Caib Study guides, Class notes & Summaries

CAIB 1 Practice Exam Questions and Answers All Correct 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 the following approaches: Avoi...

QUESTIONS AND ANSWERS

CAIB 2 Questions with complete solution 2024 Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - correct answer B. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer a...

CAIB 2 Question and answers correctly solved 2024Identify 3 classes of property insured by commercial property insurance policies - correct answer Building, Equipment, Stock Identify 2 ways used to insure commercial property and a brief explanation of each - correct answer Scheduled coverage: only that property specifically identified or scheduled on the policy is insured All Property (formerly POED) a single limit of insurance is provided for building, stock, and equipment. Schedul...

CAIB 1 Questions with complete solution 2024 Provide 1 reason why persons should not rely on control of risk as a total solution in eliminating financial loss -correct answer -Equipment will not work 100% of the time -certain types of losses such as wind, hail and lightning cannot be effectively controlled People can choose to deal with risk in a variety of ways identify four possible options and provide a brief explanation of each -correct answer Avoid the risk - rent rather than buy ...

CAIB 2 Immersion Questions with complete solution 2024 Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. - correct answer Mechanical: Drills Thermal: Torches Explosion: Dynamite What is the purpose of Perimeter Protection? - correct answer To prevent access to the premises when the business is closed Define Partial Protection and provide two weaknesses to Partial Protection? - correct answer When only openings to the build...

CAIB 2 Full Study Guide Question and answers rated A+ 2024 The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - correct answer 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 buildi...

Caib 2 Question and answers already passed 2024warranty - correct answer A promise that certain facts are as they are represented to be and that they will remain so hazard - correct answer A condition which may cause a peril to occur Latent defect - correct answer A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement - correct answer Changes the terms or conditions of the insured's policy Messenger - correct answer ...

CAIB III Question and answers 100% correct 2024 D. Is primarily concerned with the compensation of victims for their losses - correct answer The following statements respecting the brach of law known as "criminal law" are true except one. Pick the exception: A. Addresses wrongs directed against the state B. Authorities have a duty to prosecute and punish wrongdoers and are not required to wait for the victim to file formal charges before taking action C. Uses punitive sanctions as a m...