Exam (elaborations)
CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.
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CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.
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Name: Score:181 Multiple choice questions
Definition 1 of 181
1) All premises specifically described on the coverage summary page
2) Premises where insured temporarily residing... Except when insured is the owner or long-term
(90 days or more) lessee or tenant
3) Newly acquired premises in Canada and which are to be occupied by insureds as a principal
residence (maximum 30 days)
4) Individual or family cemetery plots or burial vaults
5) Vacant land in Canada own or rented by the insured, excluding farmland
6) Land in Canada where an independent contractor is building a one, two or three family
residence to be occupied by the insured
Section 2 - Liability Coverage
Bodily injuries sustained by insureds six year old son who tripped on tools left at bottom of
basement steps by the insured
Outline the criteria set by the insurer to determine eligibility if a person who is in a
relationship(living together) is not legally married to the named insured
Why is it important that the insured send all documents received concerning the claim to
the insurer immediately after receiving them?
Coverage is provided for bodily injury or property damage arising out of the insured
premises. Provide five examples of premises insured under the search
,Definition 2 of 181
1) Intentional torts - actual intent to invade the rights of the victim or an Intentional undertaking
which would reasonably be expected to result in injury or damage
2) Unintentional torts - involves careless rather than intentional invasion of another's rights
e.g. negligence
Explain extensions of coverage "moving to another home"
Broker owes the insurer the following duties
Outline the characteristics of the direct writing system
Identified the two major types of torts
Term 3 of 181
Section 2 - Liability Coverage
Bodily injury arising out of use of rented car while on holiday in Hawaii
Covered
Not covered
Coverage is available on either of an actual cash value or replacement cost basis
It allows the the insurer to quickly assess the potential for a successful action against the
insured
,Term 4 of 181
Explain the purpose of the "Sewer Back-up" endorsement form
1) Owners are not employees of insurers
2) Owners responsible for payment of all expenses associated with the business
3) Own the business they produce
4) Many owners are given an increased responsibility for client services they may be
authorized to quote and issue policies for certain classes of business and handle small
property claims in order to reduce the insurer's expenses
Broadens the coverage is provided under most habitational policies to include loss of
damage caused by the backing up or escape of water from a sewer or drain, sump, septic
tank, eavestrough or downspouts. (This endorsement varies from insurer to insurer)
Coverage is automatically extend to insure property while in transit to and at another
location which is to be occupied by the insureds as their principal residence. coverage is
restricted to Canada and is provided for 30 consecutive days only, or until the policy
expires or is terminated, which ever is sooner
Adds accidental glass breakage coverage to buildings. Most frequently used as a means of
reducing the deductible for glass breakage under the policy.
Term 5 of 181
Section 2 - Liability Coverage
Fire damage caused to hotel room rented to the insured
Covered
Not covered
Misrepresentation
Coverage is also provided for a period not exceeding two weeks for any necessary
increase in living expenses when an order for mass evacuation is made by a civil authority
the order must have been the direct result of a sudden and accidental event originating in
Canada or the USA
, Term 6 of 181
IBC 1151-Damage to TV satellite dish from windstorm
Notice
Corporations have the same right contract as individuals
Not covered
Covered
Term 7 of 181
Identify for major exposures to loss for mobile homes
Section 1-property coverages
section 2-liability coverages
Fire, windstorm, hail, transportation
The maximum amount available for anyone claim is $250, 000
Maybe bind a property risk for higher amounts than set out in the agency contract / May
bind a risk which is on the decline list in the agency contract/ may bind a liability risk for
higher limits then set out in the agency contract
Term 8 of 181
Can arise out of miss statement and/or fraudulent omission of a material fact
Replacement
Misrepresentation
Not covered
Oral binders should be confirmed immediately in writing
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