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CAIB 3 Exam 2024 Questions and Answers.
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CAIB 3 Exam 2024 Questions and Answers.
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CAIB 3 Exam 2024 Questions and Answers
D. Is primarily concerned with the compensation of victims for their losses - ANS-The
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following statements respecting the brach of law known as "criminal law" are true
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except one. Pick the exception:
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A. Addresses wrongs directed against the state
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B. Authorities have a duty to prosecute and punish wrongdoers and are not required to
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wait for the victim to file formal charges before taking action
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C. Uses punitive sanctions as a men's of enforcing its many rules
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D. Is primarily concerned with the compensation of victims for their losses
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B. Workers compensation acts provide for no fault insurance benefits and remove right
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of employees to sue their employers - ANS-Muck it up construction inc., employs over
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35 people at its various project sites. Its president, Kon Krete, is concerned about the
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possibility of a liability suit being laid against the firm in the event one or more
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employees is injured on the job. The following statement best describes the extent to
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which the law of use Mac it up's liability for injuries caused two employees on the job:
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A. Employee is responsible to obtain own coverage under a private Accident and
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Sickness
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B. Workers compensation acts provide for no fault insurance benefits and remove right
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of employees to sue their employers
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C. Employee is fully insured through contributions made to unemployment insurance
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commission
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D. Employee always has the option to use the employer for additional damages beyond
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those awarded under a provincial workers compensation plan
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A. General damages - ANS-In a recent judgement against your client, the judge
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awarded damages in the amount of $1,300,000 for "pain and suffering" and "future
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earnings". These damages are knowns as:
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A. General Damages
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B. Special Damages
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C. Exemplary Damages
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D. Nominal Daamages
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A. Criminal liability - ANS-The commercial general liability policy insures all of the
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following liabilities of business owners except one. Pick the exception:
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A. Criminal Liability
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B. Tort Liability
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C. Certain Contractual Liability
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D. Statutory Liability
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,B. Canada and the United States (including territories and possessions) - ANS-The
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coverage territory insured under the commercial general liability policy is, with the
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exception of products liability policy is influenced by all of the following factors except
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one. Pick the exception:
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A. Canada
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B. Canada and the United States (including territories and positions)
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C. Canada in the continental United States
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D. Canada and the US excluding Hawaii and Alaska
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A. Size or area of the plant or factory - ANS-The determination of the premium to be
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charged for products liability coverage under the commercial general liability policy by
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all of the following factors, except one. Pick the exception:
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A. Size or area of the plant or factory
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B. Types of products made or sold
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C. Sales volume
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D. Territory and which products are sold
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B. To ensure the legal liability of a business when its products cause an injury or
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damage - ANS-Products liability insurance is designed to:
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A. To pay for replacement of faulty products when a consumer complaints
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B. To ensure the legal liability of a business when it's products cause injury or damage
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C. To pay for loss of use caused by A new product that is being tested
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D. To pay for the cost of recalling a defective products after release from the insurance
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premises
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C. Slander - ANS-Which of the following describes spoken deformation
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A. Malicious prosecution
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B. Libel
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C. Slander
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D. Trespass
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C. 3 million - ANS-What limit of liability is required for public buses with seating capacity
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of 16 persons or more having extra provincial operations required in Canada:
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A. 200,000
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B. 250,000
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C. 3 million
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D. 1 million
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C. Arrange for coverage E to be endorsed as in B above and attached to waiver of legal
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liability endorsement - ANS-Your clients operate a repair a garage and a large number
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of customers automobiles are kept on the premises overnight. Your clients have asked
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you to ensure that the coverage is provided for these automobiles regardless of fault.
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To provide the best coverage for your clients, you would:
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A. Arrange for coverage to be provided under section E - legal liability to customers
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, B. Arrange for the SEF number 77 - legal liability for comprehensive damage to
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customers automobiles endorsement (including open lot pilferage) SPF number 4
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standard garage auto policy
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C. Arrange for coverage E to be endorsed as in B above and attached to waiver of legal
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liability endorsement
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D. Arrange the SEF number 76 additional insured endorsement broad form to be added
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to all policy coverage under the SPF number for standard garage auto policy
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C. 200,000 - ANS-Financial responsibility lies and act in each of the common law
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provinces require that owners of automobiles be able to establish their ability to pay
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losses up to a certain minimum dollar limit. The minimum legislated limits of third-party
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liability coverage required to be carried by automobiles and the private passenger type
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in each of the common all provinces is:
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A. 50,000
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B. 100,000
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C. 200,000
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D. 250,000
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A. Straight bill of lading - ANS-There are many different kinds of bills of lading. One type
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is that which instructs the carriers to deliver the goods to the names consignee only and
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any arrangements to the contrary are not permitted. The above instructions would
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normally be found in the following type of bill of lading
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A. Straight Bill of lading
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B. Order bill of leading
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C. Release bill of lading
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D. Valued bill of lading
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C. Draft - ANS-The method of paying for goods undergoing the ocean voyage is
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normally addressed by the terms of sale. Under the terms of sale your client has with
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the seller, payment is required to be made at the time the billing is presented the
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following best describes this method of payment:
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A. Cash in advance
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B. Open account
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C. Draft
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D. Letter of credit
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B. Bank teller - ANS-The fiduciary bond would generally be required of all of the
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following persons except one. Pick the exception
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A. Administrator of the estate
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B. Bank teller
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C. Trustees in bankruptcy
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D. Guardian
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A. Are two party contracts - ANS-Contracts of suretyship are not insurance contracts,
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and indeed, there are many Differences between them. All of the following statements
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regarding suretyship bonds are true, except one. Pick the exception
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