Caib 1 chapter 1 Study guides, Class notes & Summaries

CAIB 2 Chapter 1 Questions and Answers (2024/2025)(Verified Answers)

CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

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 themselves Define "Risk Control" To reduce the frequency or seve...

CAIB 1 Chapter 6 Questions and Answers (2024/2025)(Verified Answers)

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 1 Chapter 3 Questions and Answers Already Passed Identify four perils that mobile homes are more susceptible to than conventional homes 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" Excludes payment unless the exterior siding has been actually torn or punctured by the storm Identify 2 expenses included in the "Emer...

CAIB 1 Chapter 5 Farm Insurance Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

CAIB 1 CHAPTER 1 WITH CORRECT ANSWERS RISK - CORRECT ANSWER-Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - CORRECT ANSWER-the chance of financial loss or gain PURE RISK - CORRECT ANSWER-the chance of financial loss but no chance of financial gain INSURANCE - CORRECT ANSWER-the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or...

CAIB 3 Chapter 1 Questions with Verified Solutions Identify the two divisions in the Canadian Legal System Criminal Law Civil Law Should brokers always recommend clients questions concerning maters of law to a qualified legal practitioner? Yes Identify eight examples of criminal wrongs Certain uses of an automobile Possession and trafficking of drugs Murder Voluntary manslaughter Burglary, robbery and theft Price fixing Pollution of the air and water False advertising I...