Free IIC C131 Exam Dumps Questions & Answers

A broker binds a property policy for a future date, and follows up for documentation. While reviewing documents the client sent, it is discovered that the property is actually used as a rooming house, and not a family home. Why does underwriting instruct that the policy be cancelled?

• A.The broker did not complete an in-person home inspection.
• B.The use of the home is a material fact that the client should have disclosed.
• C.The insurer already has too many rooming houses in their book of business.
• D.The policy cannot be bound without proof of how the home is used.

What is insurer solvency?

• A.The amount of claims an insurer has closed in the past year
• B.The ability of an insurer to meet its financial obligations
• C.An agreement between multiple insurance companies
• D.An obligation to meet a rating company's opinion

An insured who owns a factory had a major loss. A pressure vessel ruptured due to a faulty safety valve, causing water escape, that resulted in significant water damage. The insured is covered by two insurance policies. Which policy will cover this loss?

• A.The insured will select which policy to cover the loss.
• B.The insured's CGL policy will pay the loss in full.
• C.The insured's EBI policy will pay the loss in full.
• D.The insured's remediation policy will cover the loss.

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.Releases quotes for each broker sequentially
• B.Cooperates with the largest brokerage
• C.Negotiates with each broker based on the same terms and conditions
• D.Blocks itself from dealing with other brokers on the risk

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

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