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| Section | Objectives |
|---|---|
| Topic 1: Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Topic 2: Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Surety Bonds - Crime Insurance and Fidelity Coverage |
| Topic 3: Risk Management and Underwriting | - Commercial underwriting principles - Loss control and risk mitigation strategies - Risk identification and assessment |
| Topic 4: Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
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NEW QUESTION # 45
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 # 46
DEFINE: CEDENT (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A cedent, or ceding company, is the insurer or reinsurer that transfers part of a risk to another reinsurer.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company terminology.
NEW QUESTION # 47
In reviewing Directors' and Officers' Liability Insurance policy forms, brokers must take care to compare the differences in coverage between insurers. There are many elements to review - list six (6) of those elements.
(3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Six items a broker should compare are:
1. Who is included in the definition of insured.
2. The definition of a wrongful act.
3. Policy limits and deductibles/retentions.
4. Whether defence costs are inside or outside the limit.
5. Exclusions and coverage extensions.
6. Claims-made provisions, including prior acts/retroactive dates and the Extended Reporting Period.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: comparing D & O policy forms.
NEW QUESTION # 48
DEFINE: SURETY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.
NEW QUESTION # 49
Provide three (3) examples of miscellaneous bonds. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Three examples of miscellaneous bonds are:
1. Customs and Excise Bond.
2. Lost Document Bond.
3. Consignment Bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: Miscellaneous Bonds.
Other examples include Utility Payment and Land Restoration Bonds.
NEW QUESTION # 50
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