Caib exam stuvia - Study guides, Class notes & Summaries
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CAIB 2 STUDY NOTES; CHAPTER 1 EXAM WITH COMPLETE SOLUTION
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1. Residential (homes) 
2. Mercantile (hospital) 
3. Non-mercantile (stores) 
4. Manufacturing/industrial (manufacturing plants) - ANSWERIdentify 4 categories that buildings may fall into and give an example of each 
 
1. Scheduled basis 
2. All property basis - ANSWERIdentify two bases that coverage can be provided 
 
1. Scheduled basis - only property which is specifically identified or scheduled on the policy is insured 
2. All property - All property owned by the insured is covered by a sin...
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CAIB 2 - Chapter 5 Exam Questions and Answers Completely Solved
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identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWER-for repair 
 
for safekeeping or storage 
 
for delivery to others 
 
identify three examples of businesses who may be bailees for hire - ANSWER-small engine repair shops 
 
dry cleaners 
 
tailors 
 
briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWER-there is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent...
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CAIB 2 - Commercial Property Exam Questions With Detailed Answers 2024
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What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - CORRECT ANSWER-1) When at customers premises on a pre-sale trial basis 
2) When at warehouse awaiting pickup by client 
 
What are 3 coverages found in EDP Policies? - CORRECT ANSWER-1) Loss to data processing systems and components (hardware) 
2) Loss to data processing media and programs (software) 
3) Extra Expenses 
 
What are 2 key coverage advantages provided by section I o...
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CAIB 2 Chapter 1 Practice exam 2 Questions & Answers 100% Correct
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the company which assumes the greatest portion of an account - ANSWERLead Company 
 
What is re-insurance - ANSWERan 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 policy 
 
i) Actual Cash Value of the property as it existed...
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CAIB 2 Final Exam Practice Test Questions & Answers 2024 Update!!
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Define Loading - ANSWERAdditional rate charged over and above the fire rate. 
 
Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. 
 
 
Define contributing property - ANSWERManufacturer or supplier upon whom the insured depends for materials or goods. 
 
All of the following characteristics except one, are common to Boiler and Machinery policies. Pick the exception. 
 
A) insur...
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CAIB 2 - Chapter 5 Best Exam Questions & Answers
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identify three reasons why a bailee may have temporary custody of the personal property of another - CORRECT ANSWER-for repair 
 
for safekeeping or storage 
 
for delivery to others 
 
identify three examples of businesses who may be bailees for hire - CORRECT ANSWER-small engine repair shops 
 
dry cleaners 
 
tailors 
 
briefly explain the level of 'ordinary care' to be exercised by a bailee - CORRECT ANSWER-there is a legal duty on the bailee to take the same care of goods of others as wou...
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CAIB 2 - CHAPTER 6 IBABC Best Exam Questions & Answers Newest Version 2024
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1) Convertibility; 
2) Value; 
3) Portability. - CORRECT ANSWER-Three factors of personal property that can help business owners determine loss potential from a criminal act. 
 
1) Forced entry into building; 
2) Forced entry into protected enclosures; 
3) Unforced entry into building or protected enclosures; 
4) Forced opening of building and protected enclosures; 
5) Vandalism and mailicious acts; 
6) Espionage; 
7) Shoplifting; 
8) Employee theft. - CORRECT ANSWER-Methods criminals use that c...
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CAIB 2- Chapter 3 Exam Questions & Answers Latest Update 2024/2025 Guarantee Pass
- Exam (elaborations) • 11 pages • 2024
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identify the three leading causes of fires in canada - CORRECT ANSWER--failure or malfunction of mechanical or electrical equipment 
-arson, suspected arson and other set fires 
-misuse of source of ignition 
 
Identify what information is required by law to appear on all insurance policies - CORRECT ANSWER-names of parties to the contract 
policy periodloss payable or payee 
summary of insurance coverage 
rate and premium charged 
subject matter of insurance 
 
identify the 'policy period' ...
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Caib 2 Exam Questions & Answers Graded A
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Explain what an submission is and identify three types of information - ANSWER-A proposal for insurance which is presented to an underwriter for consideration. It can include an application, additional verbal info, additional written info. 
 
Identify three purposes served by survey forms - ANSWER-Assists to indenting loss exposures, helps eliminate the purchases of coverages the business doesn't need, assists in the development of underwriting information needed by insurers. 
 
State three adv...
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CAIB 2 Final Exam Practice Test Questions & Answers 2024 Update
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Define Loading - ANSWERAdditional rate charged over and above the fire rate. 
 
Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. 
 
Define "Bailee for Hire" - ANSWEROne who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody. 
 
Define discovery period. - ANSWERTime permitted by an insu...
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