CAIB 1 (Canadian Accredited Insurance Broker) Bundle Set

Define "Risk" - Answer The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Answer 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Answer 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Ri...

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 el...

Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss - Answer -Equipment will not work 100% of the time -certain types of losses such as wind, hail and lightning cannot be effectively controlled People can choose to deal with risk in...

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stock...

Identify four perils that mobile homes are more susceptible to than conventional homes - Answer 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer Secure the unit to the foundation so that it remains stable during windstorms Explain the purpos...

CAIB 1 questions with correct answers What area of law does Criminal Law address? - Answer Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil...

What are the 3 types of Homeowners Forms? - Answer 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer Dwellings containing more than one family, ...

What is the need for travel insurance? - Answer Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer Most provinces have a reciprocal agreement to reimburse the province that prov...