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CAIB 2 Chapter 7 Practice Test 1 Correct 100%. $14.99   Add to cart

Exam (elaborations)

CAIB 2 Chapter 7 Practice Test 1 Correct 100%.

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  • Course
  • CAIB 2
  • Institution
  • CAIB 2

Provide four sources of Business Interruption losses and an example of each. - ANSWERi) 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 ...

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  • August 18, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CAIB 2
  • CAIB 2
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CAIB 2 Chapter 7 Practice Test
1 Correct 100%.

Provide four sources of Business Interruption losses and an example of each. - ANSWERi) 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 five characteristics common to all Business Interruption policies and

briefly explain each. - ANSWERi) Insure same perils covered by property insurance

Explanation: Coverage on the property policy triggers coverage under business

interruption policies

ii) Contracts of indemnity

Explanation: Claim payments based on amounts business could have earned had

the loss not occurred

iii) Indemnity period not limited by policy expiration

Explanation: When losses occur during policy period, coverage will not end upon

policy expiration.

iv) Payment for expenses to reduce loss insured provided insurer saves more in

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