CAIB 2 Final Exam Practice Test Bank Correctly Solved
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Course
CAIB 2
Institution
CAIB 2
Define Loading - ANSWER-Additional rate charged over and above the fire rate.
Define common carrier - ANSWER-Includes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services.
Define "Bailee for Hire" - ANSWER-One who ha...
CAIB 2 Final Exam Practice Test Bank Correctly
Solved
Define Loading - ANSWER-Additional rate charged over and above the fire rate.
Define common carrier - ANSWER-Includes airline, railroads, trucking companies, and
others that furnish transportation to any member of the public seeking their services.
Define "Bailee for Hire" - ANSWER-One 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.
Define discovery period. - ANSWER-Time permitted by an insurer, commencing with
the expiry date of the policy, in which a claim must be discovered by the insured if it is to
be covered by the policy.
Define contributing property - ANSWER-Manufacturer or supplier upon whom the
insured depends for materials or goods.
All of the following characteristics except one, are common to Boiler and Machinery
policies. Pick the exception.
A) insures objects against accidents.
B) excludes coverage for mechanical or electrical breakdown.
C) coverage is provided on a limit per accident basis.
D) insurer retains the right to suspend coverage immediately on any object judged to be
in a dangerous condition. - ANSWER-B) excludes coverage for mechanical or electrical
breakdown.
The builders risk broad form can be used to insure all of the following property items at
the project site, except one. Pick the exception.
A) all materials and supplies to enter into and form part of the completed project.
B) growing trees, plants, shrubs, and flowers.
C) temporary office used by the contractor.
D) contractors tools and equipment. - ANSWER-D) contractors tools and equipment.
A common carrier is not liable to the owners of goods being transported by it for the
following loss: (pick the correct answer)
A) spoilage of goods caused by the failure of refrigeration equipment attached to
transporting conveyance.
B) inherent vice in goods being transported.
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