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| Section | Objectives |
|---|---|
| Topic 1: Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Topic 2: Risk Management and Underwriting | - Risk identification and assessment - Loss control and risk mitigation strategies - Commercial underwriting principles |
| Topic 3: Specialty Insurance Lines | - Surety Bonds - Crime Insurance and Fidelity Coverage - Ocean Marine and Aviation Insurance |
| Topic 4: Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
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NEW QUESTION # 45
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.
NEW QUESTION # 46
DEFINE: ROBBERY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
NEW QUESTION # 47
What are incoterms? Choose the best option below. (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.
NEW QUESTION # 48
A bill of lading serves three (3) purposes. What are those purposes? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A bill of lading serves as:
1. A contract of carriage between the shipper and carrier.
2. A receipt for the goods shipped.
3. A document of title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Bill of Lading, reference p. 4-6.
NEW QUESTION # 49
There are many details required by underwriters for cyber insurance. Name six (6) of those details required. (3 marks) See the answer in Explanation below.
Answer:
Explanation:
Six details an underwriter may require are:
1. Type and size of the business.
2. Annual revenue.
3. Type and amount of confidential or personal data stored.
4. Computer and network security controls.
5. Backup and disaster recovery procedures.
6. Past cyber incidents or claims.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: underwriting information and cyber controls.
NEW QUESTION # 50
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