2024 caib 2 practice exam - Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about 2024 caib 2 practice exam? On this page you'll find 37 study documents about 2024 caib 2 practice exam.
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CAIB 2 Chapter 7 Practice Test 2 exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 5 pages • 2024
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CAIB 2 Chapter 7 Practice Test 2 exam 2023/2024 with 100% correct answers
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) 
Identify the company which assumes the greatest portion of an account 
Lead Company 
 
 
What is re-insurance 
an insurance company 'ceding' part of the risk to a re-insurer 
 
 
What are three considerations used when determining amounts of indemnity? 
i) 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 insuranc...
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update 2024 Graded A+
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update 2024 Graded A+. 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? - Answer- Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of th...
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) 
Identify the company which assumes the greatest portion of an account 
Lead Company 
 
 
What is re-insurance 
an insurance company 'ceding' part of the risk to a re-insurer 
 
 
What are three considerations used when determining amounts of indemnity? 
i) 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 insuranc...
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CAIB 2 Final Exam Practice Test Questions & Answers 2024 Update!!
- Exam (elaborations) • 5 pages • 2024
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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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CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers)
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CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers) 
Explain what it means to issue insurance on a scheduled basis 
Only the property listed or scheduled on the policy is insured 
 
 
Explain what is meant to issue insurance on the basis of Property of Every Description 
Building, stock and equipment are insured under a single limit of insurance 
 
 
Explain what it means to issue insurance on an all property (blanket) basis 
All property owned by the insured is ...
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CAIB 2 Chapter 1 Practice exam 2 Questions & Answers 100% Correct
- Exam (elaborations) • 4 pages • 2024
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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!!
- Exam (elaborations) • 5 pages • 2024
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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 Exam Practice 2023/2024 - Questions with Correct Answers (Graded A+)
- Exam (elaborations) • 7 pages • 2023
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CAIB Exam Practice 2023/2024 - Questions with Correct Answers (Graded A+). What is the basis of claim payment for loss or damage to the mobile home, detached 
private structures and personal property under a Mobile Homeowners Policy? - AnswerThe basis of claim is Actual Cash Value; payment for loss or damage to personal 
property is made on the same basis as under Homeowners Forms. 
Identify two (2) other coverages included under C - Personal Property, which are not 
found in a Homeowners policy...
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CAIB 2 Chapter 1 Practice exam 1 Questions & Answers 100%
- Exam (elaborations) • 2 pages • 2024
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Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or scheduled on the policy is insured 
 
Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERBuilding, stock and equipment are insured under a single limit of insurance 
 
Explain what it means to issue insurance on an all property (blanket) basis - ANSWERAll property owned by the insured is insured under a single limit of insurance. All property blanket may i...
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