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CAIB 1 (Canadian Accredited Insurance Broker) Bundle Set $32.99   Add to cart

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CAIB 1 (Canadian Accredited Insurance Broker) Bundle Set

CAIB 1 (Canadian Accredited Insurance Broker) Bundle Set

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CAIB 1-Chapter 1 questions with correct answers

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RISK - Answer Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer the chance of financial loss or gain PURE RISK - Answer the chance of financial loss but no chance of financial gain INSURANCE - Answer the undertaking by one person to indemn...

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CAIB 1 – questions with correct answers

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Define "Risk" - Answer The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Answer 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Answer 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Ri...

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Practice Exam for CAIB 1 questions with correct answers

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Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional el...

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CAIB 1 - CHAPTER 1-4 questions with correct answers

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Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss - Answer -Equipment will not work 100% of the time -certain types of losses such as wind, hail and lightning cannot be effectively controlled People can choose to deal with risk in...

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CAIB 1 Practice Questions (100) with correct answers

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Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stock...

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CAIB 1 questions with correct answers

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Identify four perils that mobile homes are more susceptible to than conventional homes - Answer 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer Secure the unit to the foundation so that it remains stable during windstorms Explain the purpos...

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CAIB 1 questions with correct answers

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CAIB 1 questions with correct answers What area of law does Criminal Law address? - Answer Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil...

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CAIB 1 –questions with correct answers

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What are the 3 types of Homeowners Forms? - Answer 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer Dwellings containing more than one family, ...

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CAIB 1 – questions with correct answers

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What is the need for travel insurance? - Answer Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer Most provinces have a reciprocal agreement to reimburse the province that prov...

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