Caib iii Study guides, Class notes & Summaries
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CAIB 2 Chapter 2 Practice Exam 1 Questions and Answers 100% Pass
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CAIB 2 Chapter 2 Practice Exam 1 
Questions and Answers 100% Pass 
What are three advantages using a fact find or survey? - Answer- i) Assists brokers 
when identifying potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important 
to brokers? - Answer- i) Assists brokers when identifying potential losses 
ii) Assi...
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CAIB 2 Chapter 7 Practice Test 1 100% Solved
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CAIB 2 Chapter 7 Practice Test 1 100% Solved 
Provide four sources of Business Interruption losses and an example of each. - 
Answer- i) Physical damage to business 
example: Fire destroys business and customers cannot make purchases 
ii) Failure of public utilities 
example: Ice storm damages power lines and power cannot be restored for several 
weeks. This results in sales at the business to plummet 
iii) Transportation related accidents 
example: Railcar containing hazardous gas overturns cau...
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CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers
- Exam (elaborations) • 4 pages • 2024
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CAIB 2 Chapter 1 Practice exam 2 with 
100% correct answers 
Identify the company which assumes the greatest portion of an accountanswerLead 
Company 
What is re-insuranceansweran insurance company 'ceding' part of the risk to a re-insurer 
What are three considerations used when determining amounts of indemnity?answeri) Actual 
Cash Value of the property as it existed immediately prior to the loss 
ii) The interest of the insured in the property 
iii) The amount of insurance as shown on the p...
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CAIB 2 Chapter 3 Practice Test 1 with 100% verified solutions
- Exam (elaborations) • 3 pages • 2024
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CAIB 2 Chapter 3 Practice Test 1 with 100% 
verified solutions 
What are three causes of fires in Canada and provide an example of each. - answeri) 
Malfunction of electrical or mechanical equipment 
example: Damaged electrical cords 
ii) Arson 
example: Vandal sets fire 
iii) Misuse of ignition source 
example: Playing with lighters 
What are six items required to be shown on policy declaration pages? - answeri) Names of 
parties to insurance policy 
ii) Policy period 
iii) Loss payable or paye...
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CAIB 2 Chapter 2 Practice Exam 1 Questions and Answers 100% Pass
- Exam (elaborations) • 2 pages • 2024
- Available in package deal
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CAIB 2 Chapter 2 Practice Exam 1 
Questions and Answers 100% Pass 
What are three advantages using a fact find or survey? - Answer- i) Assists brokers 
when identifying potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important 
to brokers? - Answer- i) Assists brokers when identifying potential losses 
ii) Assi...
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CAIB 2 Chapter 7 Practice Test 1 100% Solved
- Exam (elaborations) • 3 pages • 2024
- Available in package deal
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- $10.49
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CAIB 2 Chapter 7 Practice Test 1 100% Solved 
Provide four sources of Business Interruption losses and an example of each. - 
Answer- i) Physical damage to business 
example: Fire destroys business and customers cannot make purchases 
ii) Failure of public utilities 
example: Ice storm damages power lines and power cannot be restored for several 
weeks. This results in sales at the business to plummet 
iii) Transportation related accidents 
example: Railcar containing hazardous gas overturns cau...
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CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024
- Exam (elaborations) • 5 pages • 2024
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CAIB 1 Practice Exam (Long Answer) 
100% Verified and Updated 2024 
Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they 
claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is 
discovered by the insurer, what portion of the claim, if any, is required to be paid under 
policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire 
claim, and not just that part which was fraudulent. (1 mark 
The in...
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CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct
- Exam (elaborations) • 9 pages • 2024
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CAIB 1 Chapter 4 Practice Questions and 
Answers 100% Correct 
What area of law does Criminal Law address? - Answer- Criminal law deals with 
wrongs against society 
How does criminal law deal with violators? - Answer- Prosecute them in criminal courts 
with fines, imprisonment or probation 
What area of law does civil law or common law address? - Answer- Concerned with 
settling disputes between individuals or other legal entities in matters not involving a 
criminal act 
What is the goal of ci...
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CAIB 2 Chapter 2 Practice Exam 1 with 100% verified solutions
- Exam (elaborations) • 2 pages • 2024
- Available in package deal
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- $10.49
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CAIB 2 Chapter 2 Practice Exam 1 with 
100% verified solutions 
What are three advantages using a fact find or survey? - answeri) Assists brokers when 
identifying potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important to 
brokers? - answeri) Assists brokers when identifying potential losses 
ii) Assists bro...
-
CAIB 2 Chapter 7 Practice Test 2 with 100% correct solutions
- Exam (elaborations) • 3 pages • 2024
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- $10.49
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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...
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