Caib 2 b 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 2 Final Exam Practice Test Questions & Answers 2024 Define Loading - ANS-Additional rate charged over and above the fire rate. Define common carrier - ANS-Includes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANS-One 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 d...

CAIB 1 Chapter 2 Question and answers correctly solved 2024 Identify the three most common homeowners policies in use today. - correct answers Homeowners Basic Form (IBC1151) Homeowners Broad Form (IBC1153) Homeowners Comprehensive Form (IBC1155) In addition to single family dwellings, identify 4 other risks that may be eligible for homeowner's policy. - correct answers 1. Dwellings containing more than 1 family 2. For insureds having more than one principal dwelling 3. Mobile homes si...

CAIB 2 Chapter 4 Practice Test 1 Define Endorsement. - Answer ️️ -Endorsements change terms of existing policies Define Rider. - Answer ️️ -Riders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - Answer ️️ -a) NC mechanical breakdown b) NC damage caused by ...

CAIB 1 Practice Questions (100) with Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer- b. A compa...

CAIB 3 Chapter 3 Exam Questions and Answers 100% Pass Identify, other than in Quebec two different systems used to insure automobiles in Canada - Answer- 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles - Answer- SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms - Answer- Pol...

CAIB 3 Chapter 3 Exam Questions and Answers 100% Pass Identify, other than in Quebec two different systems used to insure automobiles in Canada - Answer- 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles - Answer- SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms - Answer- Pol...

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 2 Practice Questions and Answers 100% Pass What are the 3 types of Homeowners Forms? - Answer- 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer- Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer- Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characterist...

CAIB 1 Practice Questions | 100% Correct Answers | Verified | Latest 2024 Version Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns l...