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| Section | Objectives |
|---|---|
| Topic 1: Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
| Topic 2: Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Topic 3: Risk Management and Underwriting | - Loss control and risk mitigation strategies - Risk identification and assessment - Commercial underwriting principles |
| Topic 4: Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage - Surety Bonds |
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NEW QUESTION # 12
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.
NEW QUESTION # 13
DEFINE: FRAUD (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Fraud is an intentional act of deception, misrepresentation or dishonesty used to obtain money, property or another benefit, or to cause another person a financial loss.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: fraud and dishonest acts.
NEW QUESTION # 14
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.
NEW QUESTION # 15
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: C
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 # 16
Your travel agent, Wanda Off, is concerned about the loss of business that might result if her building were to be destroyed by a fire or major storm.
A) Upon your recommendation, Wanda agreed to purchase the Extra Expense Endorsement Form. State the purpose of this coverage form and provide an example of an expense insured. (2 marks) B) Wanda purchased $20,000 coverage under a 40/70/90/100% form. She had a fire loss this past winter but was able to resume operations at alternative premises until her building was repaired 80 days later. What would the insurer's maximum liability have been in this situation? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) The Extra Expense Endorsement pays necessary extra costs to keep the business operating as normally as possible after an insured loss. An example would be the cost of renting temporary office space while the damaged premises are being repaired.
B) The business operated at temporary premises for 80 days, so the 90% limit applies. $20,000 x 90% =
$18,000. The insurer's maximum liability is $18,000.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Extra Expense Endorsement and monthly
/period limitation.
NEW QUESTION # 17
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