Practice exam for caib 1 - Study guides, Class notes & Summaries

A mistake that causes financial loss to either a client or an insurer can result in an Errors and Omissions claim. It is important for brokers to control this exposure. Indicate the measures aimed at preventing or controlling errors and omissions. - Those which serve to prevent losses from occurring; and those which will assist in the defence against an error and omissions claim if and when it does occur. All Homeowners policies describe the Basis of Claim Payment for loss or damage to dwell...

Practice Exam for CAIB 1 questions with correct answers

Practice Exam for CAIB 1 with Verified Answers Graded A+ 1. 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? 2. Explain the meaning and disadvantage of the follow- ing approaches: Avoidance of Risk & Control of Risk 3. Identify the ...

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 the following approaches: Avoidance of Risk & Control of Risk - Answer Avoidance: Avoid...

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 the following approaches: Avoidance of Risk & Control of Risk - Answer Avoidance: Avoid...

Practice Exam for CAIB 1 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? - CORRECT ANSWERS Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoidance of Risk & Control...

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 the following approaches: Avoidance of Risk & Control of Risk - Answer- Avoidance: Avoidan...

Practice Exam for CAIB 1 Exam Questions with Complete Answers 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? - Correct Answer Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approach...

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? correct answers Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoidance of Risk & Control of Risk correct answers Avoida...