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CAIB 2 Chapter 7 Practice Test 2 exam 2023/2024 with 100% correct answers $11.99   Add to cart
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CAIB 2 Chapter 7 Practice Test 2 exam 2023/2024 with 100% correct answers

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What are two factors to consider when deciding which form of business interruption insurance to purchase? - correct answer i) Nature of business ii) Types of perils most likely to cause losses When using old financial statements to establish amount of insurance, what problems could be encountered? ...

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  • April 3, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 7 practice test 2 exam wi

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  • Caib 4
  • Caib 4

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CAIB 2 - Chapter 7




CAIB 2 - Chapter 7






, . CAIB 2 - Chapter 7




1. 4 sources of business interruption & provide an example of each: 1)

physical damage to business; fire destroys business 2) failure of public utilities;

ice storm damages power lines 3) transportation related accidents; rail car

derailment 4) physical damage to neighbouring premises; anchor store burns

down

2. 3 sources of funding available to businesses when their operations are

interrupted: 1) reduce their capital reserves 2) take out a bank loan 3) purchase

adequate amounts of business interruption insurance

3. 2 key coverages provided by Business Interruption Policies: 1) insure

lost net profit of the business which it could have earned had there been no loss

2) insure expenses that must continue during period of business interruption

4. What is the period of indemnity provided by the Gross Earnings Form?:

Coverage begins on the date of destruction or damage and continues for time

necessary to repair or replace the damaged property

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