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CPCU 500 - Lesson 3 - Set B Questions And Answers With Verified Solutions 100% Correct!!!
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CPCU 500 - Lesson 3 - Set B Questions And Answers With Verified Solutions 100% Correct!!!
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CPCU 500 - Lesson 3 - Set B QuestionsAnd Answers With Verified Solutions
100% Correct!!!
Employees - ANSWER✔✔ Can be both an orgs greatest asset and greatest risk
OTJ Injury - ANSWER✔✔ On the job issue normally caused by an external physical
force
Work related illness - ANSWER✔✔ On the job issue normally developing slowly as
a result of organic and inorganic agents
Corporate policy - ANSWER✔✔ Board of directors generally establish two things:
A
Appoint executive officers to run the day to day operations - ANSWER✔✔ Board
of directors generally establish two things: B
Responsibilities of corporate directors - ANSWER✔✔ Note - see long list on page
3.12
Fiduciary responsibility - ANSWER✔✔ The most important aspect when analyzing
Director and Officer (D&O) liability risk exposures
Act in the best interest of others - ANSWER✔✔ Fiduciary responsibility is the duty
to
, Care, loyalty, disclosure, obedience - ANSWER✔✔ Four fiduciary duties D&Os
have
Duty of Care - ANSWER✔✔ Duty to act in good faith and in what a reasonable
person would believe is in the orgs best interest.
Informed judgement and degree of care - ANSWER✔✔ Duty or care expectation -
approach their responsibilities with
Duty of loyalty - ANSWER✔✔ Duty where D&O can't take business away from the
company or profit from insider info
Duty of disclosure - ANSWER✔✔ Duty where D&O must disclose material facts to
those who have right to know and don't have
Duty of obedience - ANSWER✔✔ Duty where D&O must perform according to
federal and state laws, and corporate charter
Discrimination, Wrongful termination, sexual harassment, retaliation -
ANSWER✔✔ Four major types of employment practices liability (EPL)
Mutually exclusive - ANSWER✔✔ Four major types of EPL aren't
Disparate Treatment - ANSWER✔✔ When an individual is treated differently then
others in similar situation
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