Free IIC C131 Exam Questions

Become IIC Certified with updated C131 exam questions and correct answers

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Total 77 Questions | Updated On: Aug 01, 2026

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Question 1

Which clause is a refusal to accept liability for damages that might occur?

A : Disclaimer

B : Indemnity provision

C : Risk retainer

D : Hold harmless agreement

Answer: A

Question 2

An architect is sued by a client for having failed to account for local bylaws when designing a new home. For the insurance company to defend the architect, which coverage must he have in place?

A : Wrap-up liability

B : Errors and omissions

C : Explosion, collapse, and underpinning

D : Commercial building, equipment, and stock

Answer: B

Question 3

A broker is using their prior market knowledge to place a risk with an insurer who accepts luxury log cabins. Which insurer aspect is the broker considering?

A : Risk appetite

B : Risk management

C : Risk avoidance

D : Risk tolerance

Answer: A

Question 4

XYZ Insurer is known for using the first-in principle. If multiple brokers request quotations for a new applicant, how does XYZ Insurer respond?

A : Cooperates with the largest brokerage

B : Releases quotes for each broker sequentially

C : Blocks itself from dealing with other brokers on the risk

D : Negotiates with each broker based on the same terms and conditions

Answer: C

Question 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 : How many flavours of ice cream does the client sell?

B : How long has the client been in business?

C : How many competitors are in the market?

D : Do all existing policies expire at the same time?

Answer: D

Page: 1 / 16

Total 77 Questions | Updated On: Aug 01, 2026

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