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CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100- correct answers.
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CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100- correct answers.
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CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100%correct answers
Define Bailee for Hire. - ANS-Person or organization who has temporary custody of the
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personal 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
n
Identify three types of Bailees and provide an example of each. - ANS-i) Repair of
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npersonal property n
example: Television repair shop n n n
ii) Storage of personal property
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example: Public storage warehouse n n n
iii) Delivery of personal property
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example: Courier service n n
Define Ordinary Care. - ANS-Requirement to take the same care of the goods of others
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as would be taken by a
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prudent and diligent owner of such goods
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When could bailees be responsible for damage to customer's property? - ANS-Bailees
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may be responsible for damage to customer's property when negligent in
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common law or in contract n n n n
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? - ANS-i)
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nSeparate policy covering legal liability of bailee n n n n n n
ii) Specialized policy insuring customer's property which ignores requirement for
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legal liability n
By knowing answers to certain questions, brokers should understand whether the
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ncarrier or the owner of property should purchase insurance when selling Inland
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Transportation Insurance. What are these questions? - ANS-i) Who would be n n n n n n n n n n
nresponsible for loss to property n n n n
ii) What is the extent of responsibility
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Define Common Carrier. - ANS-Common carriers are those transportation companies
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nthat will provide n n
transportation services to any person needing their services n n n n n n n
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