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Exam (elaborations)

CAIB 2 Chapter 1 practice - exam 2 Questions With 100% Correct Answers.
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  • Course
  • CAIB 2
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  • CAIB 2

All policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War - commercially uninsurable ii) Flood & earthquake - may be catastrophic iii) Automobile & Valuable papers - Other forms of insurance may be available iv) Wear and Tear / Mechanical Breakdown -...

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  • July 16, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • CAIB 2
  • CAIB 2

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CAIB 1 : Chapter 1

ACTUAL CASH VALUE - new or replacement cost of the property at the time of the loss, less
depreciation

AGENCY AGREEMENT - a written agreeement or contract between the insurer and the brokerage
which acknowledges their relationship

BLANKET COVERAGE - policy which provides a single limit of insurance for all property falling
within a specific class

CONSIDERATION - an exchange or something of value between parties

CONTRACT - an agreement between two or more persons which creates an obligation to do or not
to do a particular thing

DEDUCTIBLE - represents the amount the insured is required to absorb for each loss for which
insurance coverage is provided before receiving any payment from the insurer

DIRECT LOSS - occurs when the peril insured actualy attacks the object of insurance

FIDICUARY - one who occupies a special position of trust or confidence in the handling or
supervising of the affairs or funds of another

FIRE - involves the presence of a visible flame or glow, actual ignition or burning is required

FRAUD - is a deliberate attempt to deceive, with a view to securing some profit

FRIENDLY FIRE - a fire that is contained in its proper receptacle
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