Documentation & Legal Requirements Flashcards
7 cards from real RIMS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Documentation & Legal Requirements flashcards as text
Under the Sarbanes-Oxley Act, which officer is primarily responsible for certifying the accuracy of financial risk disclosures?
Answer: Chief Executive Officer
SOX Section 302 requires the CEO (and CFO) to personally certify the accuracy of financial statements and internal controls disclosures.
A risk manager discovers a contractual indemnification clause that shifts liability to a third party. Which document type is this most likely found in?
Answer: Hold Harmless Agreement
A Hold Harmless Agreement (often embedded in contracts) shifts legal liability from one party to another through indemnification language.
Which documentation requirement is specific to the National Flood Insurance Program (NFIP) when filing a flood claim?
Answer: A sworn proof of loss within 60 days of loss
NFIP policy terms require policyholders to submit a signed and sworn Proof of Loss within 60 days of the flood event.
What is the primary legal purpose of a 'non-waiver agreement' signed after a loss event?
Answer: It allows the insurer to investigate without admitting coverage
A non-waiver agreement allows an insurer to investigate and defend a claim while reserving the right to later deny coverage without waiving policy defenses.
Under OSHA's recordkeeping rule (29 CFR 1904), how long must employers retain OSHA 300 Logs?
Answer: 5 years
OSHA requires employers to retain the OSHA 300 Log, 300A Summary, and 301 Incident Reports for five years following the end of the calendar year they cover.
Which clause in an insurance policy requires the insured to provide written notice of a claim 'as soon as practicable'?
Answer: Notice of loss clause
The notice of loss clause obligates the insured to promptly notify the insurer of any occurrence that may give rise to a claim.
When a risk manager transfers a contractual risk through an 'additional insured' endorsement, what documentation must typically be obtained to confirm the coverage is in force?
Answer: ACORD 25 Certificate of Liability Insurance
The ACORD 25 Certificate of Liability Insurance is the standard document used to evidence that a party has been added as an additional insured under a liability policy.