Caib 1 2023 exam - Study guides, Class notes & Summaries

Transfer of risk - buy insurance Avoidance of risk - avoid the chance of financial loss Controlling of rish - taking measures to reduce the frequency and securitu of loss Retention of risk - when a company decides to finance their own losses - Answer- People can choose to deal with risk in a variety of ways. Identify four possible options and provide a brief explanation of each. Transfer of risk is the most practical - Answer- Which of these options is most practical for most people...

Practice Exam for CAIB 1 Latest 2023 with complete solution 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? Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoidance of...

CAIB 1 2023 Exam | Questions & 100% Correct Answers

Practice Exam for CAIB 1 Latest 2023 |38 Questions with complete solutions| Graded A+

CAIB 2 - Chapter 6 exam 2023/2024 with 100% correct answers CAIB 2 - Chapter 6 exam 2023/2024 with 100% correct answers 3 Considerations that make some property items "Target Items" and provide an explanation for each - CORRECT ANSWER-1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which property can be transported 4 methods used by thieves which may cause loss t...

CAIB 3 Practice Exam (2023/2024)Questions With 100%Verified SolutionsA+GRADED What is the name given to the collection of written decisions? - correct answer...Case Law Explain the concept of the Rule of Precedent. - correct answer...Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". - correct ...

Practice Exam for CAIB 1 Latest 2023 with complete solution

Practice Exam for CAIB 1 Latest 2023 with complete solution 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? Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoidance of...