Caib 1 definitions Study guides, Class notes & Summaries

Speculative Risk correct answersThe chance of financial loss or gain Contract correct answersan agreement between 2 or more people which creates and obligation to do or not do something Indemnity correct answers-Indemnity is measured by the value of the insured property as it existed immediately prior to the loss Security against damage, loss, or injury. 2. An exemption from liability for damages resulting from specified conduct, as in a contract indemnifying a party for the performance ...

CAIB 1 Definitions Question and answers rated A+ 2024 Speculative Risk - correct answer The chance of financial loss or gain Contract - correct answer an agreement between 2 or more people which creates and obligation to do or not do something Indemnity - correct answer -Indemnity is measured by the value of the insured property as it existed immediately prior to the loss Security against damage, loss, or injury. 2. An exemption from liability for damages resulting from specified...

CAIB 1 Definitions Test

CAIB 1 DEFINITIONS – STUDY GUIDE

CAIB 1- KEY TERMS AND DEFINITIONS

CAIB 1 Definitions

Caib 1 Chapter 1 questions - definitions

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 (Questions / Definitions) With Complete Solutions

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-...