Caib 2 chapter 1 2024 - Study guides, Class notes & Summaries

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 3 Question and answers correctly solved 2024 Identify three leading causes of fires in Canada - correct answer 1. Arson or suspected arson 2. Failure or malfunction of mechanical or electrical equipment 3. Misuse of source of ignition Identify what information is requied by law to apper on all insurance polcies - correct answer 1. Name of parties to the contract 2. Policy period 3. Loss payable of payee 4. Summary of insurance coverages and amounts fo...

CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)

CAIB 2 Chapter 5 Practice Test 1 Questions and answers | With complete solution 2024/25 RATED A+

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...

CAIB 1 Chapter 2 Question and answers correctly solved 2024 Identify the three most common homeowners policies in use today. - correct answers Homeowners Basic Form (IBC1151) Homeowners Broad Form (IBC1153) Homeowners Comprehensive Form (IBC1155) In addition to single family dwellings, identify 4 other risks that may be eligible for homeowner's policy. - correct answers 1. Dwellings containing more than 1 family 2. For insureds having more than one principal dwelling 3. Mobile homes si...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers)

CAIB 2 Chapter 1 Questions and Answers (2024/2025)(Verified Answers) The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that building...

CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)

Caib 1 Chapter 1 - Section 2 Checkpoints Questions And Answers With Verified Solutions Already Passed Latest Updated 2024