Exam (elaborations)
CAIB 2 CHAPTER 5 PRACTICE TEST 1 WITH CORRECT ANSWERS
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CAIB 2 CHAPTER 5 PRACTICE TEST 1 WITH CORRECT ANSWERS
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CAIB 2 CHAPTER 5 PRACTICE TEST 1WITH CORRECT ANSWERS
Define sBailee sfor sHire. s- scorrect sanswer s✔✔Person sor sorganization swho shas
stemporary scustody sof sthe spersonal sproperty sof
another sfor sa spurpose sother sthan ssale sand swho sis scompensated sas sa
scondition sof ssuch scustody
Identify sthree stypes sof sBailees sand sprovide san sexample sof seach. s- scorrect
sanswer s✔✔i) sRepair sof spersonal sproperty
example: sTelevision srepair sshop
ii) sStorage sof spersonal sproperty
example: sPublic sstorage swarehouse
iii) sDelivery sof spersonal sproperty
example: sCourier sservice
Define sOrdinary sCare. s- scorrect sanswer s✔✔Requirement sto stake sthe ssame
scare sof sthe sgoods sof sothers sas swould sbe staken sby sa
prudent sand sdiligent sowner sof ssuch sgoods
When scould sbailees sbe sresponsible sfor sdamage sto scustomer's sproperty? s-
scorrect sanswer s✔✔Bailees smay sbe sresponsible sfor sdamage sto scustomer's
sproperty swhen snegligent sin
common slaw sor sin scontract
Other sthan sstock scoverage sfound son sBailee's scommercial sproperty spolicies,
swhat
are stwo sother spolicies sthat scould sbe sused sto sinsure scustomer's sproperty? s-
scorrect sanswer s✔✔i) sSeparate spolicy scovering slegal sliability sof sbailee
ii) sSpecialized spolicy sinsuring scustomer's sproperty swhich signores srequirement
sfor
legal sliability
By sknowing sanswers sto scertain squestions, sbrokers sshould sunderstand swhether
sthe scarrier sor sthe sowner sof sproperty sshould spurchase sinsurance swhen
sselling sInland
Transportation sInsurance. sWhat sare sthese squestions? s- scorrect sanswer s✔✔i)
sWho swould sbe sresponsible sfor sloss sto sproperty
ii) sWhat sis sthe sextent sof sresponsibility
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