Exam Name: Advanced Skills for the Insurance Broker and Agent
Certification Provider: IIC
Corresponding Certification: Chartered Insurance Professional (CIP)
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IIC C131 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Specialized Insurance Lines | - Manufacturers, distributors, freight forwarders - Automobile insurance - Contractors insurance - Crime and bonds - Builders risk insurance |
| Risk Management | - Analyzing risk exposures - Monitoring and modifying risk management plans - Insurance in a risk management plan - Selecting risk techniques |
| Property Insurance Coverages | - Property coverages fundamentals |
| Liability Insurance | - Commercial and general liability concepts |
IIC Advanced Skills for the Insurance Broker and Agent Sample Questions:
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 .
How does a self-insured retention (SIR) differ from a deductible?
- A. Applies to losses below a specific amount
- B. Is a method of insuring risk
- C. Does not encourage loss prevention measures
- D. Does not affect the policy limit
Correct Answer: A 🗳️
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An employee of a self-storage facility is careless and causes a fire resulting in damages to the contents in three rental storage units. The renters of the units could seek reimbursement under which policy?
- A. Contingent business interruption policy
- B. Warehouseman's legal liability policy
- C. Rental insurance policy
- D. Commercial property floater policy
Correct Answer: B 🗳️
Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).
The owner of a small bookstore arranges to have a reputable courier deliver an expensive set of antique encyclopedias to the store after it closes. The next morning, he notices several encyclopedias are missing from the set. He reports this situation to his broker, who advises that the loss will be covered under his commercial property broad form if he can provide which type of proof?
- A. Evidence that the loss occurred as a result of mysterious disappearance
- B. Sworn statement from the courier that the set was delivered in its entirety
- C. Declaration under oath confirming it was a fidelity loss
- D. Documented evidence showing the encyclopedias were in the owner's care, custody, and control
Correct Answer: B 🗳️
Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).
Which peril is commonly excluded under the commercial property broad form (CPBF)?
- A. Leakage from fire suppression systems
- B. Riot
- C. Pollution
- D. Explosion of natural or manufactured gas
Correct Answer: C 🗳️
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