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| Section | Weight | Objectives |
|---|---|---|
| Risk Management Principles | 15% | - Analyzing Risk Exposures - Selecting Risk Management Techniques - Developing Risk Management Plans |
| Insuring Manufacturers & Distributors | 15% | |
| Introduction to Commercial Insurance | 10% | |
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Commercial Property Coverages | 15% | - Business Interruption Insurance - Policy Wordings and Clauses |
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
| Commercial Liability Coverages | 15% | - General Liability - Errors and Omissions |
| Monitoring and Modifying Risk Plans | 5% |
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NEW QUESTION # 42
What coverage is generally provided by an accounts receivable floater?
Answer: C
Explanation:
The correct answer is C. Loss arising out of credit card receipts being destroyed by fire . An accounts receivable floater is a commercial property coverage designed to protect the insured when records of amounts owed by customers are damaged or destroyed by an insured peril. If accounts receivable records, invoices, charge slips, or credit card receipts are destroyed, the insured may be unable to collect amounts due. The floater may cover sums that cannot be collected, interest on loans required to offset impaired collections, collection expenses, and costs to re-establish records, depending on wording. It does not insure ordinary bad debts, because those are credit risks rather than insured property losses. It also does not cover bookkeeping errors, since errors in accounting are operational or professional mistakes. Maintaining duplicate records offsite is a risk-control method, not a covered loss. Fire destroying credit card receipts is exactly the type of event that can impair the insured's ability to prove and collect receivables. Course topic reference: Property Coverages; Commercial Property Floaters; Accounts Receivable Floater; Records and Collection Losses
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NEW QUESTION # 43
A broker binds a property policy for a future date, and follows up for documentation. While reviewing documents the client sent, it is discovered that the property is actually used as a rooming house, and not a family home. Why does underwriting instruct that the policy be cancelled?
Answer: D
Explanation:
The correct answer is D. The use of the home is a material fact that the client should have disclosed . A material fact is information that would influence an insurer's decision to accept a risk, set premium, apply conditions, restrict coverage, or decline the risk. The use of a property is one of the most important material facts in property underwriting. A family home and a rooming house are not the same risk. A rooming house may involve multiple unrelated occupants, higher fire exposure, cooking hazards, tenant turnover, maintenance issues, liability concerns, vandalism, theft, and regulatory requirements. If the insurer bound the policy believing the property was a family home, the underwriting decision was based on incorrect material information. Once the true occupancy is discovered, underwriting may cancel or rewrite the policy because the risk no longer matches the basis on which coverage was granted. The issue is not merely the absence of an inspection. Nor is it automatically because the insurer has too many similar risks. The client's failure to disclose the true use is the decisive problem. Course topic reference: Introduction to Commercial Insurance; Material Facts; Underwriting Disclosure; Occupancy and Property Use .
NEW QUESTION # 44
XYZ Insurer is known for using the first-in principle. If multiple brokers request quotations for a new applicant, how does XYZ Insurer respond?
Answer: B
Explanation:
The correct answer is C. Blocks itself from dealing with other brokers on the risk . The first-in principle is a market practice used by some insurers when more than one broker approaches them for the same account.
Under this principle, the first broker who submits the risk to the insurer is recognized as having access to that market for that specific account. The insurer will then generally decline to quote or negotiate with later brokers on the same risk unless proper authority changes or market-release procedures are followed. This avoids duplicated underwriting work, conflicting submissions, and disputes between brokers. It also encourages brokers to secure proper client authorization before approaching markets. The insurer does not simply cooperate with the largest brokerage, because that would be unfair and inconsistent with orderly market conduct. It also does not issue sequential quotations to every broker, because that could lead to confusion and inconsistent terms. The first-in principle is about market control and broker recognition for a specific submission. Course topic reference: Introduction to Commercial Insurance; Broker-Market Relationships; Submissions; First-In Principle; Letters of Authority .
NEW QUESTION # 45
Insurance premiums on automobile fleet policies are based on which factor?
Answer: C
Explanation:
The correct answer is A. Overall experience of all drivers . Fleet automobile insurance is rated differently from ordinary individual automobile insurance. In a personal or individually rated commercial auto policy, the insurer may focus heavily on the driving record of a specific driver, the vehicle's use, location, and vehicle characteristics. In a fleet policy, however, the underwriting approach looks at the entire group of vehicles and drivers as a collective exposure. The insurer is concerned with the overall claims experience, loss frequency, loss severity, driver controls, vehicle use, fleet size, safety procedures, maintenance practices, and management of the fleet as a whole. The individual driving records may still be reviewed as part of underwriting, but the premium basis is not simply the record of one driver. Likewise, original vehicle purchase price and the mechanical condition of one vehicle do not determine the fleet premium by themselves. The key underwriting logic is that a fleet produces a pattern of risk over time. Therefore, the insurer prices the policy according to the overall experience and performance of the entire fleet operation.
Course topic reference: Automobile, Crime, and Bonds; Commercial Automobile Insurance; Fleet Rating; Underwriting Factors .
NEW QUESTION # 46
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 # 47
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