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| Section | Objectives |
|---|---|
| Topic 1: Risk Assessment for Advanced Commercial Risks | |
| Topic 2: Surety Bonding | |
| Topic 3: Marine Insurance | |
| Topic 4: Cyber Insurance | |
| Topic 5: Reinsurance | |
| Topic 6: Directors' and Officers' Liability Insurance | |
| Topic 7: Business Interruption Insurance | |
| Topic 8: Crime Insurance | |
| Topic 9: Aviation Insurance |
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NEW QUESTION # 37
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)
Answer: B
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 # 38
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 # 39
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 # 40
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: In the D & O wording being tested, defence costs are included within and reduce the policy limit rather than being paid in addition to the limit. The application forming part of the policy and the insurer's right to associate in the defence are also features that must be reviewed in D & O coverage. Therefore D is the exception.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: defence costs, application and defence provisions.
NEW QUESTION # 41
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 # 42
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