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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 | - Ocean Marine and Aviation Insurance - Surety Bonds - Crime Insurance and Fidelity Coverage |
| Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
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NEW QUESTION # 46
Name and explain where judicial bonds are filed. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Judicial bonds are bonds required in connection with court proceedings. Depending on the matter, they may be filed with:
1. A probate court - usually for fiduciary matters such as estates, guardians or trustees.
2. A court of equity - usually for court actions involving plaintiffs or defendants.
The two broad classes of judicial bonds are Court Bonds and Fiduciary Bonds.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Judicial Bonds: Court Bonds and Fiduciary Bonds.
NEW QUESTION # 47
DEFINE: SEMI-VARIABLE EXPENSES (BUSINESS INTERRUPTION) (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Semi-variable expenses have both a fixed part and a variable part. During an interruption, part of the expense continues while the other part may decrease as sales or production decreases. Utilities and telephone costs are common examples.
Reference: CAIB 3 Training & Study Pack - Business Interruption: fixed, variable and semi-variable expenses.
NEW QUESTION # 48
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: A custodian includes the insured, a partner of the insured, or an authorized employee who has care and custody of the insured property. A guard, janitor or watchman is not treated as a custodian for this coverage.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Inside/Outside Robbery and the definition of custodian.
NEW QUESTION # 49
What are incoterms? Choose the best option below. (1 mark)
Answer: A
Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.
NEW QUESTION # 50
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 # 51
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