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IIC 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 truck is not insured for the minimum $200,000 limit required in the United States.
B) The trucker did not register for an International driver's licence.
C) The truck is not displaying the trucker's medical or criminal check certificates.
D) The trucking company did not follow the guidelines when arranging the filing.
2. 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) Business interruption due to data breach
B) Online extortion
C) Crisis-management services due to theft of securities
D) Computer fraud
3. Which party is the beneficiary under a surety bond?
A) Obligee
B) Surety
C) Insurer
D) Principal
4. When should a broker recommend that a client amend their existing risk management plan?
A) When changing a manufacturing process
B) Annually at renewal
C) After financial statements are published
D) When hiring a new staff member
5. A group of stockholders is bringing a class action lawsuit, stating that the finances of the corporation in which they hold stock are being mismanaged. Which policy would likely respond to such a lawsuit?
A) Shareholders equity liability
B) Directors and officers liability
C) Employee dishonesty
D) Fiduciary obligation
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: B |
By Sid
