CAIB 3 - Exam Practice Questions with 100% correct answers
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Course
CAIB
Institution
CAIB
CAIB 3 - Exam Practice Questions with
100% correct answers
Breach of Contract - answerFailure to perform a promise in a contract without legal excuse
Trespass - answerUnlawful interference with someone's person, property, or rights
False Imprisonment - answerUnlawfully holding someone against t...
CAIB 3 - Exam Practic e Questions with 100% correct answers Breach of Contract - answer✔✔Failure to perform a promise in a contract without legal excuse Trespass - answer✔✔Unlawful interference with someone's pe rson, property, or rights False Imprisonment - answer✔✔Unlawfully holding someone against their will Easement - answer✔✔Right to use another person's land Constructive Total Loss (MARINE INSURANCE) - answer✔✔When the cost of salvaging cargo is too high com pared to its value Freight (MARINE INSURANCE) - answer✔✔Money paid for vessel hire or cargo conveyance between ports Particular Average (MARINE INSURANCE) - answer✔✔Specific loss to a shipment, excluding general average Net Worth - answer✔✔Remaining money after liquidating assets and clearing liabilities Surety Bond - answer✔✔Undertaking by one party to be accountable for a third party's obligation Principal (SURETY BONDS) - answer✔✔Person or corporation whose performance is guaranteed Going Concern Value - answer✔✔Difference in property value after a loss if the business continued Separation (RISK MANAGEMENT) - answer✔✔Dividing an organization's asset or operation into separate units Employee is responsible to obtain own coverage under a private accident an d Sickness Policy. - answer✔✔Extent of law viewing employer's liability for employee injuries Canada and the United States of America (including its territories and possessions). - answer✔✔Coverage territory under Commercial General Liability Policy Slander - answer✔✔Spoken defamation The S.E.F. No. 20 Loss of Use Endorsement (OPCF 20 Coverage for Transportation Replacement) provides for the payment of certain costs incurred in the rental of a substitute automobile. - answer✔✔Purpose of the S.E.F. No. 20 Loss of Use Endorsement The carrying of clients or customers or prospective clients or customers. - answer✔✔Excluded use of insured automobile under General Provisions, Definitions, and Exclusions in automobile policies Straight Bill of Lading. - answe r✔✔Type of bill of lading that instructs delivery to named consignee only Administrator of an estate. - answer✔✔Person exempt from requiring a Fiduciary Bond Indemnity Agreement. - answer✔✔Back -up secured by the surety when contractor provides cash or lett ers of credit Licenses. - answer✔✔Exception to intangible property examples with value Exposure Avoidance. - answer✔✔Risk control technique used when an exposure has been completely eliminated Intentional Tort; Unintentional Tort. - answer✔✔Two kinds of to rts for which courts provide compensation place greater responsibility on those who are in best position to control them - answer✔✔Rationale for imposing strict liability in certain instances Lighting Fires; Operation of aircraft. - answer✔✔Two examples of activities for which a person might be strictly liable To compensate for bodily injury or property damage. - answer✔✔Purpose of compensatory damages The responsibility of manufacturers for their negligence was extended to the ultimate users of their produ cts. - answer✔✔Result of the Donoghue v. Stevenson case Expert level when it comes to the ingredients and properties of the product. - answer✔✔Level of knowledge expected from sellers concerning the goods sold Are expected to tell the truth about the produ ct. - answer✔✔Main duty imposed by law upon sellers of products Rental or Lease Agreement. - answer✔✔Document used to assess the extent of potential loss exposure to the landlord Same care taken by prudent and diligent owner - answer✔✔Level of duty of care owed by a bailee for the property of others
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