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| Section | Objectives |
|---|---|
| Topic 1: Specialty Insurance Lines | - Crime Insurance and Fidelity Coverage - Surety Bonds - Ocean Marine and Aviation Insurance |
| Topic 2: Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Topic 3: Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Topic 4: Risk Management and Underwriting | - Loss control and risk mitigation strategies - Commercial underwriting principles - Risk identification and assessment |
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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
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.
NEW QUESTION # 48
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.
NEW QUESTION # 49
DEFINE: ROBBERY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
NEW QUESTION # 50
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.
NEW QUESTION # 51
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