100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
AU62 Course Exam Practice Questions and Answers All Correct $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. AU62
  4.  
  5. AU62

Exam (elaborations)

AU62 Course Exam Practice Questions and Answers All Correct

 0 purchase
  • Course
  • AU62
  • Institution
  • AU62

AU62 Course Exam Practice Questions and Answers All Correct Which one of the following provides the best example of a risk-control technique for financial and legal professionals? - Answer Retain and consult an attorney regularly concerning client relationships. Which one of the following c...

[Show more]

Preview 4 out of 37  pages

Document information

  • September 23, 2024
  • 37
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • AU62
  • AU62

Seller

avatar-seller
Scholarsstudyguide

Reviews received

Content preview

AU62 Course Exam Practice Questions
and Answers All Correct

Which one of the following provides the best example of a risk-control technique for
financial and legal professionals? - Answer ✔ Retain and consult an attorney regularly
concerning client relationships.

Which one of the following characterizes the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010? - Answer ✔ Restructured financial regulation and
passed authority for oversight to federal agencies

An engineer and an architect have a joint firm. While the architect is out of town, the
engineer drafts architectural plans for a client's log cabin. The finished building is
ultimately deemed structurally unsound due to flaws in the design. Which one of the
following allegations will the firm most likely confront? - Answer ✔ Practicing beyond the
scope of the license

Services provided by architects and engineers, unlike those of many other
professionals, are almost always governed by a contract between the parties. Disputes
between the parties to the contract are generally resolved by - Answer ✔ Binding
arbitration.

Which one of the following statements concerning the legal foundations for the
professional liability exposure of architects and engineers is most accurate? - Answer ✔
Claims against architects and engineers are more likely to hinge on the interpretation of
contracts than on the application of common law principles.

Which one of the following statements is true regarding evaluating the professional
liability exposure of a hospital? - Answer ✔ Geriatric care and physical rehabilitation are
less prone to losses than are pediatric, neonatal, and obstetric care.

Which one of the following is an important physicians professional liability risk control
technique, and serves as a defense should a claim be made against the physician? -
Answer ✔ Careful use of informed consent

When evaluating hospitals for professional liability coverage, underwriters generally
favor - Answer ✔ Professional liability coverage underwriters generally favor private,
non-profit hospitals, which exist to serve the community and offer a full range of
services.

,In the case of insurance producers, which one of the following represents producers
with a reduced professional liability exposure? - Answer ✔ Producers that take a risk
management approach with clients

Underwriting considerations for accountants professional liability stem directly from -
Answer ✔ The scope of services provided by the accountant.

Tania is a producer with Stevens Insurance Agency (SIA). Believing that she had
binding authority up to $500,000 on residential properties, she issued a binder for
Westfolk Mutual on a house with an insured value of $450,000. After the house suffered
a total loss due to a fire, it was discovered that Tania's binding authority was limited to
$250,000 on properties in the remote area where the house was located. Which one of
the following best describes how the claim will most likely be handled by Westfolk
Mutual? - Answer ✔ Westfolk Mutual will pay the full loss per the binder, and likely seek
recovery from SIA for the $200,000 that exceeded binding authority.

Lawyers professional liability underwriting considerations include which one of the
following? - Answer ✔ The size of the lawyer's professional liability insurance deductible
is a function of the number of lawyers in the firm and the type of practice.

Which one of the following statements is true regarding the underwriting of lawyers'
professional liability insurance? - Answer ✔ Underwriters view firms with lawyers who
are Certified Civil Trial Attorneys or Certified Criminal Trial Attorneys favorably.

Joe signs a contract with Home Builders to install the electrical wiring for a new home.
He uses his own tools and follows the specifications in the contract. Joe is burned while
installing the wiring. Does Home Builders' workers compensation policy cover Joe's
injury? - Answer ✔ No, because Joe is not an employee of Home Builders

To be covered under a workers compensation statute, an injury or disease (in most
states) must meet which one of the following requirements? - Answer ✔ Arise out of and
in the course of the employment

The typical workers compensation statute provides payment for which one of the
following? - Answer ✔ Medical bills for an injury sustained by an employee while
working

The management of Maryland Marine Co. (MMC) must ensure that proper coverage is
obtained for work- related injuries. The employee population of MMC is a mixture of full-
time and part-time employees as well as some casual employees for one-time tasks.
Much of MMC's work is done by independent contractors and temporary employees
during peak seasons. Which one of the following statements about these persons is
true? - Answer ✔ Many states workers compensation statutes exclude casual labor
(short-term employees).

,Which one of the following statements is true with regard to workers compensation
statutes? - Answer ✔ Federal government workers are excluded from workers
compensation because they are covered under alternate plans.

Workers compensation statutes require employers to demonstrate financial ability to
pay any claims that might arise. Possible methods for meeting this obligation include
which one of the following? - Answer ✔ Obtain coverage from an assigned risk plan

Which one of the following statements is correct regarding the application of workers
compensation laws in foreign countries? - Answer ✔ Only a few countries have workers
compensation laws comparable to those found in the U.S. and Canada.

Purchasing workers compensation insurance from a private insurer is one way
employers demonstrate their ability to pay their financial obligations to injured workers.
Which one of the following is another acceptable method of meeting this obligation? -
Answer ✔ Meeting state requirements to qualify as a self-insurer

An employer that decides to purchase specific excess insurance to cover catastrophic
workers compensation losses must pay losses that are which one of the following? -
Answer ✔ Up to the retention for one occurrence

An underwriter is comparing workers compensation submissions on two accounting
firms, Firm A and Firm B. Each firm employs roughly 350 employees. Firm A occupies
two floors in a prominent high rise building in a major metropolitan area. Employees are
not required to travel. Firm B, located in the same metropolitan area, has multiple
offices spread throughout the city to facilitate client visits. Housekeeping and
maintenance hazards are similar among the firms. Firm A poses a greater single loss
exposure due to - Answer ✔ The potential for many injuries or deaths resulting from a
single incident.

An organization may incur losses from legal liabilities in a number of different ways.
Which one of the following actions would best be described as an intentional tort? -
Answer ✔ A newspaper mistakenly identifies the driver in an alcohol-related hit and run
accident as John Doe, a prominent local attorney.

Martin, a 15-year-old boy, carelessly tossed a glass bottle over the heads of several
people toward a recycling bin 15 feet away. Luckily, Martin did not hit anybody between
him and the recycling bin, and the glass fell perfectly into the bin. Unluckily, a private
investigator was hiding in the recycling bin at that moment and suffered a concussion
from Martin's bottle. Which one of the following is the most significant legal issue that
the investigator might face in a negligence claim against Martin? - Answer ✔ Proximate
Cause. Proximate cause is the most significant legal issue that the investigator might
face in a negligence claim against Martin, because Martin cannot be liable for results
that could not have been reasonably foreseen.

, Generally, how do courts determine that a defendant is liable under negligence per se?
- Answer ✔ Courts determine that a defendant is negligent per se when the defendant
has violated a statutory standard.

Emilia's neighbor, Lucas, planted a garden by Emilia's property. Emilia knew that
Lucas's garden was at risk of damage from flowing rainwater because of the hills at the
edge of her property. Emilia also knew that the trees on her property were old and could
fall in strong winds. During the next storm, the garden was destroyed by a combination
of rainwater, falling branches, and rocks rolling from Emilia's hills. Which one of the
following is correct concerning whether Lucas has a claim against Emilia for any or all of
the natural conditions that destroyed his garden? - Answer ✔ Emilia's only duty in this
case was to remove the old trees that she knew might fall, and she is not liable for any
other natural conditions. When a tree falls and causes damages on an adjacent
premises or a highway, the landowner might be liable for negligence if he or she knew
that the tree might fall and failed to take reasonable steps to remove it.

Paul and Jerry were both six years old when they entered a neighbor's home and used
baseball bats to smash and break household items. When establishing liability for Paul's
and Jerry's actions, the court will most likely primarily consider - Answer ✔ The
tortfeasors' capacity refers to whether someone has the capacity to form intent for a
tortuous act.

Amy was severely injured in an accident with a tractor trailer. She lived for two weeks
following the accident amassing $200,000 of medical bills and other expenses related to
the accident. It is likely that a lawsuit, under survival statutes, the $200,000 of damages
will - Answer ✔ Be awarded in order to recover damages Amy sustained between the
time of her injuries and the time of her death. It is likely that in a lawsuit, under survival
statutes, the $200,000 of damages will be awarded in order to recover damages Amy
sustained between the time of her injuries and the time of her death

A court would most likely order an injunction for which one of the following purposes? -
Answer ✔ To stop infringement of a copyright.

In a class action lawsuit involving an insurer's claim practices, the court must consider
the elements of
Select one: - Answer ✔ Numerosity, commonality, typicality, and adequacy of
representation

Baker Company's salesperson negligently injures a pedestrian while driving a Baker
Company vehicle on a sales call. Under which one of the following legal doctrines could
the pedestrian hold Baker Company responsible for injury caused by the negligence of
its employee? - Answer ✔ Respondeat superior. The doctrine of respondeat superior
states that an employer may be held liable for the acts of an employee as long as those
acts are within the scope of his or her employment.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67418 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added