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| Section | Objectives |
|---|---|
| Topic 1: Specialty Insurance Lines | - Crime Insurance and Fidelity Coverage - Surety Bonds - Ocean Marine and Aviation Insurance |
| Topic 2: Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Topic 3: Risk Management and Underwriting | - Risk identification and assessment - Commercial underwriting principles - Loss control and risk mitigation strategies |
| Topic 4: Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
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질문 # 20
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)
정답：
설명：
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.
질문 # 21
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 # 22
A primary insurer was offered a risk requiring $100 million of insurance, but only had capacity to underwrite
$40 million, so they opted for facultative reinsurance.
A) If the risk is reinsured using pro rata facultative insurance, how much of the coverage would belong to the primary insurer and how much does the reinsurer take on? (2 marks) B) What would it mean if they chose to use excess-of-loss facultative reinsurance instead? (1 mark) (3 marks)
정답：
설명：
See the answer in Explanation below.
Explanation:
A) The primary insurer would retain $40 million and the reinsurer would take $60 million. Under pro rata reinsurance, premiums and losses are shared in the agreed proportion.
B) With excess-of-loss reinsurance, the primary insurer would pay losses up to its $40 million retention, and the reinsurer would pay the amount above $40 million, up to the agreed reinsurance limit.
Reference: CAIB 3 Training & Study Pack - Reinsurance: facultative, pro rata and excess-of-loss reinsurance.
질문 # 23
Why is business interruption coverage important? (3 marks)
정답：
설명：
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.
질문 # 24
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
정답：
설명：
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.
질문 # 25
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