Caib 1 chapter 1 Study guides, Class notes & Summaries

CAIB 1 CHAPTER 1 QUESTIONS AND ANSWERS RATED A+ Identify 4 possible options to deal with Risk , describe each Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? Transfer of Risk Identify the 5 elements required in all types of contracts Agreement , Consideration , Legality of ...

Identify 4 possible options to deal with Risk , describe each Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? Transfer of Risk Identify the 5 elements required in all types of contracts Agreement , Consideration , Legality of Object , Legal Capacity( are they old enough , sane , sobe...

CAIB 1 CHAPTER 1 Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer-...

CAIB 1 Chapter 1 Exam Questions And Answers Define in pure insurance terms ``risk." - ANS The chance of financial loss to which an object of insurance is exposed. List the three categories of risk generally faced by people. - ANS Personal - loss of health/life Property - objects Liability - negligent actions result in injury/damage State 4 possible options people can choose to deal with risk and give a brief explanation and example of each. - ANS Avoidance - all chance of fin...

Identify 4 possible options to deal with Risk , describe each correct answersControl the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? correct answersTransfer of Risk Identify the 5 elements required in all types of contracts correct answersAgreement , Consideration , Legality of Object , Le...

Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer-...

CAIB 1 Chapter 1

CAIB 1 Chapter 1 Questions with complete solution 2024 Risk - correct answer The chance of financial loss to which an object of insurance is exposed. List the 3 categories of risk generally faced by people. - correct answer Personal, Property and Liability State four possible options people can choose to deal with risk. (explain) - correct answer Avoidance of risk, Controlling of risk, Retention of risk and Transfer of risk Avoidance of risk - correct answer eliminating fina...