IIC Advanced Skills for the Insurance Broker and Agent : C131

C131 real exams

Exam Code: C131

Exam Name: Advanced Skills for the Insurance Broker and Agent

Updated: Sep 25, 2026

Q & A: 79 Questions and Answers

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IIC C131 Exam Syllabus Topics:

SectionObjectives
Topic 1: Insurance Brokerage Practice- Client relationship management
- Broker roles and responsibilities
- Professional ethics and conduct
Topic 2: Risk and Insurance Fundamentals- Insurance principles and coverage types
- Risk identification and assessment
Topic 3: Claims and Loss Handling- Loss adjustment principles
- Claims processes and documentation
Topic 4: Underwriting and Policy Management- Underwriting guidelines and decision-making
- Policy administration and endorsements
Topic 5: Regulatory and Legal Environment- Compliance and consumer protection
- Insurance regulations in Canada

IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:

Question #1

How does a self-insured retention (SIR) differ from a deductible?

  • A. Applies to losses below a specific amount
  • B. Does not encourage loss prevention measures
  • C. Does not affect the policy limit
  • D. Is a method of insuring risk
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #2

How can a broker without binding or settlement authority assist a client who has suffered a loss and is making an insurance claim?

  • A. Suggest the client assemble receipts and other documents to prove the loss
  • B. Verify if the client has coverage for the loss and then pay the claim
  • C. Determine the amount of the claim payment
  • D. Direct the insurance adjuster in carrying out the investigation of the loss
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).

Question #3

The question of whether an employee might convert cash or cheques for her own use would be considered when underwriting which policy coverages?

  • A. Business interruption
  • B. Liability
  • C. Crime
  • D. Property
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).

Question #4

In risk management, how can a risk be transferred?

  • A. By using contracts
  • B. By eliminating the risk
  • C. By self-insuring
  • D. By reducing the risk through loss prevention
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).

Question #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. Contingent by-laws endorsement
  • B. Customized wordings
  • C. Production policy
  • D. Underwriting manual
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).

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