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| Section | Objectives |
|---|---|
| Topic 1: Business Interruption Insurance | |
| Topic 2: Cyber Insurance | |
| Topic 3: Directors' and Officers' Liability Insurance | |
| Topic 4: Risk Assessment for Advanced Commercial Risks | |
| Topic 5: Reinsurance | |
| Topic 6: Marine Insurance | |
| Topic 7: Surety Bonding | |
| Topic 8: Aviation Insurance | |
| Topic 9: Crime Insurance |
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NEW QUESTION # 20
DEFINE: PARTICULAR AVERAGE (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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NEW QUESTION # 21
An important step in the risk management process is selecting the proper risk management techniques. This procedure relies on the ability of the risk manager to forecast.
A) Identify two (2) forecasts which must be conducted if the organization is to establish meaningful priorities in treating loss exposures. (2 marks) B) Once forecasting has been done, each alternative risk management technique is assessed in accordance with two (2) selection criteria. Identify those criteria. (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Two required forecasts are:
1. The expected frequency and severity of losses.
2. The effect that different risk control and risk financing techniques will have on the frequency, severity and predictability of those losses.
B) The two selection criteria are Effectiveness and Economy.
A third forecast used in the CAIB process is the cost of the risk management techniques.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Step Three: Select Risk Management Technique(s), Forecasting, reference p. 6-23.
NEW QUESTION # 22
Your client has gross earnings coverage. Although many of his employees are unskilled, and therefore readily replaceable, your client wants to protect them in the event of an interruption. Which of the following options is available to your client? (1 mark)
Answer: A
Explanation:
Comprehensive Explanation: The ordinary payroll limitation can be arranged for either 90 days or 180 days.
Since both A and C are available options, D is the best answer. This allows an insured to continue ordinary payroll for the selected period after an insured business interruption.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings and ordinary payroll limitation.
NEW QUESTION # 23
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
Answer:
Explanation:
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.
NEW QUESTION # 24
DEFINE: FIXED EXPENSES (BUSINESS INTERRUPTION) (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Fixed expenses are expenses that continue during a business interruption and do not change directly with the level of sales or production. Examples include rent, property taxes, insurance and certain salaries.
Reference: CAIB 3 Training & Study Pack - Business Interruption: continuing and fixed expenses.
NEW QUESTION # 25
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