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| Section | Objectives |
|---|---|
| Surety Bonding | |
| Marine Insurance | |
| Business Interruption Insurance | |
| Aviation Insurance | |
| Directors' and Officers' Liability Insurance | |
| Crime Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Cyber Insurance | |
| Reinsurance |
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NEW QUESTION # 32
A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.
NEW QUESTION # 33
DEFINE: CYBER RISK (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Cyber risk is the risk of financial loss, business interruption or liability caused by a cyber event, such as unauthorized access, a cyberattack, system failure or loss of electronic data.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: cyber risks and loss exposures.
NEW QUESTION # 34
DEFINE: RETROCESSION (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Retrocession is reinsurance of reinsurance. It occurs when a reinsurer transfers part of the risk it has accepted to another reinsurer, called the retrocessionaire.
Reference: CAIB 3 Training & Study Pack - Reinsurance: retrocession and retrocessionaire.
NEW QUESTION # 35
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.
NEW QUESTION # 36
Your client chartered a boat to transport some goods. While parked at the terminal overnight, some thieves went aboard and stole some cargo. Upon investigation, it looks like the terminal's security was negligent, allowing the thieves to easily enter the premises.
A) Which liability insurance will cover this loss? (1 mark)
B) Your client is adamant that they should not be responsible. They want to sue - who can they hold responsible? (1 mark) C) Which liability insurance will protect against this litigation? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Charterer's Legal Liability can protect the charterer for legal liability arising from the chartered vessel.
B) The terminal operator can be held responsible if its negligent security caused or contributed to the theft.
C) Terminal Operator's Legal Liability insurance can protect the terminal operator against this type of liability claim.
Reference: CAIB 3 Training & Study Pack - Marine Insurance: charterers' liability and terminal operators' legal liability.
NEW QUESTION # 37
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