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CPCU 552 Chapter 7 Objective 7 questions and answers graded A+ 20254/2025
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CPCU 552 Chapter 7 Objective 7 questions and answers graded A+ 20254/2025
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CPCU 552 Chapter 7 Objective 7Fiduciary Liability Insurance - ANSInsurance that covers the fiduciaries of an worker gain plan
against legal responsibility claims alleging breach of their fiduciary obligations concerning
discretionary judgment.
Describe the 4 main fiduciary obligations of a preson concerned inside the design,
administration, funding or management of a gain plan or its assets. - ANS...Loyalty
prudence
diversification
adherence
Describe the which means of an insured plan in a fiduciary legal responsibility coverage -
ANSAn insured plan in a fidcuciary legal responsibility coverage usually means (1) any ERISA
worker advantage plan operated by the insured or at the same time by means of the insured
and a exertions organization for the benefit of the sponsor's employees and (2) any other worker
benefit plan sponsored entirely with the aid of the insured for the advantage of its personnel.
Describe the three factors generally protected inside the definition of wrongful act included by
means of a fiduciary liabilty policy. - ANSThe definition of a wrongful act included by means of a
fiduciary liability policy generally consists of a breach of the responsibilities, duties, or
responsibilities, imposed on fiduciaries of an insured plan via ERISA or through the not unusual
or statutory regulation of the U.S. Or other jurisdiction; some other be counted claimed towards
insureds soley because of their carrier as fiduciaries of any insured plan; a negligent act, errors,
or omissionm entirely inside the administartion of any insured plan.
Describe how the exclusion for responsibilities beneath people repayment, disability, and
unemployment laws in D&O rules differs in EPL guidelines.. - ANSFiduciary legal responsibility
coverage exclusions typically consist of an exception to the exclusion for obligations under
workers repayment or comparable legal guidelines to cover claims bobbing up beneath the
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Describe the excepion to the exclusion for fines and consequences in EPL guidelines. -
ANSFiduciary liability coverage exclusions regularly incorporate an exception yo the exclusion
of fines and penalties imposed by means of ERISA.
Explain how fiduciary legal responsibility regulations treat losses as a consequence of failure to
accumulate contributions to, or to properly fund, the plan. - ANSMost fiduciary liability rules
include an exclusion for any loss as a result of an insured's failure to acquire required worker
contributions or to properly fund the plan.
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