Caib 2 exam with 1 - Study guides, Class notes & Summaries

CAIB 2 Chapter 1 Practice Exam 1 With 100% Correct Answers

CAIB 1 Practice Exam Questios with 100% Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - answerd. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - answerb. A compan...

CAIB 4 Chapter 6 Exam Questions and Answers 100% Pass Identifying the three meanings given to marketing in the insurance world. - Answer- 1. Placing of business by an insurance brokerage with various insurers. 2. Insurance companies promoting their products to brokerages 3. Insurance companies promoting their products to consumers. Marketing may be defined as a system of business activities which are designed to plan, promote, price and distribute want-satisfying products, services and id...

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 4 - Chapter 2 Exam Questions and Answers 100% Pass Identify 3 elements to organizing effectively: - Answer- 1. Creating an organizational structure. 2. Defining employee relationships. 3. Establishing position descriptions. Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. - Answer- 1. Line organization 2. Functional organization 3. Line and staff organization Identify which type of brokerage is best suited for a line or...

CAIB 4 Chapter 2 Exam Questions and Answers 100% Pass Organizing involves determining the way the brokerage's activities will be divided into measurable units. Identify the three elements to organizing effectively. - Answer- 1. Creating an Organizational Structure 2. Defining Employee Relationships 3. Establishing Position Descriptions The organizational structure is the skeleton upon which the brokerage grows and interacts. The structure also defines who has authority and responsibilit...

CAIB 1 Practice Exam Questios with 100% Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - answerd. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - answerb. A compan...

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 Exam Questions and Answers 100% Pass 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. - Answer- 1. Improve client service levels 2. Store information safely and convenietly 3. Reduce operating costs 4. Handle large v...

CAIB 3 Practice Exam Questions With Verified & Correct Answers 2024|2025 What is the name given to the collection of written decisions? Correct Answer: Case Law Explain the concept of the Rule of Precedent. Correct Answer: Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". Correct Answer: Compens...