Free IIC C131 Exam Dumps Questions & Answers

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.  Do all existing policies expire at the same time?
• B.  How many flavours of ice cream does the client sell?
• C.  How many competitors are in the market?
• D.  How long has the client been in business?

A major automotive manufacturer is launching a line of electric vehicles. It intends to outsource the production of the vehicle batteries to a new supplier. The manufacturer's risk manager has requested that the supplier provide evidence of comprehensive vendor liability insurance, before the contract can be finalized.
What is the likely reason for the request?

• A.  The manufacturer wants to be compensated in the event of the supplier's failure to perform the contract.
• B.  The manufacturer wants to ensure that the supplier prioritizes its work over other manufacturers.
• C.  The manufacturer does not want to be held responsible for the supplier's contractual liability claims.
• D.  The manufacturer does not want to be held responsible for product liability claims.

Jeremy is a new electrical contractor. He needs some special documentation before he can practise his trade, to be compliant with territorial regulations. Which special documentation will the broker arrange for Jeremy?

• A.  Performance bond
• B.  Equipment breakdown insurance
• C.  Errors and omissions insurance
• D.  Licence and permit bond

Helen, an agent for a marine insurer, is reviewing the renewal policy of her freight forwarding account. The firm has just expanded its operations to include United States exposure. Helen advises that a modification will be needed on both the current policy term and the renewal policy term. What is her reasoning to perform changes on both terms?

• A.  As the firm has expanded its area of exposure, a new policy will be required, and the renewal policy must be rescinded.
• B.  If the firm has a claim in the United States, the insurer may deny coverage.
• C.  As the firm did not advise the insurer in advance, the insurer can void coverage for misrepresentation.
• D.  If the firm is importing and exporting American goods, the brokerage must attach a tariff disclaimer document to the policies.

A building contractor has been hired to perform renovations and additions to a run-down office building. The contractor is aware of the typical exposures that can arise from this operation and has adequate insurance in place, but needs to hire additional staff. He contacts his broker Andrew to discuss the benefit of having risk management measures in place during the contractor's employee selection process. Briefly describe the advice Andrew would provide.