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

CAIB 4 Chapter 2 Exam Questions and Answers 100% Pass Organizing involves determining the way the brokerage's activities will be divided into measurable units. Identify the three elements to organizing effectively. - Answer- 1. Creating an Organizational Structure 2. Defining Employee Relationships 3. Establishing Position Descriptions The organizational structure is the skeleton upon which the brokerage grows and interacts. The structure also defines who has authority and responsibilit...

CAIB 2 Chapter 1 Practice exam 1 with 100% verified answers Explain what it means to issue insurance on a scheduled basis - answerOnly 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 - answerBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - answerAll property owned by the insured is insured ...

CAIB 3 Chapter 5 Exam Questions and Answers 100% Pass Identify the two main classes of bonds issued by surety companies - Answer- 1. Fidelity Bonds 2. Surety Bonds Briefly explain the purpose of a Fidelity Bond - Answer- To protect the employer from the dishonest acts of their employees. Today employees do not purchase their own Fidelity Bonds. Instead employers purchase employee dishonesty insurance Identify and explain the three C's that all underwriters take very seriously, and that ...

CAIB 4 - Chapter 2 Exam Questions and Answers 100% Pass Identify 3 elements to organizing effectively: - Answer- 1. Creating an organizational structure. 2. Defining employee relationships. 3. Establishing position descriptions. Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. - Answer- 1. Line organization 2. Functional organization 3. Line and staff organization Identify which type of brokerage is best suited for a line or...

CAIB 2 Chapter 1 Practice exam 2 WITH 100% COMPLETE SOLUTION 2024

CAIB 3 Chapter 5 Exam Questions and Answers 100% Pass Identify the two main classes of bonds issued by surety companies - Answer- 1. Fidelity Bonds 2. Surety Bonds Briefly explain the purpose of a Fidelity Bond - Answer- To protect the employer from the dishonest acts of their employees. Today employees do not purchase their own Fidelity Bonds. Instead employers purchase employee dishonesty insurance Identify and explain the three C's that all underwriters take very seriously, and that ...

CAIB 4 Chapter 6 Exam Questions and Answers 100% Pass Identifying the three meanings given to marketing in the insurance world. - Answer- 1. Placing of business by an insurance brokerage with various insurers. 2. Insurance companies promoting their products to brokerages 3. Insurance companies promoting their products to consumers. Marketing may be defined as a system of business activities which are designed to plan, promote, price and distribute want-satisfying products, services and id...

CAIB 4 Chapter 8 Exam Questions and Answers 100% Pass Technology development has had a major impact on the insurance industry. It has completely transformed the way information is recorded and transmitted between the parties involved in insurance transactions. Identify five functions that the effective utilization of technology will allow brokers to realize. - Answer- 1. Improve client service levels 2. Store information safely and convenietly 3. Reduce operating costs 4. Handle large v...

CAIB 3 Practice Exam Questions with Complete Solutions 100% Verified Answers 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 Co...

CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass Identify four perils that mobile homes are more susceptible to than conventional homes - Answer- 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior siding has been actually torn or punctured by the storm Identify 2 expenses in...