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| Section | Objectives |
|---|---|
| Topic 1: Crime Insurance | |
| Topic 2: Surety Bonding | |
| Topic 3: Cyber Insurance | |
| Topic 4: Business Interruption Insurance | |
| Topic 5: Reinsurance | |
| Topic 6: Marine Insurance | |
| Topic 7: Directors' and Officers' Liability Insurance | |
| Topic 8: Aviation Insurance | |
| Topic 9: Risk Assessment for Advanced Commercial Risks |
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NEW QUESTION # 29
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.
NEW QUESTION # 30
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 # 31
DEFINE: FRAUD (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Fraud is an intentional act of deception, misrepresentation or dishonesty used to obtain money, property or another benefit, or to cause another person a financial loss.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: fraud and dishonest acts.
NEW QUESTION # 32
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 # 33
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 # 34
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