Essential Skills for the Insurance Broker and Agent: C130 Exam
"Essential Skills for the Insurance Broker and Agent", also known as C130 exam, is a IIC Certification. With the complete collection of questions and answers, iPassleader has assembled to take you through 79 Q&As to your C130 Exam preparation. In the C130 exam resources, you will cover every field and category in Chartered Insurance Professional (CIP) Certification helping to ready you for your successful IIC Certification.
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- Updated on: Jul 03, 2026
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- Updated on: Jul 03, 2026
- No. of Questions: 79 Questions & Answers
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IIC Essential Skills for the Insurance Broker and Agent Sample Questions:
1. Chandeep, a broker with binding authority, sold property and liability coverage to his new client, Multiplex Movies. Three days into the policy term, there was a slip-and-fall incident. The liability loss was denied by the insurer. Multiplex Movies sues Chandeep for E & O. Which allegation will most likely be successful for the insured?
A) Failure to issue a tangible policy
B) Failure to provide cover for exposures
C) Failure to provide cover in time
D) Failure to explain the steps to take in the event of a claim
2. Prominently included on some property insurance policies is the statement "This policy contains a clause that may limit the amount payable." What clause is being referred to?
A) Coinsurance clause
B) Named exclusions clause
C) Deferred payment clause
D) Stacked limits clause
3. What should be considered when adding the increased cost-demolition or construction endorsement to an insurance policy?
A) Municipal building codes often require that owners update their property every 10 years.
B) It covers the requirement to bring existing structures up to code, even when the building remains unchanged.
C) Since the entire building has to be demolished to bring it up to code after a loss, the coverage increases the amount of insurance.
D) The older the building, the more likely it is to deviate from current building codes.
4. In law, what does the term prescription mean?
A) Limited time after which a cause of action ceases
B) Transferring of the rights for action against the responsible party to the insurer
C) Guidelines relating to the acceptability of a class of risk
D) Committing to an automatic renewal process
5. What does the term contra proferentem mean?
A) Any uncertainty in the policy wording will be construed in the insured's favour.
B) The policy can be affirmed at the option of the insured.
C) Any insured listed on the policy must comply with all obligations under the policy.
D) The policy will be treated as if it never existed.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: A |
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