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CAIB Bundled Exam New 2024 ,2025 Versions Fully Solved 100%
CAIB Bundled Exam New 2024 ,2025 Versions Fully Solved 100%
[Show more]CAIB Bundled Exam New 2024 ,2025 Versions Fully Solved 100%
[Show more]A contract is an agreement between 2 or more persons which creates an obligation to do or not do a 
certain particular thing. All contracts contain 5 elements. What are they? - Agreement; 
Consideration; Legality of Object; Legal Capacity of the Parties to Contract; Genuine Intention 
At what point ...
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Add to cartA contract is an agreement between 2 or more persons which creates an obligation to do or not do a 
certain particular thing. All contracts contain 5 elements. What are they? - Agreement; 
Consideration; Legality of Object; Legal Capacity of the Parties to Contract; Genuine Intention 
At what point ...
Accident - an unforeseen and unintended occurrence due to external violent, sudden, fortuitous 
causes beyond the insured's control 
Actual cash value - New or replacement cost of the insured property less depreciation 
Additional living expenses - costs "over and above" what it would normally ha...
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Add to cartAccident - an unforeseen and unintended occurrence due to external violent, sudden, fortuitous 
causes beyond the insured's control 
Actual cash value - New or replacement cost of the insured property less depreciation 
Additional living expenses - costs "over and above" what it would normally ha...
A mistake that causes financial loss to either a client or an insurer can result in an Errors and Omissions 
claim. It is important for brokers to control this exposure. Indicate the measures aimed at preventing or 
controlling errors and omissions. - Those which serve to prevent losses from occurri...
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Add to cartA mistake that causes financial loss to either a client or an insurer can result in an Errors and Omissions 
claim. It is important for brokers to control this exposure. Indicate the measures aimed at preventing or 
controlling errors and omissions. - Those which serve to prevent losses from occurri...
3 elements of a tort - Answer-Duty owed, 
duty breached 
& damages resulted (proximately) 
A "building" is defined as... - Answer-a. Fixed structures 
b. Additions/extensions 
c. Permanent fittings 
d. Materials on premises for regular maintenance e. Growing plants inside the building for decorati...
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Add to cart3 elements of a tort - Answer-Duty owed, 
duty breached 
& damages resulted (proximately) 
A "building" is defined as... - Answer-a. Fixed structures 
b. Additions/extensions 
c. Permanent fittings 
d. Materials on premises for regular maintenance e. Growing plants inside the building for decorati...
ACTUAL CASH VALUE - new or replacement cost of the property at the time of the loss, less 
depreciation 
AGENCY AGREEMENT - a written agreeement or contract between the insurer and the brokerage 
which acknowledges their relationship 
BLANKET COVERAGE - policy which provides a single limit of insura...
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Add to cartACTUAL CASH VALUE - new or replacement cost of the property at the time of the loss, less 
depreciation 
AGENCY AGREEMENT - a written agreeement or contract between the insurer and the brokerage 
which acknowledges their relationship 
BLANKET COVERAGE - policy which provides a single limit of insura...
All policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War 
- commercially uninsurable 
ii) Flood & earthquake - may be catastrophic 
iii) Automobile & Valuable papers - Other forms of insurance may be available 
iv) Wear and Tear / Mechanical Breakdown - ...
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Add to cartAll policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War 
- commercially uninsurable 
ii) Flood & earthquake - may be catastrophic 
iii) Automobile & Valuable papers - Other forms of insurance may be available 
iv) Wear and Tear / Mechanical Breakdown - ...
Insurance Bureau of Canada (IBC) - Statistics 
Insurance Crime Prevention Bureau (ICPB) - a) fire Underwriters' Investigation Bureau (FUIB) 
Adjusters of member companies are required to submit copies of all reports over $3,000 
b) Canadian Auto Theft Bureau 
Private insurance 
Insurer's Advisory ...
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Add to cartInsurance Bureau of Canada (IBC) - Statistics 
Insurance Crime Prevention Bureau (ICPB) - a) fire Underwriters' Investigation Bureau (FUIB) 
Adjusters of member companies are required to submit copies of all reports over $3,000 
b) Canadian Auto Theft Bureau 
Private insurance 
Insurer's Advisory ...
5 Properties subject to 'special limits' under the IBC homeowners' policy when stolen - • Jewellery 
and furs up to $ 2000 in all 
• Coin collections up to $ 200 in all 
• Stamp collections and manuscripts up to $1,000 in all 
• Collectible cards up to $1,000 in all 
• Each bicycle, its...
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Add to cart5 Properties subject to 'special limits' under the IBC homeowners' policy when stolen - • Jewellery 
and furs up to $ 2000 in all 
• Coin collections up to $ 200 in all 
• Stamp collections and manuscripts up to $1,000 in all 
• Collectible cards up to $1,000 in all 
• Each bicycle, its...
A technology plan will affect all aspects of the brokerage and its relationships with its clients, prospects 
and the insurance companies. 
Describe areas the brokerage will have to address in its technology planning process - 
Understanding Needs 
Analyze the current business situation 
Project the...
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Add to cartA technology plan will affect all aspects of the brokerage and its relationships with its clients, prospects 
and the insurance companies. 
Describe areas the brokerage will have to address in its technology planning process - 
Understanding Needs 
Analyze the current business situation 
Project the...
Constructive Total Loss (MARINE INSURANCE) - Occurs when the cost of salvaging the cargo is too 
high relative to the value saved 
Define the following insurance terms. 
Bill of Lading - Documents issued by carriers responsible for transporting or forwarding goods 
Going Concern Value - Difference i...
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Add to cartConstructive Total Loss (MARINE INSURANCE) - Occurs when the cost of salvaging the cargo is too 
high relative to the value saved 
Define the following insurance terms. 
Bill of Lading - Documents issued by carriers responsible for transporting or forwarding goods 
Going Concern Value - Difference i...
Actual Cash Value - New or replacement cost of the property at the time of loss, less depreciation 
Agency Agreement - A written agreement or contract between the insurer and the brokerage 
which acknowledges their relationship 
Blanket Coverage - Policy which provides a single limit of insurance fo...
Preview 1 out of 4 pages
Add to cartActual Cash Value - New or replacement cost of the property at the time of loss, less depreciation 
Agency Agreement - A written agreement or contract between the insurer and the brokerage 
which acknowledges their relationship 
Blanket Coverage - Policy which provides a single limit of insurance fo...
"Condition." - Something imposed by the insurer that requires the insured to do or not do 
something. 
"Deductible." - The portion of an insured loss that's borne by the insured before s/he's entitled to 
recovery from the insurer. 
"Fraudulent." - To act willfully and with the specific inte...
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Add to cart"Condition." - Something imposed by the insurer that requires the insured to do or not do 
something. 
"Deductible." - The portion of an insured loss that's borne by the insured before s/he's entitled to 
recovery from the insurer. 
"Fraudulent." - To act willfully and with the specific inte...
1/4 of E&O are from misrepresentation. Explain the example with the 'Hornberg' case - Court 
ruled that the broker should have known the property was used only seasonally. Did not inform insured 
and after claim the policy was found to be void. Held broker to pay for loss 
Describe the 'Fine Flow...
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Add to cart1/4 of E&O are from misrepresentation. Explain the example with the 'Hornberg' case - Court 
ruled that the broker should have known the property was used only seasonally. Did not inform insured 
and after claim the policy was found to be void. Held broker to pay for loss 
Describe the 'Fine Flow...
Identify the four items, when described on the Coverage Summary page, are insured under the 
Outboard Motor and Boat Policy. - i. Boat including permanently attached equipment 
ii. The motor(s) including fuel containers and electric starting equipment or controls supplied as integral 
equipment by t...
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Add to cartIdentify the four items, when described on the Coverage Summary page, are insured under the 
Outboard Motor and Boat Policy. - i. Boat including permanently attached equipment 
ii. The motor(s) including fuel containers and electric starting equipment or controls supplied as integral 
equipment by t...
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