CAIB 2, 3, & 4 EXAM BUNDLE | Questions & All Verified Answers (Graded A+)

CAIB 2 Exam () | Questions & Answers (Graded A+)

CAIB 1 Exam Questions & 100% CORRECT Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - ANSWER - d. An exchange of something of value A stock company is... a. A company that invests in...

CAIB 2 - CHAPTER 1 EXAM | Questions & Answers (100% CORRECT) Only the property specifically listed or scheduled on the policy is insured. - ANSWER - Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - ANSWER - Property of Every Description (POED) ...

CAIB 2 - CHAPTER 2 EXAM | Questions & Answers (100% CORRECT) A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements a...

CAIB 2 - CHAPTER 3 EXAM | Questions & Answers (100% CORRECT) 1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - ANSWER - The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the ad...

CAIB 2 - CHAPTER 4 EXAM | Questions & Answers (100% CORRECT) 1) Endorsement; 2) Rider; 3) Separate policy. - ANSWER - The three ways a change to a commercial property policy can be made. Changes the terms or conditions of the policy. - ANSWER - "Endorsement." Adds coverages to the policy....

CAIB 2 - CHAPTER 5 EXAM | Questions & Answers (100% CORRECT) - Drycleaners - Garages - Jewellers - Furriers - Trucking firms - Couriers. - ANSWER - Examples of businesses that have a bailee's exposure. One who has temporary custody of the personal property of another for a purpose other th...

CAIB 2 - CHAPTER 6 EXAM | Questions & Answers (100% CORRECT) CAIB 2 - CHAPTER 6 EXAM | Questions & Answers (100% CORRECT) 1) Convertibility; 2) Value; 3) Portability. - ANSWER - Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) F...

CAIB 2 - CHAPTER 7 EXAM | Questions & Answers (100% CORRECT) CAIB 2 - CHAPTER 7 EXAM | Questions & Answers (100% CORRECT) - Seen as being too technical; - Reluctant to reveal earnings; - Lack of consumer knowledge. - ANSWER - Why some clients may be reluctant to discuss business interruption Ins...