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CAIB 3 Practice Exam with 100% Correct Answers What is the name given to the collection of written decisions? - answerCase Law Explain the concept of the Rule of Precedent. - answerCurrent court decisions must follow those made in cases having similar circumstances, which allows the development ...

CAIB 2 Chapter 1 Practice exam 1 with 100% verified answers Explain what it means to issue insurance on a scheduled basis - answerOnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - answerBuildin...

CAIB 2 Champter 1 Exam with 100% Correct Answers Only the property specifically listed or scheduled on the policy is insured. - answerScheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - answerProperty of Every Description (POED) coverage. All prop...

CAIB 1 Practice Exam with 100% Correct Answers Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is require...

CAIB 3 Chapter 1Exam with 100% Correct Answers Identify the two divisions in the Canadian Legal System - answerCriminal Law Civil Law Should brokers always recommend clients questions concerning maters of law to a qualified legal practitioner? - answerYes Identify eight examples of criminal wr...

CAIB 1 chapter 6 Exam with 100% Correct Answers What types of claims are paid out under Death & Injury - answercourt awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under...

CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers Identify the company which assumes the greatest portion of an accountanswerLead Company What is re-insuranceansweran insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amoun...

CAIB 2 Chapter 2 Practice Exam 1 with 100% verified solutions What are three advantages using a fact find or survey? - answeri) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed ...

CAIB 2 Chapter 3 Practice Test 1 with 100% verified solutions What are three causes of fires in Canada and provide an example of each. - answeri) Malfunction of electrical or mechanical equipment example: Damaged electrical cords ii) Arson example: Vandal sets fire iii) Misuse of ignition sou...

CAIB 1 chapter 5 Exam with 100% Correct Answers Define "farming" - answerthe ownership, maintenance or use of premises for the production of crops or the raising or care of livestock, including all necessary operations. There are many types of farms. Identify and briefly explain the basic diff...

in a legal action when the law deems the defendant strictly liable? - answerThe defendant has the right to establish a defense against an action alleging strict liability. What determines if a product is defective? - answerA defective product is one that contained something that it should not ha...