Caib i - Study guides, Class notes & Summaries

CAIB 2 Chapter 7 Practice Test 2 Questions and Answers (2024/2025)(Verified Answers) What are two factors to consider when deciding which form of business interruption insurance to purchase? i) Nature of business ii) Types of perils most likely to cause losses When using old financial statements to establish amount of insurance, what problems could be encountered? Clients may be underinsured because future trends were not considered What type of employee salaries may not be consi...

CAIB 2 Chapter 6 Practice Test 2- solved What are three types of property normally excluded or receive limited coverage on commercial property insurance policies? - Answer ️️ -i) Money ii) Furs iii) Jewellery List and explain the four areas addressed by Commercial Crime policies. - Answer ️️ -i) Property covered Explanation: This section of crime policies will identify type of property insured such as money, jewellry or securities ii) Perils insured Explanation: This section of...

CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers) Define Bailee for Hire. Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. i) Repair of personal property example: Television repair shop ii) Storage of personal property example: Public storage warehouse iii) Delivery o...

CAIB 2 Chapter 4 Practice Test 2 What are two examples of temporary locations where property may be located and insured by Temporary Locations coverage? - Answer ️️ -i) When at customers premises on a pre-sale trial basis ii) When at a warehouse awaiting pickup by client List locations insured by Newly Acquired Location coverage - Answer ️️ -i) All locations newly acquired by client ii) In or on vehicles with 100 meters of newly acquired locations How long is coverage provided fo...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers 100% Pass Explain what it means to issue insurance on a scheduled basis - 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 - 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 - Answer- All property owned by the insured ...

CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers Identify the company which assumes the greatest portion of an accountanswerLead Company What is re-insuranceansweran insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity?answeri) 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 insurance as shown on the p...

CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...

CAIB 3 Exam Questions and Answers 100% Pass Civil Law - Answer- the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer- a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Answer- is the failure, without legal excuse to perform any promise which forms the whole or part of the c...

CAIB 3 FINAL EXAMINATION QUESTIONS AND ANSWERS GRADED A Define the following insurance terms. Bill of Lading - Answer- Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) - Answer- Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital - Answer- Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the ...

CAIB 1 Practice 100 Questions And Answers With 100% Verified Solutions