CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)
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CAIB
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CAIB
CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)
Define Bailee for Hire.
Person or organization who has temporary custody of the personal property of
another for a purpose other than sale and who is compensated as a condition of such custody
Identify thre...
caib 2 chapter 5 practice test 1 questions and ans
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CAIB 2 Chapter 5 Practice Test 1 Questions
and Answers (2024/2025)(Verified Answers)
Define Bailee for Hire.
Person or organization who has temporary custody of the personal property of
another for a purpose other than sale and who is compensated as a condition of such custody
Identify three types of Bailees and provide an example of each.
i) Repair of personal property
example: Television repair shop
ii) Storage of personal property
example: Public storage warehouse
iii) Delivery of personal property
example: Courier service
Define Ordinary Care.
Requirement to take the same care of the goods of others as would be taken by a
prudent and diligent owner of such goods
When could bailees be responsible for damage to customer's property?
Bailees may be responsible for damage to customer's property when negligent in
common law or in contract
Other than stock coverage found on Bailee's commercial property policies, what
are two other policies that could be used to insure customer's property?
i) Separate policy covering legal liability of bailee
ii) Specialized policy insuring customer's property which ignores requirement for
legal liability
By knowing answers to certain questions, brokers should understand whether the carrier or the
owner of property should purchase insurance when selling Inland
Transportation Insurance. What are these questions?
i) Who would be responsible for loss to property
ii) What is the extent of responsibility
Define Common Carrier.
Common carriers are those transportation companies that will provide
transportation services to any person needing their services
What is the general rule regarding the responsibility of common carriers?
Common carriers are responsible for the safe delivery of property in their care
Common carriers will not be held responsible for all losses to goods in their
possession. Identify five of these losses.
i) Acts of God reasonably foreseeable
ii) Acts of public enemies
iii) Acts of public authority
iv) Neglect or default of shipper
v) Inherent vice of property transported
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