Caib 3 chapter 2 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 3 questions with correct answers

CAIB 1 Chapter 7 Question and answers already passed 2024 Who is responsible for the administration of the insurance act in your province? - correct answer MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - correct answer Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be val...

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 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass What guarantees are provided by various licence and permit bonds? - Answer- 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety - Answer- -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship - Answer- A guarantee of performance made...

CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass What guarantees are provided by various licence and permit bonds? - Answer- 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety - Answer- -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship - Answer- A guarantee of performance made...

CAIB 2 - Chapter 1 Questions and Answers Already Passed Explain "Scheduled Basis" Only the items listed on the policy will be insured Explain "Property of Every Description" Basis Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis All property owned by the insured is insured under a single limit of insurance - this can include property at different locations and may be subject to co insurance Identify 5 compone...

CAIB 1 Chapter 4 Questions and Answers 100% Pass What area of law does Criminal Law address? Criminal law deals with wrongs against society How does criminal law deal with violators? Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of civil law? To seek compensation for...

CAIB 1 Chapter 5 Farm Insurance Questions and Answers Graded A+ Define farming premises for crops and livestock roadside stands and farmers markets Three Basic differences between types of arms 1) The product grown or produced 2) Types of specialized machinery or equipment used 3) The types of buildings required Identify the 4 coverages generally provided by most farm policies 1) dwelling building and personal property 2) Major outbuildings and contents 3) Machinery and equipment...