Caib 1 - Study guides, Class notes & Summaries
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CAIB 1 CHAPTER 1 Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test
- Exam (elaborations) • 17 pages • 2024
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CAIB 1 CHAPTER 1 Questions with 100% Correct Answers | 
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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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Practice Exam for CAIB 1 Questions and Answers 100% Pass
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Practice Exam for CAIB 1 Questions and 
 
Answers 100% Pass 
 
Insurers are in the business of assuming the financial risks of others which involves entering into 
a formal contract. A contract is enforceable at law only when all legal elements have been 
observed. Insurance contracts differ from other formal agreements and are subject to what three 
additional elements? Insurable Interest 
 
Utmost Good Faith 
Indemnity 
 
Explain the meaning and disadvantage of the following approaches: Avoida...
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CAIB 1 Questions with complete solution 2024
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CAIB 1 Questions with complete solution 2024 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 - rent rather than buy 
...
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CAIB 1 - CHAPTER 1-4 Exam Study Guide With Verified Solutions.
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CAIB 1 - CHAPTER 1-4 Exam Study 
Guide With Verified Solutions. 
Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating 
financial loss - 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 - answerAvoid the risk - rent rather than buy 
C...
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CAIB 1 - Chapter 6 Questions and Answers Rated A+
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CAIB 1 - Chapter 6 Questions and 
 
Answers Rated A+ 
 
What types of claims are paid out under Death & Injury court awards to innocent victims and 
their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of 
income 
 
What types of claims are paid out under Damage to Property Collision, Comprehensive 
 
Why is auto insurance compulsory in all provinces? It is unlikely that people would 
voluntarily purchase insurance thus leaving society to pay costs as...
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CAIB 1 - CHAPTER 1-4 UPDATED Exam Questions and CORRECT Answers
- Exam (elaborations) • 19 pages • 2024
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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 - ...
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CAIB 1 - CHAPTER 1: INTRODUCTION TO GENERAL INSURANCE
- Exam (elaborations) • 13 pages • 2024
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CAIB 1 - CHAPTER 1: INTRODUCTION TO GENERAL INSURANCE
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CAIB 1 - Chapter 1 Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test
- Exam (elaborations) • 15 pages • 2024
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CAIB 1 - Chapter 1 Questions with 100% 
Correct Answers | Latest Version 2024 | 
Expert Verified | Ace the Test
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CAIB 4 Exam Questions with Correct Answers
- Exam (elaborations) • 11 pages • 2023
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CAIB 4 Exam Questions with Correct Answers 
 
What are the two approaches to planning? Explain each - Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 
2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. 
 
What are the advantages and disadvantages of top down planning? - Answer-Advantages: Management feels in control and in charge of decision makin...
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