1.Crime insurance for business covers against: *Choose all that apply

(3 Points)

counterfeit currenc

employee theft and/or dishonesty

policyholder theft

destruction by the authorities

forgery and/or alterations

2.Lost document bond is used as a proof of ownership of your lost document

(3 Points)

True

False

3.these bonds help you meet the requirements and regulations of the provincial and federal tax acts

(1 Point)

License and permit bonds

Lost document bonds

Customs and Excise bonds

Court and fiduciary bonds

4.Does Product Liability Insurance cover services?

(1 Point)

No

Yes

Maybe

5.Directors and Officers Liability will provide coverage whether Director was found guilty of intentional finacial harm to the organization or not

(1 Point)

True

False

6.The ......... protects your organization's high management from personal financial loss that may result from allegations and lawsuits of wrongful acts or mismanagement carried out in their appointed capacity.

(1 Point)

Professional liability Insurance

Cyber Liability Insurance

Product liability insurance

Commercial general liability insurance

Directors & Officers Insurance

7.The ......... protects your organization's from any liabilities due to a data breach or cyber attack

(1 Point)

Product liability insurance

Professional liability Insurance

Cyber Liability Insurance

Commercial general liability insurance

Directors & Officers Insurance

8.There are many resaons for product issues, but you will be liable for it if it was one of these: *Choose all that apply

(3 Points)

Manufacturing defect

Marketing defect

Design defect

Falling defect

Moving defect

9.A surety bond is an agreement between 3 parties

(1 Point)

Contractor, Principal, Surety

Obligee, Owner, Surety

Insurance, Principal, Surety

Obligee, Principal, Surety

None of these

10.A .................... guarantees performance of the contracted work, up to the limit of the bond. If you default on your obligation, your client (the project owner) will look to the Surity to help complete the project.

(1 Point)

Labour and material payment bonds

Bid bond

Prequalification letter

Performance bond

11.A .................... are designed to make sure that labour and material suppliers have been paid for their work, this includes all direct material suppliers, rental agencies and subtrades

(1 Point)

Prequalification letter

Performance bond

Bid bond

Labour and material payment bonds

12.Those situations are covered by Commercial general liabilty insurance: *Choose all that apply

(3 Points)

While entering your store, a customer slips on wet flooring and is injured.

One of your employee in the coffee shop spills hot coffee and burnt himself

One of your employee was involved in a car accident while driving for work.

A lawsuit is filed against your business, claiming thet you had misleading information in one of your advertisements.

An employee in your pplumbing business accidentally leaves water running, causing damage to a customers home.

13.The lost document bond have two types:

(1 Point)

Big or small penalty

Judicial and fiduciary

Open or fixed penalty

High or low penalty

14.you may need one of these bonds if you have to ask a corporation to reissue a new security, certificate or other valuable document to replace a lost or stolen one

(1 Point)

Customs and Excise bonds

Court and fiduciary bonds

License and permit bonds

Lost document bonds

15.We can say that Surety bonds are guarantees of performance.

(1 Point)

False

True

16.................... is a type of policy that pays for losses that occur during the policy period, even if its no longer active when you file a claim.

(1 Point)

Periodic-Based insurance policy

Event-Made insurance policy

Claims-Made insurance policy

Occurrence-Based insurance policy

17.Cyber Liability Insurance does't cover against losses occured from social engineering hacks because it is not a cyber attack.

(1 Point)

False

True

18.Surity bonds are required by law in any contract

(1 Point)

True

False

19.The ......... protects your business against legal liability for claims for bodily injury or property damage arising out of using your products.

(1 Point)

Professional liability Insurance

Directors & Officers Insurance

Product liability insurance

Cyber Liability Insurance

Commercial general liability insurance

20.these bonds are used as security for court costs, to release liens and to meet probate and bankruptcy laws

(1 Point)

Customs and Excise bonds

License and permit bonds

Lost document bonds

Court and fiduciary bonds

21.A .................... from the surety to the owner that confirms the bondability of its contractor client.

(1 Point)

Labour and material payment bonds

Prequalification letter

Bid bond

Performance bond

22.A ................. qualifies a contractor to bid on a specific project. It guarantees that you will enter into a contract to perform the work at the tendered price and provide whatever surety the Obligee requires.

(1 Point)

Bid bond

Labour and material payment bonds

Performance bond

Prequalification letter

23.Surity bonds are the same as insurance

(1 Point)

False

True

24.Directors and Officers Liability will provide coverage whether allegations are founded or baseless

(1 Point)

False

True

25.The ......... protects your business from any financial losses that you may face in case you found liable for preperty damage or personal and advertising injury caused by your services, business operations or your employees.

(1 Point)

Professional liability Insurance

Commercial general liability insurance

Product liability insurance

Cyber Liability Insurance

Directors & Officers Insurance

26.The ......... protects your business against legal liability for claims arising from acts of professional negligence

(1 Point)

Directors & Officers Insurance

Cyber Liability Insurance

Professional liability Insurance

Commercial general liability insurance

Product liability insurance

27.These bonds guarantee that youve met and will continue to meet the requirements and regulations of the consumer protection acts

(1 Point)

License and permit bonds

Customs and Excise bonds

Court and fiduciary bonds

Lost document bonds

28.The ................. is when your business is being responsible of damages to a third party.

(1 Point)

Liability

policy

Premium

Insurance

29.................... is a type of policy that provides coverage when a claim is made against it, regardless of when the claim event occurred.

(1 Point)

Periodic-Based insurance policy

Claims-Made insurance policy

Event-Made insurance policy

Occurrence-Based insurance policy

30.Court bonds can be broken into two types:

(1 Point)

Open or fixed penalty

High or low penalty

Judicial and fiduciary

Big or small penalty