client, Queen Ice Cream, who manufactures and distributes ice cream to five different provinces. What can the broker ask to ensure a smooth transition for the client?
Correct Answer: B
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Charlotte, a broker, is meeting a potential client in person, and hopes to close the new business account. The potential client is a contractor, a line of work which Charlotte also has past experience in.
a) Explain how Charlotte can present herself professionally in the meeting to establish credibility with the client.
b) Explain the value of establishing credibility with the client and the value Charlotte brings to the interaction.
a) Explain how Charlotte can present herself professionally in the meeting to establish credibility with the client.
b) Explain the value of establishing credibility with the client and the value Charlotte brings to the interaction.
Correct Answer:
see the Explanation for Detailed Solution.
Explanation:
Charlotte should present herself as prepared, professional, and commercially knowledgeable. Before the meeting, she should review the contractor's operations, likely exposures, previous insurance arrangements, and common contractor risks such as tools, equipment, subcontractors, commercial auto, job-site liability, wrap-up liability, bonding, and completed operations. In the meeting, she should arrive on time, dress appropriately, speak clearly, listen carefully, and ask structured questions about the contractor's work.
Because she has past contractor experience, she should use that knowledge to ask practical questions, but she must avoid sounding overconfident or assuming every contractor operates the same way.
Credibility matters because commercial clients are more likely to disclose accurate information when they believe the broker understands their business. For a contractor, poor disclosure can create serious coverage gaps. Charlotte adds value by translating contractor operations into insurance exposures and explaining how the insurance program should respond. Her value is not just obtaining a quote; it is identifying risk, advising on coverage, helping with risk control, and protecting the client from uninsured loss. Course topic reference:
Introduction to Commercial Insurance; Analyzing Risk Exposures; Contractors; Broker Professionalism and Client Credibility .
Explanation:
Charlotte should present herself as prepared, professional, and commercially knowledgeable. Before the meeting, she should review the contractor's operations, likely exposures, previous insurance arrangements, and common contractor risks such as tools, equipment, subcontractors, commercial auto, job-site liability, wrap-up liability, bonding, and completed operations. In the meeting, she should arrive on time, dress appropriately, speak clearly, listen carefully, and ask structured questions about the contractor's work.
Because she has past contractor experience, she should use that knowledge to ask practical questions, but she must avoid sounding overconfident or assuming every contractor operates the same way.
Credibility matters because commercial clients are more likely to disclose accurate information when they believe the broker understands their business. For a contractor, poor disclosure can create serious coverage gaps. Charlotte adds value by translating contractor operations into insurance exposures and explaining how the insurance program should respond. Her value is not just obtaining a quote; it is identifying risk, advising on coverage, helping with risk control, and protecting the client from uninsured loss. Course topic reference:
Introduction to Commercial Insurance; Analyzing Risk Exposures; Contractors; Broker Professionalism and Client Credibility .
What type of liability policy would cover a product liability exposure arising from an error in the manufacturing design of a product?
Correct Answer: C
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Which phrase will best help an intermediary close a sale, after presenting the proposal to a client?
Correct Answer: D
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Which party is the beneficiary under a surety bond?
Correct Answer: B
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
A broker is reviewing a quote against a submission for a client. The client owns several older rental housing units. Underwriting has agreed to the submission, with a roof exclusion on the older buildings. The client is happy with the premium cost, but not the exclusion. What should the broker do next?
Correct Answer: B
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Which type of property loss is commonly covered under the commercial property broad form (CPBF)?
Correct Answer: A
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Helen, an agent for a marine insurer, is reviewing the renewal policy of her freight forwarding account. The firm has just expanded its operations to include United States exposure. Helen advises that a modification will be needed on both the current policy term and the renewal policy term. What is her reasoning to perform changes on both terms?
Correct Answer: D
Vote an answer
Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).