RIMS Documentation & Legal Requirements 2

Question 1

Under the Sarbanes-Oxley Act, which officer is primarily responsible for certifying the accuracy of financial risk disclosures?

Accepted Answer

Chief Executive Officer

Answer

SOX Section 302 requires the CEO (and CFO) to personally certify the accuracy of financial statements and internal controls disclosures.

Question 2

A risk manager discovers a contractual indemnification clause that shifts liability to a third party. Which document type is this most likely found in?

Accepted Answer

Hold Harmless Agreement

Answer

A Hold Harmless Agreement (often embedded in contracts) shifts legal liability from one party to another through indemnification language.

Question 3

Which documentation requirement is specific to the National Flood Insurance Program (NFIP) when filing a flood claim?

Accepted Answer

A sworn proof of loss within 60 days of loss

Answer

NFIP policy terms require policyholders to submit a signed and sworn Proof of Loss within 60 days of the flood event.

Question 4

What is the primary legal purpose of a 'non-waiver agreement' signed after a loss event?

Accepted Answer

It allows the insurer to investigate without admitting coverage

Answer

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.

Question 5

Under OSHA's recordkeeping rule (29 CFR 1904), how long must employers retain OSHA 300 Logs?

Accepted Answer

5 years

Answer

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.

(RIMS) Risk and Insurance Management Society Certification Practice Test

(RIMS) Risk and Insurance Management Society Certification Practice Test

RIMS Documentation & Legal Requirements 2