Caib 1 - Study guides, Class notes & Summaries

CAIB 1 Practice Questions With 100% Correct Answers (Pass!) 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 - ANS-d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - ANS-b. A...

CAIB 1 QUESTIONS AND ANSWERS GRADED A+ Risk the chance of financial loss to which an object of insurance is exposed Speculative Risk possibility of financial loss or gain Pure Risk Chance of financial loss, no gain Insurance undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other ting of value upon the happening of a certain eve...

CAIB 1 Practice Questions (100) with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

CAIB 1 Practice Questions (100) Answered Correctly, To Score A+

CAIB 1 Practice Questions (100) with Complete and Verified 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 d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock b. A c...

CAIB 1 CHAPTER 1 QUESTIONS AND ANSWERS RATED A+ Identify 4 possible options to deal with Risk , describe each Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? Transfer of Risk Identify the 5 elements required in all types of contracts Agreement , Consideration , Legality of ...

Risk the chance of financial loss to which an object of insurance is exposed Speculative Risk possibility of financial loss or gain Pure Risk Chance of financial loss, no gain Insurance undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other ting of value upon the happening of a certain event Contract an agreement between two or more perso...

CAIB 1 Practice Questions | 100% Correct Answers | Verified | Latest 2024 Version