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| Section | Objectives |
|---|---|
| Risk Management and Underwriting | - Risk identification and assessment - Loss control and risk mitigation strategies - Commercial underwriting principles |
| Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Specialty Insurance Lines | - Surety Bonds - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage |
| Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
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NEW QUESTION # 30
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.
NEW QUESTION # 31
DEFINE: PARTICULAR AVERAGE (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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NEW QUESTION # 32
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.
NEW QUESTION # 33
DEFINE: FIXED EXPENSES (BUSINESS INTERRUPTION) (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Fixed expenses are expenses that continue during a business interruption and do not change directly with the level of sales or production. Examples include rent, property taxes, insurance and certain salaries.
Reference: CAIB 3 Training & Study Pack - Business Interruption: continuing and fixed expenses.
NEW QUESTION # 34
All of the shareholders of ABD company have come together in a class action lawsuit against the CEO because they have evidence that he artificially inflated the share price by misrepresenting the company's finances in their reporting.
A) Of the two (2) types of lawsuits made against directors and officers, which one is this? (1 mark) B) Do you think the shareholders will win this lawsuit? Why or why not? (2 marks) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) This is a direct action because the shareholders are claiming for their own financial loss.
B) They have a strong case if they can prove the CEO made a material misrepresentation, that the misrepresentation caused the share price to be inflated, and that they suffered financial loss because of it. The final result would depend on the evidence and the legal requirements of the claim.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: direct actions and derivative actions.
NEW QUESTION # 35
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