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| Section | Objectives |
|---|---|
| Surety Bonding | |
| Cyber Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Directors' and Officers' Liability Insurance | |
| Marine Insurance | |
| Crime Insurance | |
| Business Interruption Insurance | |
| Reinsurance | |
| Aviation Insurance |
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NEW QUESTION # 46
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.
NEW QUESTION # 47
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 # 48
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 # 49
A) When reinsurance is applied, who is considered the primary insurer? (1 mark) B) What term is used to describe the primary insurer? (1 mark) C) Who is the reinsurer? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) The primary insurer is the insurance company that issued the original policy to the insured.
B) The primary insurer is called the cedent or ceding company.
C) The reinsurer is the insurance company that accepts the risk transferred by the cedent.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company and reinsurer.
NEW QUESTION # 50
DEFINE: ROBBERY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
NEW QUESTION # 51
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