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

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

CAIB 2 Chapter 1 Practice exam 1 Question and answers correctly solved 2024 Explain what it means to issue insurance on a scheduled basis - correct answer Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - correct answer Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - correct answe...

CAIB 1 - Chapter 1 UPDATED Exam Questions and CORRECT Answers Define "Risk" - Correct ANSWER- The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Correct ANSWER- 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Correct ANSWER- 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" - Correct ANSWER- To avoid doing something in order to eliminate the chanc...

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 2 - CHAPTER 6 EXAM 1) Convertibility; 2) Value; 3) Portability. - Answer ️️ -Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosures; 4) Forced opening of building and protected enclosures; 5) Vandalism and mailicious acts; 6) Espionage; 7) Shoplifting; 8) Employee theft. - Answer ️️ -Meth...

CAIB 2 Chapter 2 Practice Exam 1 (Quizzes & Ans).

CAIB 2 Chapter 5 Practice Test 1 Exam With 100% Correct Answers

CAIB 3 Chapter 3 Exam Questions and Answers 100% Pass Identify, other than in Quebec two different systems used to insure automobiles in Canada - Answer- 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles - Answer- SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms - Answer- Pol...