Caib iii Study guides, Class notes & Summaries

CAIB 1 Chapter 4 Questions and Answers 100% Pass What area of law does Criminal Law address? Criminal law deals with wrongs against society How does criminal law deal with violators? Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of civil law? To seek compensation for...

CAIB 2 Chapter 6 Practice Test 2- solved What are three types of property normally excluded or receive limited coverage on commercial property insurance policies? - Answer ️️ -i) Money ii) Furs iii) Jewellery List and explain the four areas addressed by Commercial Crime policies. - Answer ️️ -i) Property covered Explanation: This section of crime policies will identify type of property insured such as money, jewellry or securities ii) Perils insured Explanation: This section of...

CAIB 2 Chapter 4 Practice Test 1 Define Endorsement. - Answer ️️ -Endorsements change terms of existing policies Define Rider. - Answer ️️ -Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - Answer ️️ -a) NC mechanical breakdown b) NC damage caused by ...

CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) Identify the company which assumes the greatest portion of an account Lead Company What is re-insurance an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? i) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insuranc...

CAIB II- Chapter 6 Exam Questions and Answers List three considerations that make some property items 'target' items and provide an explanation for each - Answer ️️ -i) Convertibility (ease at which property can be sold and converted to cash) ii) Value (higher valued articles are more attractive to thieves) iii) Portability (this refers to the east at which property can be transported) Other than forced entry into safes, what are four methods used by thieves which may result in loss...

CAIB 2 Chapter 7 Practice Test 1 100% Solved Provide four sources of Business Interruption losses and an example of each. - Answer- i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several weeks. This results in sales at the business to plummet iii) Transportation related accidents example: Railcar containing hazardous gas overturns cau...

CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers Identify the company which assumes the greatest portion of an accountanswerLead Company What is re-insuranceansweran insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity?answeri) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the p...

CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers) Define Bailee for Hire. Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. i) Repair of personal property example: Television repair shop ii) Storage of personal property example: Public storage warehouse iii) Delivery o...

CAIB 2 Chapter 2 Practice Exam 1 with 100% verified solutions What are three advantages using a fact find or survey? - answeri) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? - answeri) Assists brokers when identifying potential losses ii) Assists bro...

CAIB 2 Chapter 3 Practice Test 1 with 100% verified solutions What are three causes of fires in Canada and provide an example of each. - answeri) Malfunction of electrical or mechanical equipment example: Damaged electrical cords ii) Arson example: Vandal sets fire iii) Misuse of ignition source example: Playing with lighters What are six items required to be shown on policy declaration pages? - answeri) Names of parties to insurance policy ii) Policy period iii) Loss payable or paye...