Slides (30)
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Which of the following would NOT be considered a drawback as a result of a contractual risk transfer?
1. The transferor could be left with certain residual risks
2. The courts could void the transfer
3. Lack of control of the risk
4. The other contractual party may go bankrupt
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What are the main 4 techniques for addressing risk exposures?
1. Loss Control, Reduce, Transfer, Accept
2. Accept, Avoid, Prevent, Modify
3. Avoid, Reduce, Retain, Transfer
4. Prevent, Plan, Reduce, Avoid
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What would not be a major exposure to consider when businesses merge with each other?
1. Automobile
2. Solvency
3. Crime
4. Business Interuption
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Identifying/Analyzing loss exposures
1. Monitor and Modify as Neccessary
2. Formulating Options
3. Risk Analysis
4. Loss Prevention
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What would you not find in Best's Underwriting Guide?
1. uggested lines of insurance to consider
2. Examples of materials used by the industry
3. Gross sales of companies in the industry
4. A profile of the industry
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How is damage to unlicensed equipment insured?
1. Non-owned auto policy
2. Commercial general liability policy
3. Contractor’s equipment floater
4. Contractor’s umbrella policy
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What would not be a characteristic of an insurer's risk appetite?
1. The coverage wordings they would provide
2. The class of risks they will consider
3. The contingent commission of the brokerage
4. The limits they will write
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Gross earnings coverage only provides for income lost from
1. lost funds from an insured loss to the time their actual profits resume
2. loss of after-tax funds used for payroll after calculating all expense
3. business can resume operations immdiately after an insured loss.
4. employee dishonesty resulting in the removal of employee earnings.
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Which of the following would not be an attachment to a submission?
1. Client's advertising material
2. Statement of values
3. List of employees for liability purposes
4. Client's website URL
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Loss control includes: transfer by insurnace
1. True
2. False
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In relation to the temporary location extension in the commercial property broad form (CPBF), many insurers will
1. not include this extension
2. include this extension at a high premium charge
3. include this extension at little or no premium charge
4. not cover an overflow of stock or equipment that is stored off-site
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What is the Co-Insurane Clause meant to do?
1. Encourage insured to carry adequate amounts of insurance on the property
2. Require the insured to report all stock values during the policy term
3. Ensure that the client will get paid on the claim
4. Protect equipment and stock that is at a temporary location only
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Insurers’ interest in risks that require manuscript wordings vary depending on the amout of work needed to UW the file
1. True
2. False
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Which of the following would not be considered a data problem?
1. Error in deleting data
2. Corruption of data
3. Hacking into the company's social media account
4. Inability to receive data
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What are the 5 Stages of the Risk Management Plan?
1. Identify & Analyze Risk Exposures
2. Select Best Technique
3. Monitor Results; Modify as necessary
4. Implement Technique(s
5. Formulate Options
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The term "All Risk" means that all perils are covered.
1. True
2. False
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For what type of policy would a broker quote an adjustable premium?
1. Contractor’s equipment policy
2. E&O policy
3. Policy that has changing circumstances
4. Policy with additional fees added
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What is the main differnce between and excess policy and an umbrella policy?
1. Excess policy broadens the terms of the policy.
2. Umbrella offers higher limits of liability compared to the excess policy
3. Umbrella policy broadens the terms of the policy.
4. Excess offers higher limits of liability compared to the umbrella.
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What does an SIR allow the insured to do?
1. Be a partner with the insurer in the risk
2. Be flexible in the payment of losses covered under the SIR arrangemen
3. Afford the costs of loss expenses while shifting the rest to the insurers
4. Transfer risk legally to a subcontractor
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Which of the following best describes exclusions?
1. Special forms of liability policy to protect the insured from unknowns.
2. Risks, perils, or properties defined in the policy as not covered
3. Insurance that does not participate until all other insurance is exhausted.
4. Statements, promises in an insurance contract
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The proposal is the quotation to the client.
1. False
2. True
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When doing business in the USA, a Canadian broker must:
1. all the above
2. have a US broker countersign a policy where required by law
3. Ensure that they are following the special requirements where imposed
4. Have a US broker handle it when the state requires a state-admitted insurer
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CPBF provides insurance on an all risks basis subject to policy conditions, limitations, and exclusions
1. False
2. True
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Certificates of Insurance are issued to..
1. Loss Payees
2. A Third Party Requesting Proof Of Coverage
3. The Insured
4. The Insurance Company
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