IIC Essential Skills for the Insurance Broker and Agent - C130 Exam Practice Test
What is included in an experience letter from an insurer or broker?
Correct Answer: B
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During the renewal process, which tool keeps the broker on track and protects against lawsuits by requiring the insured's signature?
Correct Answer: A
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The insured has a property policy on his cottage with a $120,000 limit of insurance. What is the amount of coverage available for loss or damage to his $12,000 cottage boathouse under a typical policy?
Correct Answer: A
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An underwriter receives a submission for a restaurant. The base rate is $0.80 per $100. Due to the client's loss history, the underwriter decides on a $0.15 loading. What premium would the underwriter charge for a building valuation of $200,000?
Correct Answer: B
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What type of automobile insurance endorsement provides coverage for physical damage to a rented vehicle for which the insured has assumed responsibility under contract?
Correct Answer: C
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Brenda's house is valued at $250,000. She has a policy coverage limit of $220,000 and an 80 percent coinsurance clause. What would be the payout if the insured suffers a loss of $150,000?
Correct Answer: C
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Why would an intermediary want to know if a client is renovating their home?
Correct Answer: C
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How much would Company B be required to pay for an insured loss of $200,000 if all three insurers' wordings have a contribution clause?
Insurer | Amount Insured
Company A | $300,000
Company B | $80,000
Company C | $20,000
Insurer | Amount Insured
Company A | $300,000
Company B | $80,000
Company C | $20,000
Correct Answer: D
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