Caib 1 practice questions - Study guides, Class notes & Summaries

CAIB 3 Practice Exam Questions With Verified & Correct Answers 2024|2025 What is the name given to the collection of written decisions? Correct Answer: Case Law Explain the concept of the Rule of Precedent. Correct Answer: Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". Correct Answer: Compens...

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer b. A company owned by stockholders who provide ...

CAIB 1 - Chapter 1 Practice Questions and Answers 100% Correct Define "Risk" - Answer- The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Answer- 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Answer- 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" - Answer- To avoid doing something in order to eliminate the chance of risk Define "Risk Retention...

CAIB 1 Practice Questions (100) WITH VERIFIED ANSWERS GRADED A+

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer b. A company owned by stockholders who provide ...

CAIB 1-Chapter 1 Practice Questions and Answers 100% Pass RISK - Answer- Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer- the chance of financial loss or gain PURE RISK - Answer- the chance of financial loss but no chance of financial gain INSURANCE - Answer- the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed...or...

CAIB 1 Practice Questions (100) Exam Questions With Complete Solutions Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Correct Answer d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company...

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value correct answers d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock correct answers b. A company owned by stockholders wh...

Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer- b. A company owned by stockholders who provide th...