1.To trigger coverage under a claims made policy, the claim must be made:

a.After the retroactive date for an act occurring during the policy period

b.Before the retroactive date for an act occurring during the policy period

c.During the policy period for an act that occurred on or after the retroactive date

d.During the policy period for an act that occurred before the retroactive date

2.ABC Company has an EPL policy with a term of 1/1/17- 18 and a retroactive date of 1/1/10, which is the date the company began doing business. ABC's only EPL claim involved a wrongful act that occurred during 2015. If ABC decides to purchase coverage from a new insurer, the new insurer should not normally offer the company a policy with a retroactive date earlier than:

a.1/1/2010

b.1/1/2015

c.1/1/2016

d.1/1/2017

3.Although a corporation's directors and officers must exercise care when making decisions about the running of the company, courts have held that they cannot be liable for an honest mistake. The latitude allowed by courts of officer's and directors is called the:

a. Business judgement rule

b. Non-judgemental rule

c. Due diligence rule

d. Honest mistake rule

4. What is the difference in coverage provided by a D&O policy and the coverage provided under the CGL and BACF?

a. The D&O policy provides coverage against indirect losses, while the CGL and BACF cover only direct losses

b. The D&O policy provides coverage for wrongful acts or omissions, causing harm that does not qualify as BI, PD, personal injury or advertising injury

c. The D&O policy provides coverage against direct losses, which the CGL and BACF cover only indirect losses

d. The D&O policy only provides remedies in the form of 'actions' while the CGL and BACF pay cash