Caib 2 chapter 7 - Study guides, Class notes & Summaries

CAIB 2 Chapter 7 Practice Test 2 with 100% correct solutions What are two factors to consider when deciding which form of business interruption insurance to purchase? -answeri) 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? -answerClients may be underinsured because future trends were not considered What type of employee salaries may not be considered a "necessar...

CAIB 2: Chapter 7 exam 2024 with 100% correct answersReasons and Obstacles correct answersReasons: - Protect Client - Reassure Confidentiality - Discuss Disaster Mangement Obstacles - Too Technical - Reluctance to Reveal Earnings - Lack of Consumer Knowledge Getting back into Business options correct answersReduce capital reserves Bank Loan Increase Product Prices Purchase Business Interruption Insurance Gross Earnings Form correct answers [Show less]

CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass What guarantees are provided by various licence and permit bonds? 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship A guarantee of performance made by one person or entity...

CAIB 2 - Chapter 7 Questions And Answers With Verified Solutions Already Passed!!!

CAIB 1 Chapter 6 Questions and Answers Graded A+ What is the minimum limit of Third Party Liability available in your province? $200,000 How does an insured show proof of financial responsibility in your province The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compulsory in Manitoba (6-4)...

CAIB 2 - Chapter 7 Questions and Answers 100% Correct 4 sources of business interruption & provide an example of each - Answer- 1) physical damage to business; fire destroys business 2) failure of public utilities; ice storm damages power lines 3) transportation related accidents; rail car derailment 4) physical damage to neighbouring premises; anchor store burns down 3 sources of funding available to businesses when their operations are interrupted - Answer- 1) reduce their capital reser...

CAIB 1 Chapter 7 Question and answers already passed 2024 Who is responsible for the administration of the insurance act in your province? - correct answer MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - correct answer Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be val...

Caib 2 Study Notes; Chapter 7 Questions And Answers With Verified Solutions Already Passed!!!

CAIB 1 Chapter 7 Questions and Answers Already Passed Who is responsible for the administration of the insurance act in your province? MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. 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 provinces. CAIB, this is t...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...