- Define or explain what Workers Compensation insurance is, and list some of the primary benefits it provides:
- Explain why Workers Compensation was a breakthrough in insurance during the early 1900s. What did employees gain from the new laws? What did corporations gain from the new laws?
_
- Which of the following coverages are commonly available on the ISO “Commercial Package Policy” (circle ALL that apply)?
a. Business and Personal Property
b. Business Income
c. Inland Marine
d. Personal Life Insurance
e. Commercial General Liability
f. Business Auto
g. Equipment Breakdown
h. Personal Disability
i. Crime
j. Fine Arts - Explain what a “Protective Safeguard Exclusion” is and why it is important in property insurance: _______________________________________________________
- List the main duties of the Insured – according to the Institutes – that must be done in the event of a Property Loss: ___________________________________________
- Describe the role and function that a catastrophe contractor or remediation/ restoration contractor can have in the event of a property loss such as fire or water damage:
- List at least 6 perils that the ISO Commercial Package Policy commonly covers in it’s Business & Personal Property line:
____________________, ________________________
____________________, ________________________
____________________, ________________________ - Describe some of the benefits of an effective Return-to-Work program for employees who are injured while in a Workers’ Compensation program:
- Briefly explain the following terms:
Essential Job Function: ____________________________________________
Post-Offer, Pre-Employment (POPS) Screen: __________________________
Temporary Partial Disability (TPD): __________________________________
Permanent Total Disability (PTD): ___________________________________
- Which of the following jobs are appropriate to supervise and guide the medical recovery of an injured worker as it relates to a Workers Comp case (circle ALL that apply):
a. Physical Therapist
b. Vocational Rehabilitation Specialist
c. Safety Director
d. Occupational Medicine Physician
e. Insurance Agent
f. Risk Manager - Describe the order of hierarchy of “Return to Work” plans from the perspective of Workers Comp case managers, starting with respect to which steps are usually cheapest and which are the most costly:
READ & USE THE FICTIONAL INSURANCE CERTIFICATE ON THE LAST PAGE (Jim’s Guitar Shop) TO ANSWER QUESTIONS #12 THROUGH #16:
- What address is the covered premises of the insured?
Address: ______________________ City: _______________
State: _____________ Zip Code: ________ - Would the insurer pay for building damages if Jim’s Guitar shop had a fire (a covered cause of loss) during the policy period, that left $ 122,000 of damage to the structure of the building? If yes, how much would they pay and from which insurer? _______________________________________________________________________
- Would the insurer pay for damaged guitars, if the Guitar shop had ten guitars destroyed in the same fire, and the ten guitars were worth $ 6,525? ____ If yes, how much would they pay and from which insurer? ________________________________________
- Would the insurer pay if the Guitar Shop, in a different loss, had its heating system (furnace/boiler) break down, during the policy period, and it cost $ 20,000 to fix? _ If yes, how much would they pay, and from which insurer? ___________________________________________
- Would the insurer pay if the Guitar Shop , in a different loss, shipped five guitars back to the Gibson factory, and all five were destroyed in a semi truck crash that totaled a 3rd party trucking delivery firm’s semi truck? ____ If yes, how much would they pay and from which insurer? ___________________________________________________________________
- Briefly explain the two main types of losses that are covered under the ISO Commercial Auto Policy’s “Liability Coverage” line:
- Explain what “hull” coverage is for, on an aircraft insurance policy: ___________
- Briefly describe what federal regulatory requirements would need to be met if an engineering firm wanted to use a drone to survey and inspect the property of a client? __________
- Would the engineering firm above need drone insurance if they were to do business in Minnesota?__________ Wisconsin? _______________
- Does the FAA have drone rules for flying indoors? _______________________
- Explain what an insurance certificate is, and how it is a useful tool between businesses or subcontractors: ________________________________________________
- Which of the following functions are typically important resources for a Risk Manager to collaborate with for the purpose of setting up and maintaining a Comprehensive Risk Management program?: Circle ALL that apply:
a. Legal Dept. (attorney)
b. Accounting
c. Budget
d. Human Resources
e. Custodial
f. Engineering
g. Maintenance
h. Chief Business Officer
i. Advertising/ Marketing - List some of the equipment types that are covered under the ISO Commercial Package Policy’s “Equipment Breakdown” Coverage:
____________________ _______________________
____________________ _______________________ - Fill in the blank with the name of the type of insurance coverage appropriate for the following risks:
Architects and Engineers in the course of their design duties: _______________
Board of Directors of Large Companies, or Large Non-profit Orgs: ____________
Protection for losses involving data breaches, ransomware attacks, or lawsuits alleging inadequate protection of digital data: __________________________________ - According to Peter Sandman, professional risk assessment means taking the probability of a risk and multiplying it times the severity of the risk. Explain how this is different than many people’s perception of risk. _____________________________________________
- Explain what a correlation coefficient is, including what is considered “Weak” and what is considered a “Strong” correlation : ____ _________________________
- Explain a few things about Wisconsin’s workers compensation system, including any differences from other state’s systems. Discuss in your answer, any unique positive features of Wisconsin’s workers comp system, and any negative features of Wisconsin’s system… again in the context of comparing it to other states:
- If your company is going to have a “Fit for Duty”, Essential Job Functions” or “POPS” physical testing to help the Workers Comp program, what is the Federal Guideline that should be followed so as to keep the goals and measures fair and consistent with US Civil Rights laws?: ________________________________________________________________________
________________________________________________________________________ - If you are setting up an accident investigation process for your company, would you want a supervisor report form in the process to complete before your safety review? Explain why or why not: _____________________________________________________________________