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