Caib i - 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 4 Practice Test 1 Define Endorsement. - Answer ️️ -Endorsements change terms of existing policies Define Rider. - Answer ️️ -Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - Answer ️️ -a) NC mechanical breakdown b) NC damage caused by ...

CAIB 1 Practice Exam (Long Answer) Rated A+ Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The insurer always has the right...

CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct What area of law does Criminal Law address? - Answer- Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer- Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? - Answer- Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of ci...

CAIB 2 Chapter 7 Practice Test 2 Questions and Answers (2024/2025)(Verified Answers) What are two factors to consider when deciding which form of business interruption insurance to purchase? i) Nature of business ii) Types of perils most likely to cause losses When using old financial statements to establish amount of insurance, what problems could be encountered? Clients may be underinsured because future trends were not considered What type of employee salaries may not be consi...

CAIB 2 Chapter 7 Practice Test 1 100% Solved Provide four sources of Business Interruption losses and an example of each. - Answer- i) 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 cau...

CAIB 2 Chapter 4 Practice Test 2 What are two examples of temporary locations where property may be located and insured by Temporary Locations coverage? - Answer ️️ -i) When at customers premises on a pre-sale trial basis ii) When at a warehouse awaiting pickup by client List locations insured by Newly Acquired Location coverage - Answer ️️ -i) All locations newly acquired by client ii) In or on vehicles with 100 meters of newly acquired locations How long is coverage provided fo...

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 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...

CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...