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CAIB 2 Final Exam Practice Test questions with 100- correct answers(latest update).
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CAIB 2 Final Exam Practice Test questions with 100- correct answers(latest update).
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CAIB 2 Final Exam PracticeTest questions with 100%
correct answers(latest
update)
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.
C) damage to goods caused by an accident involving the transporting
conveyance.
D) a delay in shipment causing spoilage due to stock being misdirected by
the carrier at the point of shipment. - answer B) inherent vice in goods
being transported.
The safe burglary rider would pay for the following loss:
A) money taken from a locked cash drawer.
B) money and securities taken from an unlocked safe.
C) money and securities taken from a locked safe by a burglar who knew
the combination of the safe.
D) removal of the safe from the premises - answer D) removal of the safe
from the premises
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