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| Section | Objectives |
|---|---|
| Topic 1: Specialty Insurance Lines | - Surety Bonds - Crime Insurance and Fidelity Coverage - Ocean Marine and Aviation Insurance |
| Topic 2: Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Topic 3: Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Topic 4: Risk Management and Underwriting | - Risk identification and assessment - Loss control and risk mitigation strategies - Commercial underwriting principles |
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질문 # 41
DEFINE: RETROCESSION (1 mark)
정답：
설명：
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.
질문 # 42
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)
정답：C
설명：
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.
질문 # 43
DEFINE: CEDENT (1 mark)
정답：
설명：
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.
질문 # 44
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)
정답：
설명：
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.
질문 # 45
A) How does the Directors' and Officers' Liability insurance protect the organization? Name the specific coverage element. (2 marks) B) Which coverage element might cover costs of defence related to allegations of pollution? (1 mark) (3 marks)
정답：
설명：
See the answer in Explanation below.
Explanation:
A) Company Reimbursement Coverage (Side B) reimburses the organization for amounts it is legally permitted to pay to indemnify its directors and officers for covered claims.
B) Pollution Defence Costs Coverage may cover defence costs arising from allegations of pollution, subject to the policy wording.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: Company Reimbursement and Pollution Defence Costs.
질문 # 46
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