Caib 2 actual exam - Study guides, Class notes & Summaries

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...

CAIB 2 Exam Questions and Answers 100% Pass Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer- refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer- building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are...

CAIB 2 Exam Questions with Correct Answers Scheduled Coverage - Answer-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer-refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer-building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are not...

CAIB 2 Exam Questions and Answers 100% Pass Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer- refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer- building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are...

CAIB 2 Exam Questions with Correct Answers Scheduled Coverage - Answer-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. Property of every description - Answer-Refers to policy used to insure building, stock and equipment under a single limit of insurance. All Property (Blanket) - Answer-A policy under which all property owned by the insured is covered or "blanketed" by a single limit of insurance. Tenants Improvement...

CAIB 1 Practice Exam Questions With Verified Answers Latest New Update 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 the fol...

CAIB 2 Practice Exam Questions and Answers 100% Correct Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses w...

CAIB 2 Exam Questions and Answers 100% Pass Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer- refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer- building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are...

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 ...

CAIB 2 Exam Questions with Correct Answers Scheduled Coverage - Answer-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer-refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer-building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which a...