- Exam Code: C131
- Exam Name: Advanced Skills for the Insurance Broker and Agent
- Certification Provider: IIC
- Corresponding Certification: Chartered Insurance Professional (CIP)
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Updated: Oct 04, 2026
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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Claims and Loss Handling | - Claims processes and documentation - Loss adjustment principles |
| Topic 2: Insurance Brokerage Practice | - Client relationship management - Professional ethics and conduct - Broker roles and responsibilities |
| Topic 3: Regulatory and Legal Environment | - Insurance regulations in Canada - Compliance and consumer protection |
| Topic 4: Risk and Insurance Fundamentals | - Insurance principles and coverage types - Risk identification and assessment |
| Topic 5: Underwriting and Policy Management | - Underwriting guidelines and decision-making - Policy administration and endorsements |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
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. Counsel the client to take the offer as is, since they like the price
- B. Debate the underwriting department to prove the roofs are in good condition
- C. Recommend the client find insurance elsewhere
- D. Suggest the client replace the roofs in exchange for removal of the exclusion
Correct Answer: D 🗳️
Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).
What does the permissions clause in a building insurance policy allow the insured to do?
- A. Move undamaged property to a secure site to prevent further damage after a loss
- B. Clean up debris from a loss prior to advising the insurer
- C. Proceed with additions, alterations, or repairs, without having to inform the insurer in advance
- D. Use the property for purposes other than those stated on the policy
Correct Answer: C 🗳️
Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).
A broker is trying to convince his large accountancy client to purchase cyber risk insurance. The firm's CEO believes the controls in place managed by a third-party information technology provider are sufficient. The broker provides the CEO with a list of claims that will only be covered if cyber risk insurance is carried.
Which type of claim appears on that list?
- A. Computer fraud
- B. Online extortion
- C. Business interruption due to data breach
- D. Crisis-management services due to theft of securities
Correct Answer: B 🗳️
Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).
Valuable information about the principals of a prospect's company, the products and services the company sells, and other financial data could be found by reviewing which source?
- A. The prospect's property appraisal
- B. D & B reports
- C. Best's Underwriting Guide
- D. The prospect's website
Correct Answer: B 🗳️
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A real estate investment trust is a long-term client of Best Brokerage. The REIT intends to tear down one unused warehouse and build an apartment in its place. The risk manager requests insurance coverage for the project, wants to avoid a significant increase in premium, and does not want to include cost overruns.
a) Briefly discuss how the limits of insurance of this project will be determined, and what type of costs are included in the limit.
b) Should the risk manager exclude cost overruns from the limit of insurance? Explain your answer.
Correct Answer:
see the Explanation for Detailed Solution.
Explanation:
The insurance limit should be based on the full completed value of the apartment project, not the value of the old warehouse being demolished. Builders risk insurance must reflect the amount required to repair, replace, or complete the project if an insured loss occurs during construction. The limit should include hard construction costs such as demolition, site preparation, labour, materials, foundations, structural work, mechanical systems, electrical systems, plumbing, roofing, and finishing. It should also consider soft costs where applicable, including architectural fees, engineering fees, permits, legal fees, financing costs, inspection costs, and other professional or project-related expenses. Debris removal, temporary works, escalation, and delay-related costs may also need consideration depending on wording.
The risk manager should not exclude cost overruns simply to reduce premium. That is false economy.
Construction projects often exceed original budgets because of material inflation, labour shortages, design changes, delays, supply problems, or unexpected site conditions. If cost overruns are excluded from the insured limit, the REIT may face underinsurance after a serious loss and may have to fund the shortfall itself.
The broker should recommend a realistic limit that includes an allowance for escalation or cost overruns.
Course topic reference: Builders Risk; Property Coverages; Project Limits; Soft Costs; Cost Overruns; Construction Insurance .
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