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CAIB 2 - CHAPTER 3 IBABC Exam Questions with Detailed Answers Latest Update 2024
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1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - CORRECT ANSWER-The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - COR...

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  • August 12, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 3 ibabc exam questions with detai
  • caib 2 chapter 3 ibabc exam questions stuvia
  • 1 failure or malfunction of mechanical or electri

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CAIB 2 - CHAPTER 3 IBABC Exam
Questions with Detailed Answers Latest
Update 2024

1) Failure or malfunction of mechanical or electrical equipment;

2) Arson;

3) Misuse of ignition source. - CORRECT ANSWER-The three leading causes of fire
losses in Canada.



Policy period takes effect at 12:01 a.m. standard time at the address of the Named
Insured as stated on the policy. - CORRECT ANSWER-The policy-period start that's
applicable to most commercial property policies.



The insurer is liable to that party, meaning that it may have to pay the claim twice. -
CORRECT ANSWER-This happens when an additional payee is named on the policy
and the insurer makes full loss payment to the insured.



They don't want to divulge their rates to competitors. - CORRECT ANSWER-The
reason why insurers don't provide breakdowns of coverage rates.



Direct loss or damage from fire, lightning and explosion of natural, coal or manufactured
gas. - CORRECT ANSWER-Provincial legislation requires that policies insuring against
the peril of fire must include all of these coverages.



Vacancy, unoccupancy and when premises are shut down. - CORRECT ANSWER-
These conditions increase the physical hazard for which coverage is excluded by the
Fire Policy.



Any increase in the costs to rebuild, repair or replace the insured's building after a loss
that are incurred to comply with a law or by-law are not insured. - CORRECT ANSWER-
Summary of the by-laws exclusion.

, Coverage is provided for property at location(s) not shown on the policy, as long as the
insured can show that the property was "necessarily" removed to prevent loss.

The coverage amount is limited to the insurance amount remaining after payment of any
losses at the insured location. Coverage at an unnamed location is limited to the least of
7 days or the remaining policy term. - CORRECT ANSWER-Provisions of the removal
clause.



Removal of debris from insured premises after loss or damage to the insured property
from an insured peril. - CORRECT ANSWER-Coverage provided by the Debris
Removal clause.



Empty, or when the normal occupant is absent and the contents have been removed. -
CORRECT ANSWER-"Vacant."



Lack of habitual presence of human beings, or when premises are complete with
contents but the person who normally occupies the premises is temporarily away. -
CORRECT ANSWER-"Unoccupied."



A) Fire or lightning

B) Explosion

C) Impact by Aircraft, Spacecraft or Land Vehicle

D) Riot, Vandalism or Malicious Acts

E) Smoke

F) Leakage from fire protective equipment

G) Windstorm or Hail. - CORRECT ANSWER-Perils included in the Named Perils Form.



An additional rate charged over and above the fire rate. - CORRECT
ANSWER-"Loading."



Review the exclusions. If the loss is not specifically excluded, payment is made. -
CORRECT ANSWER-The adjuster's approach to determine whether coverage is
provided by the Broad Form policy.

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