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| Section | Objectives |
|---|---|
| Topic 1: Directors' and Officers' Liability Insurance | |
| Topic 2: Business Interruption Insurance | |
| Topic 3: Risk Assessment for Advanced Commercial Risks | |
| Topic 4: Surety Bonding | |
| Topic 5: Crime Insurance | |
| Topic 6: Reinsurance | |
| Topic 7: Aviation Insurance | |
| Topic 8: Marine Insurance | |
| Topic 9: Cyber Insurance |
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NEW QUESTION # 41
While very similar, there are some key differences between the coverages provided under the profits form and the gross earnings form. Name three (3) of those key differences. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Gross Earnings coverage normally ends when the damaged property is repaired, rebuilt or replaced. The Profits Form can continue until the business income returns to the level it would have reached, subject to the selected indemnity period.
2. Under Gross Earnings, delays caused by the insured or other people involved can reduce the claim. Under the Profits Form, the focus is on delays for which the insured is responsible.
3. The Profits Form can cover income loss caused by delays in complying with building by-laws, while the Gross Earnings Form does not cover that additional delay in the same way.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings Form compared with the Profits Form.
NEW QUESTION # 42
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 # 43
All of the shareholders of ABD company have come together in a class action lawsuit against the CEO because they have evidence that he artificially inflated the share price by misrepresenting the company's finances in their reporting.
A) Of the two (2) types of lawsuits made against directors and officers, which one is this? (1 mark) B) Do you think the shareholders will win this lawsuit? Why or why not? (2 marks) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) This is a direct action because the shareholders are claiming for their own financial loss.
B) They have a strong case if they can prove the CEO made a material misrepresentation, that the misrepresentation caused the share price to be inflated, and that they suffered financial loss because of it. The final result would depend on the evidence and the legal requirements of the claim.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: direct actions and derivative actions.
NEW QUESTION # 44
DEFINE: EXTENDED REPORTING PERIOD (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
An Extended Reporting Period is extra time after a claims-made policy ends during which a claim can still be reported for an occurrence or wrongful act that happened during the covered period, subject to the policy terms and any retroactive date.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 2 - Claims-Made coverage and Extended Reporting Period, reference p. 2-40.
NEW QUESTION # 45
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.
NEW QUESTION # 46
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