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| Section | Objectives |
|---|---|
| Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
| Risk Management and Underwriting | - Loss control and risk mitigation strategies - Commercial underwriting principles - Risk identification and assessment |
| Specialty Insurance Lines | - Surety Bonds - Crime Insurance and Fidelity Coverage - Ocean Marine and Aviation Insurance |
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NEW QUESTION # 38
What are incoterms? Choose the best option below. (1 mark)
Answer: A
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 # 39
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 # 40
Your client chartered a boat to transport some goods. While parked at the terminal overnight, some thieves went aboard and stole some cargo. Upon investigation, it looks like the terminal's security was negligent, allowing the thieves to easily enter the premises.
A) Which liability insurance will cover this loss? (1 mark)
B) Your client is adamant that they should not be responsible. They want to sue - who can they hold responsible? (1 mark) C) Which liability insurance will protect against this litigation? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Charterer's Legal Liability can protect the charterer for legal liability arising from the chartered vessel.
B) The terminal operator can be held responsible if its negligent security caused or contributed to the theft.
C) Terminal Operator's Legal Liability insurance can protect the terminal operator against this type of liability claim.
Reference: CAIB 3 Training & Study Pack - Marine Insurance: charterers' liability and terminal operators' legal liability.
NEW QUESTION # 41
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 # 42
A) Which of the following coverages is for paying, "all amounts that you are legally obligated to pay to a person, other than a passenger, for bodily injury or property damage" arising out of the "use, ownership, or maintenance of the aircraft?" Please provide the full name. (1 mark) B) Provide two (2) examples of what this coverage can be extended to include? (2 marks) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Liability Coverage - Bodily Injury and Property Damage to Third Parties.
B) Two examples of extensions are:
1. Damage to aircraft hangars or premises leased or occupied by the insured.
2. Emergency service expenses, such as runway foaming, fire/crash rescue or search and rescue.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Third-Party Bodily Injury and Property Damage Liability and extensions.
NEW QUESTION # 43
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