Caib 1 - Study guides, Class notes & Summaries

CAIB 1 Chapter 6 Questions and Answers Graded A+ What is the minimum limit of Third Party Liability available in your province? $200,000 How does an insured show proof of financial responsibility in your province The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compulsory in Manitoba (6-4)...

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 - correct 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 - correct answer b. A company owned by stockhold...

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 livestock - b. A company owned by stockholders who provide the capital to start and run the ...

3 elements of a tort - Answer-Duty owed, duty breached & damages resulted (proximately) A "building" is defined as... - Answer-a. Fixed structures b. Additions/extensions c. Permanent fittings d. Materials on premises for regular maintenance e. Growing plants inside the building for decoration A contract is only legally enforceable when it has all of these 3 elements - Answer-Insurable interest, utmost good faith, indemnity A legally enforceable agreement between 2 or more parties is...

CAIB 1 PRACTICE QUESTIONS 2024 CAIB 1 PRACTICE QUESTIONS 2024 WITH GUARANTEED ACCURATE ANSWERS|VERIFIED 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 - Accurate Answerd. 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 cus...

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...

Identify 4 possible options to deal with Risk , describe each 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? Transfer of Risk Identify the 5 elements required in all types of contracts Agreement , Consideration , Legality of Object , Legal Capacity( are they old enough , sane , sobe...

CAIB 1 Exam - Questions With Solutions

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 livestock b. A company owned by stockholders who provide the capital to start and run the comp...