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| Section | Objectives |
|---|---|
| Marine Insurance | |
| Reinsurance | |
| Surety Bonding | |
| Cyber Insurance | |
| Directors' and Officers' Liability Insurance | |
| Business Interruption Insurance | |
| Crime Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Aviation Insurance |
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NEW QUESTION # 29
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
Answer: C
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 # 30
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: CAIB risk management analyzes a loss exposure by looking at the type of value exposed, the peril that could cause the loss, and the possible financial consequences. Frequency and severity are important later when the financial consequences are analyzed, but they are not the three dimensions asked for here.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, loss exposure dimensions, reference p. 6-3.
NEW QUESTION # 31
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 # 32
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 # 33
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 # 34
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