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C130 Practice Questions

Essential Skills for the Insurance Broker and Agent

Last Update 3 days ago
Total Questions : 77

Dive into our fully updated and stable C130 practice test platform, featuring all the latest Chartered Insurance Professional (CIP) exam questions added this week. Our preparation tool is more than just a IIC study aid; it's a strategic advantage.

Our free Chartered Insurance Professional (CIP) practice questions crafted to reflect the domains and difficulty of the actual exam. The detailed rationales explain the 'why' behind each answer, reinforcing key concepts about C130. Use this test to pinpoint which areas you need to focus your study on.

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Question # 21

Why do insurers prefer not to issue personal-lines forms for a dwelling that is owned by a numbered company and used for the company principals to reside in?

Options:

A.  

Inspections are prohibited on personal-lines policies.

B.  

Policy wordings restrict the named insured to an actual person.

C.  

Liability could extend to other, unrelated operations of that numbered company.

D.  

Coverage for fire damage varies greatly between personal-lines and commercial-lines.

Discussion 0
Question # 22

Insurance is based on the existence of which factor?

Options:

A.  

Risk

B.  

Tortfeasors

C.  

Premium

D.  

Absolute liability

Discussion 0
Question # 23

Miro’s vehicle and Stephanie’s vehicle collide with each other in New Brunswick. Neither of them has loss or damage coverage, also known as collision coverage. The chart shows the physical damage and assigned fault. How would the payment be apportioned?

Driver | Physical Damage | Fault Percent

Miro | $4,000 | 50%

Stephanie | $2,000 | 50%

Options:

A.  

Miro can collect $2,000 from his insurer; Stephanie can collect $1,000 from her insurer.

B.  

Miro can collect $2,000 from his insurer and $1,000 from Stephanie’s insurer; Stephanie can collect $1,000 from her insurer and $500 from Miro’s insurer.

C.  

Miro can collect $2,000 from his insurer and $2,000 from Stephanie’s insurer; Stephanie can collect $1,000 from her insurer and $1,000 from Miro’s insurer.

D.  

Miro can collect $4,000 from his insurer; Stephanie can collect $2,000 from her insurer. Miro’s insurer will subrogate against Stephanie’s insurer for $2,000 and Stephanie’s insurer will subrogate against Miro’s insurer for $1,000.

Discussion 0
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