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| Section | Objectives |
|---|---|
| Directors' and Officers' Liability Insurance | |
| Aviation Insurance | |
| Surety Bonding | |
| Marine Insurance | |
| Business Interruption Insurance | |
| Reinsurance | |
| Cyber Insurance | |
| Crime Insurance | |
| Risk Assessment for Advanced Commercial Risks |
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NEW QUESTION # 47
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
Answer: C
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 # 48
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.
NEW QUESTION # 49
While very similar, there are some key differences between the coverages provided under the profits form and the gross earnings form. Name three (3) of those key differences. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Gross Earnings coverage normally ends when the damaged property is repaired, rebuilt or replaced. The Profits Form can continue until the business income returns to the level it would have reached, subject to the selected indemnity period.
2. Under Gross Earnings, delays caused by the insured or other people involved can reduce the claim. Under the Profits Form, the focus is on delays for which the insured is responsible.
3. The Profits Form can cover income loss caused by delays in complying with building by-laws, while the Gross Earnings Form does not cover that additional delay in the same way.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings Form compared with the Profits Form.
NEW QUESTION # 50
An important step in the risk management process is selecting the proper risk management techniques. This procedure relies on the ability of the risk manager to forecast.
A) Identify two (2) forecasts which must be conducted if the organization is to establish meaningful priorities in treating loss exposures. (2 marks) B) Once forecasting has been done, each alternative risk management technique is assessed in accordance with two (2) selection criteria. Identify those criteria. (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Two required forecasts are:
1. The expected frequency and severity of losses.
2. The effect that different risk control and risk financing techniques will have on the frequency, severity and predictability of those losses.
B) The two selection criteria are Effectiveness and Economy.
A third forecast used in the CAIB process is the cost of the risk management techniques.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Step Three: Select Risk Management Technique(s), Forecasting, reference p. 6-23.
NEW QUESTION # 51
DEFINE: OBLIGEE (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
The obligee is the party to whom the principal owes an obligation and the party that receives the protection of the surety bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds, reference p. 5-2.
NEW QUESTION # 52
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