2024 caib 2 practice exam Study guides, Class notes & Summaries

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...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers) Explain what it means to issue insurance on a scheduled basis Only 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 Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis All property owned by the insured is ...

Define Loading - ANSWERAdditional rate charged over and above the fire rate. Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANSWEROne who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody. Define discovery period. - ANSWERTime permitted by an insu...

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...

CAIB Exam Practice 2023/2024 - Questions with Correct Answers (Graded A+). What is the basis of claim payment for loss or damage to the mobile home, detached private structures and personal property under a Mobile Homeowners Policy? - AnswerThe basis of claim is Actual Cash Value; payment for loss or damage to personal property is made on the same basis as under Homeowners Forms. Identify two (2) other coverages included under C - Personal Property, which are not found in a Homeowners policy...

Define Loading - ANSWERAdditional rate charged over and above the fire rate. Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define contributing property - ANSWERManufacturer or supplier upon whom the insured depends for materials or goods. All of the following characteristics except one, are common to Boiler and Machinery policies. Pick the exception. A) insur...

CAIB 1 Practice Exam Questions With Answers Latest New Update 2024 Graded A+ (Verified ). Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements? - Answer- Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of...

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...

CAIB 1 Exam Practice Questions with Verified Answers | Latest 2023/2024 | Graded A+. All Homeowners policies describe the Basis of Claim Payment for loss or damage to dwelling building, detached private structures and personal property. Indicate the basis of settlement and conditions: Water used to extinguish a small fire at the Insured's home destroyed all electronic media and records kept by the Insured. - Answer- Cost to reproduce lost or damage media from duplicates or from originals of...