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IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
1. The owner of a successful chain of spas wants to ensure her liability coverage is adequate. She has read about several lawsuits regarding slip and falls within spas, and she has been fielding questions via social media about health and safety practices from her clients. Her broker advises she has a broad umbrella policy over and above her primary policy. What coverage does the umbrella policy include?
A) Money and securities
B) Workers' compensation
C) Accidental death and dismemberment
D) Advertising liability
2. Which party is the beneficiary under a surety bond?
A) Insurer
B) Obligee
C) Surety
D) Principal
3. 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?
A) Debate the underwriting department to prove the roofs are in good condition
B) Counsel the client to take the offer as is, since they like the price
C) Suggest the client replace the roofs in exchange for removal of the exclusion
D) Recommend the client find insurance elsewhere
4. Which peril is commonly excluded under the commercial property broad form (CPBF)?
A) Pollution
B) Explosion of natural or manufactured gas
C) Riot
D) Leakage from fire suppression systems
5. A property manager needs to insure the potential loss of revenue if his commercial property under construction is destroyed before its completion and occupancy. What would the intermediary request from the insurer?
A) Production policy
B) Customized wordings
C) Underwriting manual
D) Contingent by-laws endorsement
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |



