Caib 1 definitions - Study guides, Class notes & Summaries

Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer-...

Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer- Agreemen...

Speculative Risk - Answer- The chance of financial loss or gain Contract - Answer- an agreement between 2 or more people which creates and obligation to do or not do something Indemnity - Answer- -Indemnity is measured by the value of the insured property as it existed immediately prior to the loss Security against damage, loss, or injury. 2. An exemption from liability for damages resulting from specified conduct, as in a contract indemnifying a party for the performance of certain acti...