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| Section | Weight | Objectives |
|---|---|---|
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
| Risk Management Principles | 15% | - Selecting Risk Management Techniques - Analyzing Risk Exposures - Developing Risk Management Plans |
| Insuring Manufacturers & Distributors | 15% | |
| Introduction to Commercial Insurance | 10% | |
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Monitoring and Modifying Risk Plans | 5% | |
| Commercial Liability Coverages | 15% | - General Liability - Errors and Omissions |
| Commercial Property Coverages | 15% | - Policy Wordings and Clauses - Business Interruption Insurance |
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NEW QUESTION # 77
Which person would be hired by another contractor, because of her experience in a particular trade, to complete a portion of a larger project?
Answer: A
NEW QUESTION # 78
Sufi is a handywoman who regularly takes samples of her finished work to trade shows. Which coverage would Sufi's broker recommend for her samples?
Answer: D
Explanation:
The correct answer is C. Exhibition floater . An exhibition floater is designed to cover property taken to exhibitions, fairs, trade shows, displays, and similar events. Sufi regularly takes samples of her finished work to trade shows, which means the samples are away from her regular premises and exposed to transit, handling, display, theft, accidental damage, and temporary-location risks. Ordinary personal property coverage may not properly insure business samples while they are being transported and exhibited. A tool floater would be appropriate for tools and equipment used in work operations, but the question specifically refers to samples of finished work, not tools. Event liability coverage would respond to liability claims arising from an event, such as bodily injury or property damage to third parties, but it would not primarily insure Sufi's own samples. The correct coverage must follow the property while it is moved, displayed, and returned. The broker should also confirm the value of the samples, transit method, storage at the trade show, security arrangements, and whether coverage applies during setup and teardown. Course topic reference: Property Coverages; Commercial Property Floaters; Exhibition Floater; Samples and Trade Show Property .
NEW QUESTION # 79
An insured has a commercial property policy with a $50,000 deductible and a policy limit of $100,000. If the insured suffers a loss of $50,000, how much will the insurer pay?
Answer: B
Explanation:
The correct answer is A. $0 . A deductible is the portion of a covered loss that the insured must bear before the insurer pays. In this question, the deductible is $50,000 and the loss is also $50,000. Because the loss does not exceed the deductible, the insurer has no payment to make. The policy limit of $100,000 is the maximum amount the insurer may pay for a covered loss, but the limit does not eliminate the deductible. The insurer only pays covered amounts above the deductible, up to the applicable policy limit, subject to all policy terms.
For example, if the covered loss were $80,000 and the deductible were $50,000, the insurer would generally pay $30,000. But where the loss equals the deductible, the insured absorbs the entire loss. Option B has no basis in the deductible calculation. Option C ignores the deductible. Option D confuses the policy limit with the claim payment. Brokers must explain deductibles clearly because clients often misunderstand the relationship between the deductible, the loss amount, and the policy limit. Course topic reference: The Insurance Portion of a Risk Management Plan; Deductibles; Property Insurance Limits; Claim Payment Calculation .
NEW QUESTION # 80
What type of liability policy would cover a product liability exposure arising from an error in the manufacturing design of a product?
Answer: B
Explanation:
The correct answer is C. Commercial general liability (CGL) . A manufacturing design error that results in a defective product creates a products liability exposure. Under a commercial general liability policy, products-completed operations coverage is designed to respond to third-party bodily injury or property damage arising out of the insured's products after they have left the insured's possession. If a product is defectively designed, manufactured, labelled, or distributed and that defect causes injury or damage, the manufacturer may face legal liability. Garage liability is intended for automobile garage operations and is not the proper policy for general manufacturing product defects. Architect's liability applies to professional design services in architecture, not manufacturing design of ordinary commercial products. Directors and officers liability protects corporate managers against governance-related claims, not bodily injury or property damage from defective products. The key issue is that the exposure arises from the insured's product entering the stream of commerce and causing harm. CGL products liability is therefore the correct coverage foundation, though specialized product recall or errors coverage may also be needed depending on the risk.
Course topic reference: Liability; Manufacturers, Distributors, and Freight Forwarders; Products Liability; CGL Products-Completed Operations .
NEW QUESTION # 81
Davies Architect has opened two new offices in the last quarter. Its recent claims history includes a break-in at its head office a month ago and legal action against the firm due to a structural mistake made by the architect and engineer six months ago. The firm's insurance broker is reviewing its current insurance program, and the renewal date is in two months. Due to stable market conditions, there have been no recent changes made by insurers to policy wordings or pricing. The firm has been very cooperative with providing information. Briefly discuss how the broker would review the renewal for this architectural firm.
Answer:
Explanation:
see the Explanation for Detailed Solution.
Explanation:
The broker should treat the renewal as a full exposure review, not a simple repeat of the previous policy. First, the two new offices must be added to the insurance program. The broker should confirm addresses, occupancy, property values, equipment, lease obligations, security, employees, and any change in revenue or professional activity at those locations. If the new offices are not disclosed properly, the firm may have uninsured property or liability exposures.
Second, the broker should review the break-in claim. This requires checking property, crime, burglary, security safeguards, alarm systems, locks, access controls, and any insurer recommendations. A recent theft loss may affect deductibles, terms, or underwriting attitude.
Third, the legal action involving a structural mistake is a major professional liability issue. The broker must review the architects' errors and omissions policy, claim reporting, retroactive date, limits, deductibles, engineers' involvement, and whether the claim has been properly notified.
Because the market is stable and the client is cooperative, renewal negotiations should be manageable.
However, the broker must update all material facts and recommend coverage changes where exposures have changed. Course topic reference: Monitoring and Modifying the Risk Management Plan; Liability; Professional Liability; Renewal Review; Architects' E & O .
NEW QUESTION # 82
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