Caib 2 chapter 5 - Study guides, Class notes & Summaries

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 ...

Caib 2 Study Notes; Chapter 5 Questions And Answers With Verified Solutions Rated A+

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...

CAIB 2 Chapter 5 Practice Test 1 exam 2024/2025 with 100% correct answers

CAIB 3 Chapter 6 Exam Questions and Answers 100% Pass Identify the two dimensions of the risk management process - Answer- 1. A decision process 2. A management or administrative process Identify the five steps in the decision making process - Answer- Step 1 - Identify & analyze loss exposure Step 2 - Examine alternative risk management techniques Step 3 - Select risk management techniques Step 4 - Implement techniques Step 5 - Monitor results Identify the four administrative areas in...

CAIB 4 Chapter 8 Latest Version with Complete Solutions Technology development has had a major impact on the insurance industry. It has completely transformed the way information is recorded and transmitted between the parties involved in insurance transactions. Identify five functions that the effective utilization of technology will allow brokers to realize. 1. Improve client service levels 2. Store information safely and convenietly 3. Reduce operating costs 4. Handle large volu...

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...

CAIB 1 Chapter 7 Questions and Answers Already Passed Who is responsible for the administration of the insurance act in your province? MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other provinces. CAIB, this is t...

CAIB 2 - CHAPTER 1 QUESTIONS AND ANSWERS ALREADY PASSED Scheduled coverage. Only the property specifically listed or scheduled on the policy is insured. Property of Every Description (POED) coverage. Building, Stock and Equipment are insured under a single limit of insurance. All Property (Blanket) coverage. All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) The three classes of property i...

Caib 2 - Chapter 5 (From Ibabc) Questions And Answers With Verified Solutions Already Passed!!!