Caib 1 - Study guides, Class notes & Summaries

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CAIB 1 Practice Exam Questions and Answers All Correct Popular
  • CAIB 1 Practice Exam Questions and Answers All Correct

  • Exam (elaborations) • 6 pages • 2024
  • CAIB 1 Practice Exam Questions and Answers All Correct Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements? - Answer-Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoi...
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Practice Exam for CAIB 1 Latest 2023 with complete solution
  • Practice Exam for CAIB 1 Latest 2023 with complete solution

  • Exam (elaborations) • 13 pages • 2023
  • 1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...
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Practice Exam for CAIB 1 Latest 2023 latest update with complete solution
  • Practice Exam for CAIB 1 Latest 2023 latest update with complete solution

  • Exam (elaborations) • 7 pages • 2023
  • Practice Exam for CAIB 1 Latest 2023 latest update with complete solution 1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approac...
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CAIB 1- KEY TERMS AND DEFINITIONS
  • CAIB 1- KEY TERMS AND DEFINITIONS

  • Other • 6 pages • 2023
  • CAIB 1- KEY TERMS AND DEFINITIONS
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CAIB 1 Practice Exam (Questions and Answers)
  • CAIB 1 Practice Exam (Questions and Answers)

  • Exam (elaborations) • 3 pages • 2023
  • Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The insurer always has the right to decide on how the claim will be settled....
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CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.
  • CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

  • Exam (elaborations) • 18 pages • 2024
  • CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.
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