CAIB 1/2/3 BUNDLED exams 2023/2024 with 100% correct answers

CH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established - correct answer Common law; Statute law CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages - correct answer Financial Circumstances; Repu...

Identify the five mounting losses of liability insurers of the 1980's - correct answer 1. Disproportionately high court awards in the USA 2. Environmental Disasters 3. Aviation Disasters 4. Inadequate assessment of potentially dangerous risks 5. Latent bodily injury claims Identify the fiv...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - correct answer The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - c...

3 advantages of using a fact find or survey - correct answer 1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies 3 benefits of commercial property checkl...

A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - correct answer "Submission." 1) Assists t...

3 Considerations that make some property items "Target Items" and provide an explanation for each - correct answer 1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which pro...

Only the property specifically listed or scheduled on the policy is insured. - correct answer Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - correct answer Property of Every Description (POED) coverage. All property owned by the insured i...

Explain "Scheduled Basis" - correct answer Only the items listed on the policy will be insured Explain "Property of Every Description" Basis - correct answer Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis - correct ...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - correct answer 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of i...

Scheduled Coverage - correct answer refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - correct answer refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Impro...

1. Endorsements; changes the terms or conditions of the insureds policy 2. Riders; adds additional coverage to those already in place 3. Separate policies; equipment breakdown insurance, computer crime, other specialized coverages often purchased separately but can be added to existing policy - ...

1. An application 2. Additional verbal information 3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - correct answer An application and a submission are not the same thing. Identify three items that a submission m...

Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Busines...

Scheduled Coverage - correct answer Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - correct answer Refers to policy used to insure buildings, stock and equipment under a single limit of insurance...