Free IIC C130 Exam Dumps Questions & Answers

The insured has a property policy on his cottage with a $120,000 limit of insurance. What is the amount of coverage available for loss or damage to his $12,000 cottage boathouse under a typical policy?

• A.  $0, boathouses are excluded under the policy
• B.  $12,000, in addition to the $120,000 on the cottage
• C.  $12,000, included in the limit on the cottage
• D.  $120,000, the limit of the cottage policy

Which occupancy would be most attractive to an insurer reviewing a property's exposure?

• A.  Auto body shop
• B.  Scrap yard
• C.  Clothing store
• D.  Restaurant

What type of insurance policy would a life lease holder require?

• A.  Personal liability package
• B.  Tenants package insurance
• C.  Condominium insurance
• D.  Mobile home and liability policy

What is an agent's consideration when assessing a potential client and the client's attitude towards risk?

• A.  People's habits are unrelated to their level of risk.
• B.  Clients who lead riskier lives are good sources of profit for insurance brokers.
• C.  People have the same acceptance of risk.
• D.  Availability of insurance coverage may be affected by the client's lifestyle.

Which statement about the expiry dates of binders is correct?

• A.  An open expiry date should be used in case the delivery of the formal policy is delayed.
• B.  The expiry date must automatically be 30 days from the effective date of the policy.
• C.  To minimize the risk of overlooking an expiring binder, the expiry date should fall on a business day.
• D.  Binders must include the statement "valid for one year."