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

CAIB 3 Chapter 6 Exam Questions and Answers 100% Pass Identify the two dimensions of the risk management process - Answer- 1. A decision process 2. A management or administrative process Identify the five steps in the decision making process - Answer- Step 1 - Identify & analyze loss exposure Step 2 - Examine alternative risk management techniques Step 3 - Select risk management techniques Step 4 - Implement techniques Step 5 - Monitor results Identify the four administrative areas in...

CAIB 2 Chapter 1 Practice exam 1 Question and answers correctly solved 2024 Explain what it means to issue insurance on a scheduled basis - correct answer 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 - correct answer 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 - correct answe...

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 1 chapter 6 Exam with 100% Correct Answers What types of claims are paid out under Death & Injury - answercourt awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - answerCollision, Comprehensive Why is auto insurance compulsory in all provinces? - answerIt is unlikely that people would voluntarily purchase insurance thus leaving society ...

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 5 Practice Test 1 exam 2024/2025 with 100% correct answers

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 ...