Exam (elaborations)
CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
- Course
- Institution
CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+
[Show more]
Content preview
CAIB 2 Chapter 5 Practice Test 1Questions and answers | With complete
solution 2024/25 RATED A+
Define Bailee for Hire. - Person or organization who has temporary custody of the personal
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
property of
ii ii
another for a purpose other than sale and who is compensated as a condition of such
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
custody
ii
Identify three types of Bailees and provide an example of each. - i) Repair of personal
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
property
ii
example: Television repair shop ii ii ii
ii) Storage of personal property
ii ii ii ii
example: Public storage warehouse ii ii ii
iii) Delivery of personal property
ii ii ii ii
example: Courier service ii ii
Define Ordinary Care. - Requirement to take the same care of the goods of others as
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
would be taken by a
ii ii ii ii ii
prudent and diligent owner of such goods ii ii ii ii ii ii
When could bailees be responsible for damage to customer's property? - Bailees may be
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
responsible for damage to customer's property when negligent in
ii ii ii ii ii ii ii ii ii
common law or in contract ii ii ii ii
Other than stock coverage found on Bailee's commercial property policies, what
ii ii ii ii ii ii ii ii ii ii ii
are two other policies that could be used to insure customer's property? - i) Separate policy
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
covering legal liability of bailee
ii ii ii ii ii
ii) Specialized policy insuring customer's property which ignores requirement for
ii ii ii ii ii ii ii ii ii
legal liability ii
By knowing answers to certain questions, brokers should understand whether the carrier
ii ii ii ii ii ii ii ii ii ii ii ii
or the owner of property should purchase insurance when selling Inland
ii ii ii ii ii ii ii ii ii ii ii
Transportation Insurance. What are these questions? - i) Who would be responsible for ii ii ii ii ii ii ii ii ii ii ii ii ii
loss to property
ii ii ii
ii) What is the extent of responsibility
ii ii ii ii ii ii
Define Common Carrier. - Common carriers are those transportation companies that will
ii ii ii ii ii ii ii ii ii ii ii ii ii
provide
ii
transportation services to any person needing their services ii ii ii ii ii ii ii
What is the general rule regarding the responsibility of common carriers? - Common
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
carriers are responsible for the safe delivery of property in their care
ii ii ii ii ii ii ii ii ii ii ii ii
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
