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| Section | Objectives |
|---|---|
| Risk Management | - Insurance in a risk management plan - Monitoring and modifying risk management plans - Analyzing risk exposures - Selecting risk techniques |
| Liability Insurance | - Commercial and general liability concepts |
| Property Insurance Coverages | - Property coverages fundamentals |
| Specialized Insurance Lines | - Crime and bonds - Contractors insurance - Manufacturers, distributors, freight forwarders - Automobile insurance - Builders risk insurance |
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NEW QUESTION # 38
A commercial insurance agent receives a request for commercial automobile insurance from a client who transports radioactive materials. When reviewing the Autoplus report, the agent notices that the client frequently changes insurance providers, but there is no gap in insurance and the client only has minor claims in their history. What will the agent likely do, and why?
Answer: C
Explanation:
The correct answer is B. Accept the risk, as the agent's insurer writes the business . Transporting radioactive materials is a serious commercial automobile exposure because it involves hazardous cargo, regulatory compliance, public safety concerns, and potentially severe loss consequences. However, a hazardous operation is not automatically unacceptable if the insurer has an appetite for that class and the underwriting information supports the risk. The Autoplus report shows that the client frequently changes insurers, but there is no lapse in insurance and the claims history is minor. Frequent insurer changes may require questioning, but it is not by itself a reason to decline the account. The stronger underwriting factors are continuity of insurance, claims experience, type of cargo, driver controls, safety procedures, filings, routes, and regulatory compliance. Option A is too broad because profitability cannot be assumed from the facts. Option C is technically poor because removing a deductible does not improve the loss ratio; it usually increases insurer exposure. Option D is not the best answer because the question focuses on the Autoplus report and the risk's acceptability, not a fatal missing MVR. Course topic reference: Automobile, Crime, and Bonds; Commercial Automobile Underwriting; Hazardous Cargo; Loss History and Insurer Appetite .
NEW QUESTION # 39
A broker is trying to convince his large accountancy client to purchase cyber risk insurance. The firm's CEO believes the controls in place managed by a third-party information technology provider are sufficient. The broker provides the CEO with a list of claims that will only be covered if cyber risk insurance is carried.
Which type of claim appears on that list?
Answer: A
Explanation:
The correct answer is B. Online extortion . Cyber risk insurance is specifically designed to address exposures arising from electronic data, network security, privacy breaches, ransomware, cyber extortion, and technology- dependent business operations. A client may believe that outsourced IT controls are sufficient, but technical controls do not eliminate legal, operational, financial, or reputational cyber risk. Online extortion is a core cyber exposure because criminals may threaten to lock systems, release confidential client information, disrupt operations, or destroy electronic data unless payment is made. Traditional commercial property, crime, or liability policies usually do not respond adequately to this kind of cyber event unless a specific cyber form or cyber endorsement is in place. Computer fraud may be addressed under crime coverage, depending on wording. Theft of securities relates more closely to crime or fidelity coverage. Business interruption from a data breach may also appear in cyber policies, but the most direct and unmistakable cyber-only exposure among the options is online extortion. For an accountancy firm, this is especially important because client financial records and confidential professional information are attractive targets. Course topic reference:
Liability; Risk Management; Analyzing Risk Exposures; Cyber Liability and Electronic Data Exposures .
NEW QUESTION # 40
In the absence of specific expertise in construction, which party will generally arrange a wrap-up liability policy?
Answer: A
Explanation:
The correct answer is D. Party in control of the project . A wrap-up liability policy is commonly arranged for construction projects where several parties are involved, such as owners, general contractors, subcontractors, consultants, and sometimes project managers. The purpose is to provide a coordinated liability program for the project rather than relying only on separate liability policies carried by each participant.
When no special construction expertise dictates otherwise, the party in control of the project is usually best positioned to arrange the wrap-up because that party can define the project scope, identify participants, determine required limits, coordinate certificates, and ensure the policy applies throughout the construction period. A general contractor may arrange the policy in some projects, especially if it controls the work, but the broader and more technically correct answer is the party controlling the project. A subcontractor would not normally arrange a project-wide wrap-up because their role is limited to a portion of the work. The party controlling only the land may not control construction operations. Course topic reference: Builders Risk; Contractors; Wrap-Up Liability; Project-Controlled Insurance Programs; Construction Risk Financing
.
NEW QUESTION # 41
An insured has a commercial property policy with a $50,000 deductible and a policy limit of $100,000. If the insured suffers a loss of $50,000, how much will the insurer pay?
Answer: C
Explanation:
The correct answer is A. $0 . A deductible is the portion of a covered loss that the insured must bear before the insurer pays. In this question, the deductible is $50,000 and the loss is also $50,000. Because the loss does not exceed the deductible, the insurer has no payment to make. The policy limit of $100,000 is the maximum amount the insurer may pay for a covered loss, but the limit does not eliminate the deductible. The insurer only pays covered amounts above the deductible, up to the applicable policy limit, subject to all policy terms.
For example, if the covered loss were $80,000 and the deductible were $50,000, the insurer would generally pay $30,000. But where the loss equals the deductible, the insured absorbs the entire loss. Option B has no basis in the deductible calculation. Option C ignores the deductible. Option D confuses the policy limit with the claim payment. Brokers must explain deductibles clearly because clients often misunderstand the relationship between the deductible, the loss amount, and the policy limit. Course topic reference: The Insurance Portion of a Risk Management Plan; Deductibles; Property Insurance Limits; Claim Payment Calculation .
NEW QUESTION # 42
An individual who uses public transit rather than buying a car is managing their risk using which risk management technique?
Answer: B
Explanation:
The correct answer is A. Avoiding risk . Risk avoidance means eliminating an activity or exposure so that the related risk does not arise. If an individual chooses not to buy a car and instead uses public transit, they avoid many risks associated with vehicle ownership and operation. These may include collision damage, theft of the vehicle, automobile liability, maintenance costs, driver injury, regulatory obligations, insurance premiums, and depreciation. The person still faces some transportation-related risk, such as injury while using public transit, but they have avoided the specific risks of owning and driving a private automobile. Separating risk means spreading assets or operations so one loss does not affect everything, such as storing inventory in multiple warehouses. Retaining risk means accepting and paying losses personally, such as choosing a high deductible or self-insuring. Transferring risk means shifting financial consequences to another party through insurance or contract. The key fact is that the individual does not engage in the risky activity at all. That is avoidance. Course topic reference: Risk Management; Selecting Risk Techniques; Risk Avoidance; Automobile Ownership Exposure .
NEW QUESTION # 43
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