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IIC C130 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Insurance Fundamentals and Risk Concepts | - Nature of risk (pure vs speculative risk) - Insurance principles and contract basics |
| Insurance Distribution Systems | - Distribution models (independent agency, brokerage, direct writers) - Agent vs broker roles and responsibilities |
| Insurance Products and Markets | - Property and casualty insurance basics - Commercial and personal lines overview |
| Broker and Agent Practice Skills | - Policy placement and insurer interaction - Client communication and advisory skills |
| Legal and Regulatory Framework | - Law of agency and fiduciary duty - Ethical standards and professional conduct |
IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
What is the role of insurance intermediaries under the law of agency?
- A. Act as third parties in insurance contracts
- B. Issue policies on any risk agents deem insurable
- C. Confirm with the insurers that all exposures are covered
- D. Balance dual responsibilities to the insurers and to the insureds
Correct Answer: D 🗳️
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How many years of driving experience are newly licensed drivers generally credited for if they have completed an approved driver training course?
- A. Four or five years
- B. One or two years
- C. Two or three years
- D. Three or four years
Correct Answer: C 🗳️
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Lindy, a new producer, has a robust client list and has struggled to find time to acquire new customers. To meet her aggressive sales goals, she has decided to pivot to increasing revenues primarily from her current clients.
Discuss the TWO techniques that will allow Lindy to grow her business mainly from within.
Correct Answer:
See the solution in Explanation below:
Explanation:
The two techniques Lindy should use are cross-selling and upselling.
The first technique is cross-selling. Cross-selling means offering existing clients additional insurance products that meet needs they may not yet have insured through Lindy. For example, if a client already has automobile insurance with her, Lindy may review whether they also need homeowners, tenant, condominium, umbrella liability, travel, business, or recreational vehicle coverage. This allows Lindy to grow revenue from her existing client base without having to find completely new customers. It is also a strong service technique because it helps identify gaps in the client's insurance program. However, cross-selling must be based on a proper needs analysis, not pressure selling. Lindy should review the client's lifestyle, property, family situation, business activities, and liability exposures before recommending additional products. Cross-selling is specifically recognized as a sales/prospecting concept in the course question set.
The second technique is upselling. Upselling means encouraging an existing client to improve, broaden, or increase the coverage they already have. This may include higher liability limits, lower deductibles, broader policy forms, enhanced endorsements, guaranteed replacement cost, sewer backup, identity theft, scheduled personal articles, legal expense coverage, or umbrella liability. Upselling is different from cross-selling because Lindy is not necessarily selling a separate new policy; she is improving the quality or amount of coverage already in place. This can increase commission revenue while also improving client protection. Like cross-selling, it must be ethical and needs-based. Lindy should explain the benefit, cost, limitation, and risk of not purchasing the enhancement. She should document the recommendation and the client's decision, especially if the client declines broader coverage.
In which Canadian province is compulsory automobile insurance purchased from a private insurer?
- A. Manitoba
- B. Newfoundland and Labrador
- C. British Columbia
- D. Saskatchewan
Correct Answer: B 🗳️
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Regarding the duty of disclosure, what is required to comply with the principle of utmost good faith?
- A. The broker or agent determines whether the information is material to the risk and discloses information accordingly, on behalf of the insured.
- B. The applicant has a duty to disclose all relevant and irrelevant facts.
- C. The intermediary is required to withhold disclosure of pertinent information if the client asks the broker to do so.
- D. Full disclosure of material information is required of the applicant.
Correct Answer: D 🗳️
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