Caib 2 chapter 1 exam - Study guides, Class notes & Summaries

CAIB 1 - Chapter 1 UPDATED Exam Questions and CORRECT Answers Define "Risk" - Correct ANSWER- The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Correct ANSWER- 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Correct ANSWER- 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" - Correct ANSWER- To avoid doing something in order to eliminate the chanc...

CAIB 2 - CHAPTER 6 EXAM 1) Convertibility; 2) Value; 3) Portability. - Answer ️️ -Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosures; 4) Forced opening of building and protected enclosures; 5) Vandalism and mailicious acts; 6) Espionage; 7) Shoplifting; 8) Employee theft. - Answer ️️ -Meth...

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 5 Practice Test 1 Exam With 100% Correct Answers

CAIB 2 Chapter 2 Practice Exam 1 (Quizzes & Ans).

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 ...

CAIB 2 Chapter 2 Practice Exam 1 With 100% Correct Answers

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...

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...