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| Section | Objectives |
|---|---|
| Topic 1: Aviation Insurance | |
| Topic 2: Crime Insurance | |
| Topic 3: Marine Insurance | |
| Topic 4: Reinsurance | |
| Topic 5: Cyber Insurance | |
| Topic 6: Surety Bonding | |
| Topic 7: Risk Assessment for Advanced Commercial Risks | |
| Topic 8: Directors' and Officers' Liability Insurance | |
| Topic 9: Business Interruption Insurance |
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NEW QUESTION # 45
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 # 46
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 # 47
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 # 48
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 # 49
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: A
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 # 50
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