CAIB Bundled Exam New 2024 ,2025 Versions Fully Solved 100%

Accident - an unforeseen and unintended occurrence due to external violent, sudden, fortuitous causes beyond the insured's control Actual cash value - New or replacement cost of the insured property less depreciation Additional living expenses - costs "over and above" what it would normally ha...

A mistake that causes financial loss to either a client or an insurer can result in an Errors and Omissions claim. It is important for brokers to control this exposure. Indicate the measures aimed at preventing or controlling errors and omissions. - Those which serve to prevent losses from occurri...

3 elements of a tort - Answer-Duty owed, duty breached & damages resulted (proximately) A "building" is defined as... - Answer-a. Fixed structures b. Additions/extensions c. Permanent fittings d. Materials on premises for regular maintenance e. Growing plants inside the building for decorati...

ACTUAL CASH VALUE - new or replacement cost of the property at the time of the loss, less depreciation AGENCY AGREEMENT - a written agreeement or contract between the insurer and the brokerage which acknowledges their relationship BLANKET COVERAGE - policy which provides a single limit of insura...

All policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War - commercially uninsurable ii) Flood & earthquake - may be catastrophic iii) Automobile & Valuable papers - Other forms of insurance may be available iv) Wear and Tear / Mechanical Breakdown - ...

Insurance Bureau of Canada (IBC) - Statistics Insurance Crime Prevention Bureau (ICPB) - a) fire Underwriters' Investigation Bureau (FUIB) Adjusters of member companies are required to submit copies of all reports over $3,000 b) Canadian Auto Theft Bureau Private insurance Insurer's Advisory ...

5 Properties subject to 'special limits' under the IBC homeowners' policy when stolen - • Jewellery and furs up to $ 2000 in all • Coin collections up to $ 200 in all • Stamp collections and manuscripts up to $1,000 in all • Collectible cards up to $1,000 in all • Each bicycle, its...

A technology plan will affect all aspects of the brokerage and its relationships with its clients, prospects and the insurance companies. Describe areas the brokerage will have to address in its technology planning process - Understanding Needs Analyze the current business situation Project the...

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

Actual Cash Value - New or replacement cost of the property at the time of loss, less depreciation Agency Agreement - A written agreement or contract between the insurer and the brokerage which acknowledges their relationship Blanket Coverage - Policy which provides a single limit of insurance fo...

"Condition." - Something imposed by the insurer that requires the insured to do or not do something. "Deductible." - The portion of an insured loss that's borne by the insured before s/he's entitled to recovery from the insurer. "Fraudulent." - To act willfully and with the specific inte...

1/4 of E&O are from misrepresentation. Explain the example with the 'Hornberg' case - Court ruled that the broker should have known the property was used only seasonally. Did not inform insured and after claim the policy was found to be void. Held broker to pay for loss Describe the 'Fine Flow...

Identify the four items, when described on the Coverage Summary page, are insured under the Outboard Motor and Boat Policy. - i. Boat including permanently attached equipment ii. The motor(s) including fuel containers and electric starting equipment or controls supplied as integral equipment by t...