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

CAIB 4 Exam Questions with Correct Answers What are the two approaches to planning? Explain each - Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. What are the advantages and disadvantages of top down planning? - Answer-Advantages: Management feels in control and in charge of decision makin...

CAIB 2 – CHAPTER 1 EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+

Practice Exam for CAIB 1 Latest 2023 latest update with complete solution 1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approac...

CAIB 2 Practice Exam Questions with Verified Answers Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses ...

CAIB 2 - exam 2023/2024 with 100% correct answers Scheduled Coverage - CORRECT ANSWER refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - CORRECT ANSWER refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - CORRECT ANSWER building improvements, alterations and betterments made at the expense of or purchased by the insured to a building oc...