Caib i - Study guides, Class notes & Summaries

CAIB II - Chapter 6 Exam Questions and Answers

CAIB II - Chapter 6 Exam Questions and Answers Crime Insurance - Property Susceptible to Crime Losses (2 Target Items) - Answer ️️ -Target items are those which meet the follow criteria: 1. Value (greater value items) 2. Portability (easier to transport away) Perimeter Protection - Partial Protection (2 weaknesses) - Answer ️️ -1. Forced entry through walls or ceilings are not detected 2. Stay behind thieves will not be detected until they leave Area Protection - Electronic Prote...

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A What are three advantages using a fact find or survey? 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? i) Assists brokers when identifying potential losses ii) Assists brokers to make sure cove...

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 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...

CAIB 2 Chapter 4 Practice Test 1 Define Endorsement. - Answer ️️ -Endorsements change terms of existing policies Define Rider. - Answer ️️ -Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - Answer ️️ -a) NC mechanical breakdown b) NC damage caused by ...

CAIB 2 Chapter 7 Practice Test 1 Graded A+ Provide four sources of Business Interruption losses and an example of each. 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 causing ev...

CAIB 1 Chapter 4 Questions and Answers 100% Pass What area of law does Criminal Law address? Criminal law deals with wrongs against society How does criminal law deal with violators? Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of civil law? To seek compensation for...

CAIB 2 Chapter 6 Practice Test 2- solved What are three types of property normally excluded or receive limited coverage on commercial property insurance policies? - Answer ️️ -i) Money ii) Furs iii) Jewellery List and explain the four areas addressed by Commercial Crime policies. - Answer ️️ -i) Property covered Explanation: This section of crime policies will identify type of property insured such as money, jewellry or securities ii) Perils insured Explanation: This section of...

CAIB 2 Chapter 4 Practice Test 1 Define Endorsement. - Answer ️️ -Endorsements change terms of existing policies Define Rider. - Answer ️️ -Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - Answer ️️ -a) NC mechanical breakdown b) NC damage caused by ...