Caib 2 chapter 1 - Study guides, Class notes & Summaries
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CAIB 2 Chapter 1 Practice exam 2 Questions & Answers 100% Correct
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the company which assumes the greatest portion of an account - ANSWERLead Company 
 
What is re-insurance - ANSWERan insurance company 'ceding' part of the risk to a re-insurer 
 
What are three considerations used when determining amounts of indemnity? - ANSWERi) Actual Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insurance as shown on the policy 
 
i) Actual Cash Value of the property as it existed...
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CAIB 2 Chapter 1-7 Review Exam Questions With 100% Solved Solutions Guarantee pass
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Identify the company which assumes the greatest portion of an account? (Ch. 1) - CORRECT ANSWER-Lead company 
 
What is "reinsurance" (Ch. 1) - CORRECT ANSWER-Reinsurance is when an insurance company "cedes" part of the risk to a reinsurer. 
 
What are three considerations used when determining amounts of indemnity? (ch 1) - CORRECT ANSWER-1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as sh...
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice Exam 1 (Qs & As) 2024
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CAIB 2 Chapter 1 Practice Exam 1 (Qs & As) 2024
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) 
Identify the company which assumes the greatest portion of an account 
Lead Company 
 
 
What is re-insurance 
an insurance company 'ceding' part of the risk to a re-insurer 
 
 
What are three considerations used when determining amounts of indemnity? 
i) Actual Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insuranc...
And that's how you make extra money
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CAIB 2 CHAPTER 1 Exam Questions and Correct Answers
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CAIB 2 CHAPTER 1 Exam Questions and Correct Answers 
Only the property specifically listed or scheduled on the policy is insured. - Answer-Scheduled coverage. 
 
Building, Stock and Equipment are insured under a single limit of insurance. - Answer-Property of Every Description (POED) coverage. 
 
All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) - Answer-All Property (Blanket) coverage. 
 
1) Building 
...
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CAIB 2 Chapter 1 Practice exam 1 Questions & Answers 100%
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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 - ANSWERBuilding, stock and equipment are insured under a single limit of insurance 
 
Explain what it means to issue insurance on an all property (blanket) basis - ANSWERAll property owned by the insured is insured under a single limit of insurance. All property blanket may i...
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CAIB 2 Chapter 1 exam 2023/2024 with 100% correct answers
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Identify the company which assumes the greatest portion of an account - correct answer Lead Company 
 
What is re-insurance - correct answer an insurance company 'ceding' part of the risk to a re-insurer 
 
What are three considerations used when determining amounts of indemnity? - correct answer i) Actual Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insurance as shown on the policy 
 
i) Actua...
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CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers
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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 amounts of indemnity?answeri) Actual 
Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insurance as shown on the p...
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CAIB 2 Chapter 1 Practice exam 2 With Complete Solution
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Identify the company which assumes the greatest portion of an account - ANSWER-Lead Company 
 
What is re-insurance - ANSWER-an insurance company 'ceding' part of the risk to a re-insurer 
 
What are three considerations used when determining amounts of indemnity? - ANSWER-i) Actual Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insurance as shown on the policy 
 
i) Actual Cash Value of the property a...
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