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| Section | Objectives |
|---|---|
| Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Specialty Insurance Lines | - Crime Insurance and Fidelity Coverage - Surety Bonds - Ocean Marine and Aviation Insurance |
| Risk Management and Underwriting | - Commercial underwriting principles - Risk identification and assessment - Loss control and risk mitigation strategies |
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NEW QUESTION # 44
DEFINE: CYBER RISK (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Cyber risk is the risk of financial loss, business interruption or liability caused by a cyber event, such as unauthorized access, a cyberattack, system failure or loss of electronic data.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: cyber risks and loss exposures.
NEW QUESTION # 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)
Answer:
Explanation:
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.
NEW QUESTION # 46
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 # 47
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 # 48
DEFINE: RETROCESSION (1 mark)
Answer:
Explanation:
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.
NEW QUESTION # 49
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