PDF Version DemoIIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
1. Alberta Trucking Company frequently transports material back and forth from Canada to the United States. It employs over forty truckers, who, upon hiring, have criminal and reference checks completed. A trucker, transporting general freight, has recently been stopped at the border by a United States customs agent, who refuses to let him through. What is the likely reason for the custom agent's refusal?
A) The trucker did not register for an International driver's licence.
B) The truck is not displaying the trucker's medical or criminal check certificates.
C) The trucking company did not follow the guidelines when arranging the filing.
D) The truck is not insured for the minimum $200,000 limit required in the United States.
2. Angie is frustrated with her insurer as she recently had a mysterious disappearance claim that was denied under her commercial property policy. Why was Angie likely denied her claim?
A) She had chosen named perils coverage
B) She had a similar claim in a previous policy term
C) Her policy had not earned sufficient premium at the time of the loss
D) Her appraisal was only received in the last three months
3. A broker recommends that their commercial client repair the sprinkler system in their factory. Which risk management technique does the broker's suggestion fall under?
A) Risk transfer
B) Risk reduction
C) Avoidance
D) Diversification
4. Annette, a new broker, is completing a wrap-up liability insurance application for a condominium development. Before finalizing the application, she asks a coworker to review it. Her coworker advises Annette that she has missed an important detail. What detail did Annette likely miss?
A) The application needs to list all condominium developments currently under construction by the general contractor.
B) The project owner must provide evidence of separate liability coverage to qualify for the policy.
C) The architect needs to be named as the primary insured on the policy.
D) The application must include information about the construction of the parking garage.
5. 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?
A) Do all existing policies expire at the same time?
B) How many competitors are in the market?
C) How many flavours of ice cream does the client sell?
D) How long has the client been in business?
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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