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CAIB 2 Chapter 7 Practice Test 1 Questions With 100% Complete Solutions Latest Update 2024/2025 CA$14.36   Add to cart
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CAIB 2 Chapter 7 Practice Test 1 Questions With 100% Complete Solutions Latest Update 2024/2025
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  • CAIB 2 Chapter 7

Provide four sources of Business Interruption losses and an example of each. - CORRECT ANSWER-i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for...

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  • August 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 7 practice test 1 questions with 10
  • caib 2 chapter 7 practice test 1 questions stuvia
  • provide four sources of business interruption loss

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CAIB 2 Chapter 7 Practice Test 1
Questions With 100% Complete
Solutions Latest Update 2024/2025

Provide four sources of Business Interruption losses and an example of each. -
CORRECT ANSWER-i) Physical damage to business

example: Fire destroys business and customers cannot make purchases

ii) Failure of public utilities

example: Ice storm damages power lines and power cannot be restored for several

weeks. This results in sales at the business to plummet

iii) Transportation related accidents

example: Railcar containing hazardous gas overturns causing evacuation of town.

As a result, of this railcar accident, sales at business cease.

iv) Physical damage to neighbouring premises

example: Your client, who is a tenant in a shopping mall, experiences drop in

sales when anchor store burns to the ground



Identify three sources of funding available to businesses when their operations are

interrupted. - CORRECT ANSWER-i) Reduce capital reserves

ii) Take out a bank loan

iii) Purchase adequate amounts of business interruption insurance



What are the two key coverages provided by business interruption policies? -
CORRECT ANSWER-i) Insure lost net profit of the business which it could have earned
had there been

no loss

ii) Insure expense that must continue during period of business interruption

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