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| Section | Weight | Objectives |
|---|---|---|
| Insuring Manufacturers & Distributors | 15% | |
| Introduction to Commercial Insurance | 10% | |
| Insuring Contractors & Construction Risks | 15% | - Contractors' Exposures - Builders Risk Insurance |
| Monitoring and Modifying Risk Plans | 5% | |
| Commercial Liability Coverages | 15% | - Errors and Omissions - General Liability |
| Specialty Lines: Auto, Crime, and Surety Bonds | 10% | |
| Commercial Property Coverages | 15% | - Business Interruption Insurance - Policy Wordings and Clauses |
| Risk Management Principles | 15% | - Selecting Risk Management Techniques - Developing Risk Management Plans - Analyzing Risk Exposures |
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NEW QUESTION # 59
The question of whether an employee might convert cash or cheques for her own use would be considered when underwriting which policy coverages?
Answer: D
Explanation:
The correct answer is A. Crime . The phrase "convert cash or cheques for her own use" refers to employee dishonesty, theft, fraud, or misappropriation. These are classic crime insurance exposures. Crime coverage may insure loss of money, securities, or other property resulting from dishonest acts of employees, theft, robbery, burglary, forgery, counterfeit currency, computer fraud, funds transfer fraud, or other crime-related perils, depending on the form. When underwriting crime coverage, the insurer is interested in internal controls, separation of duties, audits, background checks, cash-handling procedures, cheque-signing authority, bank reconciliation, inventory controls, and access to funds. Liability coverage responds to legal liability to third parties, not direct employee theft of the insured's money. Property insurance generally covers physical loss or damage to insured property from covered perils, but it commonly excludes or limits dishonest acts and money/securities losses. Business interruption covers loss of income following insured physical damage, not employee conversion of cash. The correct underwriting focus is therefore crime coverage. Course topic reference: Automobile, Crime, and Bonds; Crime Insurance; Employee Dishonesty; Money and Securities; Internal Controls .
NEW QUESTION # 60
Jeremy is a new electrical contractor. He needs some special documentation before he can practise his trade, to be compliant with territorial regulations. Which special documentation will the broker arrange for Jeremy?
Answer: A
Explanation:
The correct answer is B. Licence and permit bond . A licence and permit bond is a type of surety bond required by a government authority, municipality, province, territory, or regulatory body as a condition of receiving a licence or permit to operate in a particular trade or business. Jeremy is a new electrical contractor and needs documentation before he can practise his trade in compliance with territorial regulations. That wording points directly to a licence and permit bond. The bond protects the public or regulatory authority by guaranteeing that the contractor will comply with applicable laws, bylaws, codes, and permit conditions. A performance bond is different; it guarantees that a contractor will complete a specific contract according to its terms. Errors and omissions insurance protects against professional negligence claims, but it is not normally the regulatory bond required to obtain permission to practise a trade. Equipment breakdown insurance covers mechanical or electrical equipment breakdown, not licensing compliance. The broker's role is to identify the bonding requirement, arrange the appropriate surety documentation, and ensure it meets the authority's wording and limit requirements. Course topic reference: Automobile, Crime, and Bonds; Surety Bonds; Licence and Permit Bonds; Contractors' Regulatory Requirements .
NEW QUESTION # 61
What is insurer solvency?
Answer: C
Explanation:
The correct answer is C. The ability of an insurer to meet its financial obligations . Insurer solvency is a fundamental concept in insurance because an insurance promise only has value if the insurer is financially able to pay covered claims when they become due. Solvency means the insurer has sufficient assets, capital, reserves, liquidity, and financial strength to meet policyholder obligations. For brokers, solvency is relevant when selecting markets, especially for large commercial accounts, long-tail liability risks, specialty placements, and high-limit programs. A financially unstable insurer may offer attractive premiums, but that does not help the client if the insurer cannot respond when a major loss occurs. Option A describes a form of participation or insurance arrangement, not solvency. Option B is incorrect because rating agencies provide opinions about financial strength, but solvency itself is not merely an obligation to satisfy a rating. Option D refers to claims activity, not financial ability. Brokers must consider insurer strength, reputation, licensing, claims-paying record, and market stability when recommending coverage. Course topic reference:
Introduction to Commercial Insurance; Insurer Solvency; Market Selection; Financial Strength and Claims-Paying Ability .
NEW QUESTION # 62
A broker is reviewing a client's risk profile. The client commonly sends their employees on international trips to source rare goods, which are often found in unstable parts of the world. The broker recommends a kidnap, ransom and extortion policy. Which type of client is this?
Answer: A
Explanation:
The correct answer is C. Distributor . A distributor is involved in sourcing, purchasing, importing, warehousing, and selling goods, often across different geographic regions. In this scenario, the client sends employees internationally to obtain rare goods from unstable parts of the world. That description fits a distributor's exposure more closely than a contractor, builder, or freight forwarder. A freight forwarder usually arranges transportation and logistics for goods owned by others, while a contractor or builder performs construction or project work. The key risk feature is that employees are travelling to potentially dangerous locations to source goods. This creates personal security exposures, including kidnapping, ransom demands, extortion, detention, political instability, and crisis-management expenses. Kidnap, ransom and extortion insurance is designed to support organizations whose executives or employees may be targeted while travelling or operating in high-risk jurisdictions. It may provide access to crisis response specialists, negotiation support, ransom reimbursement where legally permitted, medical or psychiatric care, and related expenses. The broker's recommendation is appropriate because the client's business model exposes employees to international security threats. Course topic reference: Manufacturers, Distributors, and Freight Forwarders; Risk Management; International Travel Exposures; Kidnap, Ransom and Extortion Coverage .
NEW QUESTION # 63
How can a broker without binding or settlement authority assist a client who has suffered a loss and is making an insurance claim?
Answer: D
Explanation:
The correct answer is D. Suggest the client assemble receipts and other documents to prove the loss . A broker plays an important support role during a claim, even when the broker does not have authority to bind coverage, admit liability, settle claims, or direct the adjuster. The broker can help the client understand the claims process, report the loss promptly, identify relevant policy sections, explain documentation requirements, and encourage the client to preserve evidence. Receipts, invoices, photographs, inventories, repair estimates, contracts, accounting records, and proof of ownership may all be necessary to support the claim. The broker must be careful not to overstep authority. Determining the final claim payment is the insurer's or adjuster's responsibility, not the broker's. Paying the claim is also outside the broker's authority unless a special arrangement exists. Directing the adjuster's investigation would interfere with the claims function. The broker's proper role is facilitative: assist communication, help the client organize information, and ensure the claim is presented clearly. Course topic reference: The Insurance Portion of a Risk Management Plan; Claims Assistance; Broker Authority; Proof of Loss Documentation .
NEW QUESTION # 64
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