Caib 2 chapter 1 - Study guides, Class notes & Summaries

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...

CAIB 2 Chapter 1-7 Review (Qs & As)

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...

CAIB 2 Chapter 1 Practice Exam 1 (Qs & As) 2024

CAIB 2 Chapter 1 Questions and Answers (2024/2025)(Verified Answers)

CAIB 2 Chapter 1 Questions and Answers (2024/2025)(Verified Answers) The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that building...

CAIB 2 Chapter 1 Practice Exam 1 Latest Update Graded A+ Explain what it means to issue insurance on a scheduled basis 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 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 All property owned by the insured is insured under a single limi...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - CORRECT ANSWER-Lead company What is "reinsurance" (Ch. 1) - CORRECT ANSWER-Reinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - CORRECT ANSWER-1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as sh...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ️️Lead company What is "reinsurance" (Ch. 1) - ️️Reinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ️️1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...