CAIB 1 Bundled Exams Questions and Answers 100% Verified and Updated 2024 | Graded A

CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify...

CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct What is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- Most provinces h...

CAIB 1 - Chapter 7 Questions and Answers 100% Correct What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher c...

CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024 Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim,...

CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and licens...

CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS WITH COMPLETE SOLUTIONS Define in pure insurance terms "risk" - Answer- The chance of financial loss to which an object of insurance is exposed List the 3 categories of risk generally faced by people - Answer- Personal Risk; Property Risk; Li...

CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are ...

CAIB 1 CH1 (Discussion Questions) with 100% Correct Answers 100% Pass A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year old who was attending university. It is your understanding that minors cannot enter into contracts for things not deemed to be the "neces...

CAIB 1 Practice Questions (100) with Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in o...

CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct What area of law does Criminal Law address? - Answer- Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer- Prosecute them in criminal courts with fines, imprisonment or probation What ar...

CAIB 1 - Chapter 2 Practice Questions and Answers 100% Pass What are the 3 types of Homeowners Forms? - Answer- 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer- Insurance Bureau of Canada What types of risks are now eligible for coverag...

CAIB 1 Chapter 5 Farm Insurance Questions and Answers 100% Verified Define farming - Answer- premises for crops and livestock roadside stands and farmers markets Three Basic differences between types of arms - Answer- 1) The product grown or produced 2) Types of specialized machinery or equipm...

CAIB 1 Practice Exam (Multiple Choice) Questions and Answers 100% Pass All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer- B -...