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CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
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CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
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CAIB 2 Chapter 5 Practice Test 1Questions and answers | With complete
solution 2024/25 RATED A+
Define Bailee for Hire. - Person or organization who has temporary custody of the personal
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property of
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another for a purpose other than sale and who is compensated as a condition of such
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custody
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Identify three types of Bailees and provide an example of each. - i) Repair of personal
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property
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example: Television repair shop ii ii ii
ii) Storage of personal property
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example: Public storage warehouse ii ii ii
iii) Delivery of personal property
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example: Courier service ii ii
Define Ordinary Care. - Requirement to take the same care of the goods of others as
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would be taken by a
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prudent and diligent owner of such goods ii ii ii ii ii ii
When could bailees be responsible for damage to customer's property? - Bailees may be
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responsible for damage to customer's property when negligent in
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common law or in contract ii ii ii ii
Other than stock coverage found on Bailee's commercial property policies, what
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are two other policies that could be used to insure customer's property? - i) Separate policy
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covering legal liability of bailee
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ii) Specialized policy insuring customer's property which ignores requirement for
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legal liability ii
By knowing answers to certain questions, brokers should understand whether the carrier
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or the owner of property should purchase insurance when selling Inland
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Transportation Insurance. What are these questions? - i) Who would be responsible for ii ii ii ii ii ii ii ii ii ii ii ii ii
loss to property
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ii) What is the extent of responsibility
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Define Common Carrier. - Common carriers are those transportation companies that will
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provide
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transportation services to any person needing their services ii ii ii ii ii ii ii
What is the general rule regarding the responsibility of common carriers? - Common
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carriers are responsible for the safe delivery of property in their care
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