Caib 2 stuvia - Study guides, Class notes & Summaries
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CAIB 2 Chapter 1-7 Review Questions & Answers 100% Correct
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Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company 
 
What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. 
 
What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. 
 
Why d...
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Caib 2 Questions Correctly Answered100% Solved
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warranty -ANSWER- A promise that certain facts are as they are represented to be and that they will remain so 
 
hazard -ANSWER- A condition which may cause a peril to occur 
 
Latent defect -ANSWER- A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection 
 
Endorsement -ANSWER- Changes the terms or conditions of the insured's policy 
 
Messenger -ANSWER- The insured or a partner of the insured or any employee who is duly authorized by the insured to have...
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CAIB 2 - CHAPTER 3 IBABC ACCURATE 100% 2024
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1) Failure or malfunction of mechanical or electrical equipment; 
2) Arson; 
3) Misuse of ignition source. - ANSWERThe three leading causes of fire losses in Canada. 
 
Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - ANSWERThe policy-period start that's applicable to most commercial property policies. 
 
The insurer is liable to that party, meaning that it may have to pay the claim twice. - ANSWERThis happens when an addition...
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CAIB 2 - Chapter 5 Questions & Answers 100% Correct.
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identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair 
 
for safekeeping or storage 
 
for delivery to others 
 
identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops 
 
dry cleaners 
 
tailors 
 
briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent an...
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CAIB 2 - Checkpoints Exam Questions With Complete Answers Rated A+
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Identify 3 classes of property insured by commercial property insurance policies - CORRECT ANSWER-Building, Equipment, Stock 
 
Identify 2 ways used to insure commercial property and a brief explanation of each - CORRECT ANSWER-Scheduled coverage: only that property specifically identified or scheduled on the policy is insured 
All Property (formerly POED) a single limit of insurance is provided for building, stock, and equipment. 
 
Scheduled Coverage - CORRECT ANSWER-refers to the policy on wh...
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CAIB 2 - Chapter 5 Questions & Answers 100% C0rrect
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identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair 
 
for safekeeping or storage 
 
for delivery to others 
 
identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops 
 
dry cleaners 
 
tailors 
 
briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent an...
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Caib 2 Test Questions & Answers(GRADED A+)
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Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property which is specifically identified or scheduled 
 
Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and equipment under a single limit of insurance 
 
All Property (Blanket) - ANSWERA policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance 
 
Tenant Improvement - ANSWERBuilding improvement, alteration and better...
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CAIB 2 -Terms and Definitions Questions & Answers(RATED A+)
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Scheduled Coverage - ANSWERrefers to policy on which coverage is provided only on that property which is specifically identified or scheduled 
 
All Property - ANSWERrefers to policy used to insure building, equipment and stock under a single limit of Insurance 
 
Tenants Improvement - ANSWERbuilding improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not actual ...
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CAIB 2 - Chapter 6 Exam Questions With Complete Solutions Newest Version 2024/2025
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identify three types of crime losses to real property - CORRECT ANSWER-vandalism 
 
malicious acts 
 
burglary and arson 
 
identify three reasons why some types of personal property become 'target items' - CORRECT ANSWER-convertibility (the ease with which property can be converted to cash) 
 
value 
 
portability 
 
identify eight methods used by criminals which can result in loss to real and personal property - CORRECT ANSWER--forced entry into building and protected enclosures 
 
-unforced...
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CAIB 2 - Commercial Property Exam Questions & Answers Fully Solved
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What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - ANSWER-1) When at customers premises on a pre-sale trial basis 
2) When at warehouse awaiting pickup by client 
 
What are 3 coverages found in EDP Policies? - ANSWER-1) Loss to data processing systems and components (hardware) 
2) Loss to data processing media and programs (software) 
3) Extra Expenses 
 
What are 2 key coverage advantages provided by section I of EDP Policies? ...
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