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CAIB 3 bundled exams 2024 with 100% complete solutions

CAIB 3 exam 2024 with 100% complete solutions CAIB 2 - CHAPTER 3 IBABC EXAM 2024 WITH 100% CORRECT ANSWERS

37 items

CAIB 2 - Checkpoints exam 2024 with 100% correct answers

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Identify 3 classes of property insured by commercial property insurance policies Building, Equipment, Stock Identify 2 ways used to insure commercial property and a brief explanation of each Scheduled coverage: only that property specifically identified or scheduled on the policy is insured...

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CAIB 2 Full Study Guide with 100% correct answers

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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insur...

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CAIB 1 Definitions with 100% correct answers

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Speculative Risk correct answersThe chance of financial loss or gain Contract correct answersan agreement between 2 or more people which creates and obligation to do or not do something Indemnity correct answers-Indemnity is measured by the value of the insured property as it existed immediate...

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Caib 1 exam 2024 with complete solutions

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3 categories of risk correct answersPersonal, property, liability Four ways to deal with risk correct answersAvoidance, control, retention and transfer of risk insurance correct answersUndertaking by one person to indemnify another persons against loss or liability for loss 2 types of risk ...

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CAIB 1 Chapter 7 exam 2024 with 100% correct answers

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Who is responsible for the administration of the insurance act in your province? correct answersMB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. correct answersInsurance lice...

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CAIB 2 - Chapter 6 exam 2024 with 100% complete solutions

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3 Considerations that make some property items "Target Items" and provide an explanation for each correct answers1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which propert...

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CAIB 2 - Chapter 4 2024 with 100% correct answers

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Define "Endorsement" correct answersendorsements change the terms of existing policies Define "Rider" correct answersRiders add coverages to those already on the policy What values are insured on a Glass Rider correct answers1) Glass 2) Artwork on glass 3) Tape & Foil on glass When woul...

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CAIB 2 - Chapter 1 exam 2024 with 100% correct answers

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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insur...

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CAIB 2: Chapter 7 exam 2024 with 100% correct answers

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Reasons and Obstacles correct answersReasons: - Protect Client - Reassure Confidentiality - Discuss Disaster Mangement Obstacles - Too Technical - Reluctance to Reveal Earnings - Lack of Consumer Knowledge Getting back into Business options correct answersReduce capital reserves Bank L...

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CAIB 2 - Key Terms 100% correct

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replacement value correct answersCost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage correct answersCoverage for property specifically identified or scheduled on the insurance policy All Property correct answersAll property owne...

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CAIB 2 - CHAPTER 3 IBABC EXAM 2024 WITH 100% CORRECT ANSWERS

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1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. correct answersThe three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. correct ...

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CAIB 2 Immersion Questions with 100% correct answers

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Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. Mechanical: Drills Thermal: Torches Explosion: Dynamite What is the purpose of Perimeter Protection? To prevent access to the premises when the business is closed Brainpo...

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CAIB 2 Chapter 4 Practice Test 1 2024 with 100% correct answers

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Define Endorsement. correct answersEndorsements change terms of existing policies Define Rider. correct answersRiders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused whe...

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CAIB 3 exam 2024 with 100% complete solutions

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Civil Law correct answersthe body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort correct answersa private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy i...

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CAIB 4 Chapter 1 exam 2024 with 100% correct answers

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Identify any five activities, in addition to planning, that the professional insurance brokerage will need to capitalize on in order to take advantages of these opportunities. correct answers1. Be innovative 2. Be price competitive 3. Attract and reward ideal employees 4. Market products to appro...

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CAIB 1 Chapter 4 exam 2024 with complete solutions

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What area of law does Criminal Law address? correct answersCriminal law deals with wrongs against society How does criminal law deal with violators? correct answersProsecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? cor...

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Caib 2 exam 2024 with 100% correct answers

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warranty correct answersA promise that certain facts are as they are represented to be and that they will remain so hazard correct answersA condition which may cause a peril to occur Latent defect correct answersA hidden or concealed defect, which cannot be discovered by reasonable and customa...

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CAIB 1 Chapter 6 exam 2024 with 100% complete solutions

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

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Caib 3 - Study guide questions to review with complete solutions

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CH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established correct answersCommon law; Statute law CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages correct answersFinancial Circumstances; Reputation; ...

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CAIB 4 exam 2024 with 100% correct answers

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What are the two approaches to planning? Explain each correct answers1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to busi...

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CAIB 2 / CH 4 / SEC 1 / STUDY GUIDE WITH 100% CORRECT ANSWERS

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Briefly explain the functions of Endorsements correct answersChanges the terms or conditions of the Insured's policy Briefly explain the functions of Riders correct answersAdds additional coverages to those already in place Briefly explain the functions of Separate Policies correct answersEqu...

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CAIB 2 exam 2024 with 100% correct answers

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3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) correct answers1) payment is made after replacement work is completed 2) replacment work must be done in due diligence and dispatch 3) replacement must be at same si...

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CAIB 1 - Chapter 1 exam 2024 with 100% correct answers

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Define "Risk" correct answersThe chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk correct answers1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques correct answers1) Risk Avoidance 2) Risk Retention 3) Risk C...

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CAIB 2 EXAM 2024 WITH 100% CORRECT ANSWERS

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Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Busines...

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Caib 2 exam 2024 with 100% complete solutions

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Scheduled Coverage Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description Refers to policy used to insure buildings, stock and equipment under a single limit of insurance Brainpower Read More ...

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CAIB III EXAM 2024 WITH 100% CORRECT ANSWERS

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D. Is primarily concerned with the compensation of victims for their losses correct answersThe following statements respecting the brach of law known as "criminal law" are true except one. Pick the exception: A. Addresses wrongs directed against the state B. Authorities have a duty to prosecute ...

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CAIB 2 Chapter 5 Practice Test 1 2024 with 100% correct answers

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Define Bailee for Hire. correct answersPerson 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. correct answersi) Repair...

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CAIB 1 - CHAPTER 1-4 EXAM 2024 WITH 100% 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 correct answers-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 ris...

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CAIB 1 Practice Exam 2024 with 100% correct answers

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Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? correct answersWhen the ...

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Caib 1 Chapter 1 questions / definitions with 100% correct answers

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Identify 4 possible options to deal with Risk , describe each correct answersControl the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of mana...

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Practice Exam for CAIB 1 with 100% complete solutions

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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 Practice Questions (100) & Answers 100% correct 2024

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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 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 ...

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CAIB 3 Practice Exam 2024 with 100% correct answers

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What is the name given to the collection of written decisions? Case Law Explain the concept of the Rule of Precedent. Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which spec...

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CAIB 3 FINAL EXAMINATION 2024 WITH 100% CORRECT ANSWERS

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Define the following insurance terms. Bill of Lading correct answersDocuments issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) correct answersOccurs when the cost of salvaging the cargo is too high relative to the value saved Worki...

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Caib 4 Practise Final Exam 2024 with 100% complete solutions

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1 ) Owners of your brokerage wish to join an operating affiliation. They want a written report of their options including your options. correct answersSalient Points: - Loosely Knit - General Purpose Groups. - Clusters. - Common Identity Groups. - Services and Support. - Exclusivity. - Fees. ...

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CAIB 4 - Book Practice Questions with 100% correct answers 2024

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What are the similarities between a strategic plan and an action plan? correct answersThey are both critical steps in the success of a brokerage They both flow from the mission statement They both use the same process (top down/bottom up) What are the differences between a strategic plan and ...

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CAIB 2 Chapter 1 Practice exam 1 2024 with 100% correct answers

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Explain what it means to issue insurance on a scheduled basis correct answersOnly 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 correct answersBuilding, stock and equipment are insured under a singl...

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