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CAIB 1 Practice Exam ( Long Answer) Quizzes & Ans!!
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CAIB 1 Practice Exam ( Long Answer) Quizzes & Ans!!
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Name: Score:21 Multiple choice questions
Definition 1 of 21
Inadequacies which might occur in a Condominium Corporation policy
are:
- under insurance;
- application of co-insurance penalty;
- cause of loss is not an insured peril or is specifically excluded; and
- breach of policy condition.
Under the various Homeowners Forms available today which of the following is not an
"insured"?
a) Insured's grandmother who also lives at the dwelling insured by the policy.
b) 16-year-old foster child left in the care of the insured.
c) Insured's daughter, age 22, who is living at home while attending university.
d) Insured's common law spouse who moved in four months ago and is not specifically
named on the policy.
Loss assessment coverage is designed to pay for those special
assessments against unit owners when coverage provided under the
Corporation's policy is inadequate. Provide two (2) examples of
inadequate coverage which might occur under the Condominium
Corporation's policy.
Define Civil Law
The Indemnity Agreement in property insurance policies states that in the event of a loss,
the insurer will pay the lesser of three amounts in the event of a claim. One factor which
does not enter into this calculation is:
a) the actual cash value of the property.
b) the original cost of the property.
c) the insured's interest in the property.
d) the policy limit.
, Definition 2 of 21
(i) Legal Duty Owed
This element pre-supposes that one party has the right not
to be harmed unreasonably and the other party has a duty to refrain from causing harm.
(ii) Duty Breached
There must be either a violation of the right to be free from
harm or a breach of the duty not to harm.
(iii) The plaintiff suffered damages as a proximate result of the defendant's negligence
Only those damages which arose directly out of the insured's
negligent actions will be paid by the policy...i.e. other damages which resulted from other
intervening causes are not insured by the policy.
Normally, the insurer will not subrogate against any person using the
automobile with the insured's consent. However, there are certain
exceptions. Identify two (2) circumstances in which the insurer will
subrogate against the party having possession of the insured's
automobile for damage they might cause to it.
There are three (3) elements required to be present in every tort action. If any
one element is lacking, no tort has occurred.
Identify the three (3) elements required to be present in every tort action and
provide a brief explanation of each.
Your client lives in a condominium in a local suburb. Indicate whose
responsibility it is to insure the following property items:
(i) the building;
(ii) unit improvements and betterments;
(iii) the common elements;
(iv) contents contained in each condominium unit.
The insurer always has the right to decide on how the claim will be
settled. It may make payment in the form of cash or rebuild, repair or
replace the lost or damaged property. When must the insurer provide the
insured with its notice of intention to rebuild, repair or replace?
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