CAIB Bundled Exams with complete solutions;(Full solution pack % verified)

Provide four sources of Business Interruption losses and an example of each. - i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several weeks...

Define Bailee for Hire. - Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. - i) Repair of personal property exam...

What is the minimum limit of Third Party Liability available in your province? - $200,000 How does an insured show proof of financial responsibility in your province - The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and in...

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

Explain what it means to issue insurance on a scheduled basis - Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - Building, stock and equipment are insured under a single limit of insurance Expl...

All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer B - sentimental value. The Indemnity Agreement in property insurance policie...

Define the following insurance terms. Bill of Lading - Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) - Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital - Amounts of funds...

Identify the two divisions in the Canadian Legal System - Criminal Law Civil Law Should brokers always recommend clients questions concerning maters of law to a qualified legal practitioner? - Yes Identify eight examples of criminal wrongs - Certain uses of an automobile Possession and traffick...

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 stockholders who provide the capital t...

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 ...