Caib 2 chapter 5 Study guides, Class notes & Summaries
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CAIB 1 - Chapter 1 Questions and Answers Rated A+
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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...
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CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
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CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
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CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass
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CAIB 3 - Chapter 5 - Surety Bonds 
Questions and Answers 100% Pass 
 
What guarantees are provided by various licence and permit bonds? 1. Compliance 
Guarantees 
2. Financial Guarantees 
3. Credit Guarantees 
 
Surety -The state of being sure, certain and secure. 
-"one who undertakes to pay money or to do any other act in event that his (the) principal fails 
therein." 
-Promises to answer for the default of the principal. 
 
Suretyship A guarantee of performance made by one person or entity...
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CAIB 1 Chapter 3 Questions and Answers Already Passed
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CAIB 1 Chapter 3 Questions and 
Answers Already Passed 
 
Identify four perils that mobile homes are more susceptible to than conventional homes 1. 
Fire 
2. Windstorms 
3. Hail 
 
4. Transportation 
 
Identify the purpose of "tie downs" Secure the unit to the foundation so that it remains stable 
during windstorms 
 
Explain the purpose of "dent clause" Excludes payment unless the exterior siding has been 
actually torn or punctured by the storm 
 
Identify 2 expenses included in the "Emer...
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CAIB 1 Chapter 6 Questions and Answers Graded A+
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CAIB 1 Chapter 6 Questions and 
 
Answers Graded A+ 
 
What is the minimum limit of Third Party Liability available in your province? $200,000 
 
How does an insured show proof of financial responsibility in your province The "pink 
copy" of the certificate of registration 
 
Identify the Automobile coverages that are available in your province and indicate which are 
compulsory. Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - 
$20,000 
All compulsory in Manitoba (6-4)...
Too much month left at the end of the money?
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CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 5 Practice Test 1 Questions and Answers 2024
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CAIB 2 Chapter 5 Practice Test 1
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CAIB 1 CHAPTER 1 QUESTIONS AND ANSWERS RATED A+
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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 ...
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CAIB 2 - Chapter 1 Questions and Answers Rated A+
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CAIB 2 - Chapter 1 Questions and 
 
Answers Rated A+ 
 
The three amounts to be considered when calculating the amount of payment as outlined in the 
Indemnity Agreement are: 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 insurance specified on the "Declarations Page" for the loss or damaged property 
(least amount|) 
 
Identify the four categories that buildings may fall into: Re...
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CAIB 2 STUDY NOTES CHAPTER 3 Question and answers correctly solved 2024
- Exam (elaborations) • 11 pages • 2024
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CAIB 2 STUDY NOTES CHAPTER 3 Question and answers correctly solved 2024 Identify three leading causes of fires in Canada - correct answer 1. Arson or suspected arson 
2. Failure or malfunction of mechanical or electrical equipment 
3. Misuse of source of ignition 
 
Identify what information is requied by law to apper on all insurance polcies - correct answer 1. Name of parties to the contract 
2. Policy period 
3. Loss payable of payee 
4. Summary of insurance coverages and amounts fo...
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