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| Section | Objectives |
|---|---|
| Aviation Insurance | |
| Surety Bonding | |
| Reinsurance | |
| Cyber Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Business Interruption Insurance | |
| Crime Insurance | |
| Directors' and Officers' Liability Insurance | |
| Marine Insurance |
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NEW QUESTION # 23
Does employee dishonesty coverage apply if the insured can not identify the employee responsible? Why or why not? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Yes, coverage can still apply even if the exact employee cannot be identified. The insured must be able to prove that the loss was caused by the dishonest act of one or more employees. An unexplained inventory shortage by itself may not be enough proof.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Employee Dishonesty and proof of loss.
NEW QUESTION # 24
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.
NEW QUESTION # 25
DEFINE: SEMI-VARIABLE EXPENSES (BUSINESS INTERRUPTION) (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Semi-variable expenses have both a fixed part and a variable part. During an interruption, part of the expense continues while the other part may decrease as sales or production decreases. Utilities and telephone costs are common examples.
Reference: CAIB 3 Training & Study Pack - Business Interruption: fixed, variable and semi-variable expenses.
NEW QUESTION # 26
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
Answer: A
Explanation:
Comprehensive Explanation: A custodian includes the insured, a partner of the insured, or an authorized employee who has care and custody of the insured property. A guard, janitor or watchman is not treated as a custodian for this coverage.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Inside/Outside Robbery and the definition of custodian.
NEW QUESTION # 27
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.
NEW QUESTION # 28
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