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CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100- correct answers. $12.49   Add to cart

Exam (elaborations)

CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100- correct answers.

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  • CAIB
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  • CAIB

CAIB 2 Chapter 5 Practice Test 1 exam 2024 with 100- correct answers.

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  • August 20, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CAIB
  • CAIB
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Prose1
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
n n n n n n n n n n n n n


personal property of
n n n


another for a purpose other than sale and who is compensated as a condition of such
n n n n n n n n n n n n n n n


custody
n




Identify three types of Bailees and provide an example of each. - ANS-i) Repair of
n n n n n n n n n n n n n n


npersonal property n


example: Television repair shop n n n


ii) Storage of personal property
n n n n


example: Public storage warehouse n n n


iii) Delivery of personal property
n n n n


example: Courier service n n




Define Ordinary Care. - ANS-Requirement to take the same care of the goods of others
n n n n n n n n n n n n n n


as would be taken by a
n n n n n n


prudent and diligent owner of such goods
n n n n n n




When could bailees be responsible for damage to customer's property? - ANS-Bailees
n n n n n n n n n n n


may be responsible for damage to customer's property when negligent in
n n n n n n n n n n n


common law or in contract n n n n




Other than stock coverage found on Bailee's commercial property policies, what
n n n n n n n n n n


are two other policies that could be used to insure customer's property? - ANS-i)
n n n n n n n n n n n n n


nSeparate policy covering legal liability of bailee n n n n n n


ii) Specialized policy insuring customer's property which ignores requirement for
n n n n n n n n n


legal liability n




By knowing answers to certain questions, brokers should understand whether the
n n n n n n n n n n


ncarrier or the owner of property should purchase insurance when selling Inland
n n n n n n n n n n n


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
n n n n n n




Define Common Carrier. - ANS-Common carriers are those transportation companies
n n n n n n n n n


nthat will provide n n


transportation services to any person needing their services n n n n n n n

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