Caib 1 chapter 1 - Study guides, Class notes & Summaries

CAIB 1 - CHAPTER 1-4 UPDATED Exam Questions and CORRECT Answers Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss - Correct ANSWER- -Equipment will not work 100% of the time -certain types of losses such as wind, hail and lightning cannot be effectively controlled People can choose to deal with risk in a variety of ways identify four possible options and provide a brief explanation of each - Correct ANSWER- Avoid the risk - ...

CAIB 1 Chapter 7 Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

CAIB 2 – CHAPTER 1 EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+

CAIB 1 - Chapter 1 Questions and Answers Rated A+ Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses the...

CAIB 1 CHAPTER 3 EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+

CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

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 ...