Exam (elaborations)
CAIB 1-Chapter 1
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Exam of 58 pages for the course .... at .... (CAIB 1-Chapter 1)
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Name: Score:174 Multiple choice questions
Definition 1 of 174
Did/should X Loss = Settlement
Co-Insurance Equation
When Loss is Payable
Res Ipsa Loquitur
Coverage E: Personal Liability
Term 2 of 174
Premises
All occupants have moved out with no intention of returning and no new occupant has
taken up residence
Land contained within the lot lines on which the dwelling is situated
Coverage provided for injury or damage arising out of your ownership, use of operation of
any trailer
Basis of return premium when the insurer cancels the policy.
Definition 3 of 174
Owned and controlled by policy holders
Example Mutual Insurance Companies
Trespasser
Non-Proprietary Insurers
joint liability
General Average
,Definition 4 of 174
Represents the amount of money the insured is required to pay for each loss for which insurance
coverage is provided before payment from he insurer
Deductible
Negligence
Endorsement
Schedule coverage
Definition 5 of 174
Coverage provided for injury or damage arising out of your ownership, use of operation of any
trailer
Notice of Loss
Vacant
Trailers
Hostile Fire
Term 6 of 174
Civil Code
is any change within the control and knowledge of the insured and which arises after the
policy has been issued and serves to increase the chance of loss
The insured and insurer agree at the time of the policy is issued as to the cash value of the
property. In the event of a loss, the agreed amount would be paid
one who intentionally and without consent or privilege enters another's property
All matters which might give rise to a dispute are codified into a series of articles within the
body of law (don't follow previous decisions)
,Definition 7 of 174
Gives extensive authority to brokers in the settling and enforcing of broker standards since 1981
Registered Insurance Brokers of Ontario Act
Provincial travel policies can be purchased for
Travel policy single trips can be how long (ranging)
Malicious Act
Term 8 of 174
Insurance interest
One which is temporarily being used as a substitute for the auto described on the policy of
its been broken down, repaired, servicing, loss etc
Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for
each item.
One in which the identity of either the owner or driver cannot be ascertained and which
causes bodily injury or death to the insured person.
One has an insurable interest in the subject matter of the insurance when they will suffer
financially be a loss
Term 9 of 174
Replacement cost coverage farming
Intentional and Unintentional
Saskatchewan, Manitoba, BC and Quebec
Usually on equipment 5 years or newer
Immediately in writing / tell insured
, Definition 10 of 174
Loss that is a result or consequence of a direct loss
Direct Loss
Indirect Loss
Void Contract
Friendly Fire
Term 11 of 174
Travel policy multiple trips consist of how long
Ambulance charges, family visitation, repatriation and return of vehicle.
the body of law that governs contract enforcement
One party has the right not to be harmed unreasonably and the other party has a duty to
refrain from causing harm
Lasting up to 30 or 45 days, occurring any time within a year from the day the policy is issue
Term 12 of 174
Condiminium Unit
When two or three people act together so as to cause injury or damage
Statutes created by governments may impose strict liability
A system of separate ownership of individual units in a multiple unit building
Two or more parties act together to cause injury or damage
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