Caib 1 chapter 1 - Study guides, Class notes & Summaries

Identify 4 possible options to deal with Risk , describe each correct answers 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? correct answers Transfer of Risk Identify the 5 elements required in all types of contracts correct answers Agreement , Consideration , Legality of Object ,...

CAIB 1 CHAPTER 3 EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+

CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

CAIB 1 - CHAPTER 1-4 QUESTIONS WITH COMPLETE SOLUTIONS.

CAIB 2 Chapter 1-7 Review (Qs & As)

CAIB 1 CHAPTER 1 WITH CORRECT ANSWERS RISK - CORRECT ANSWER-Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - CORRECT ANSWER-the chance of financial loss or gain PURE RISK - CORRECT ANSWER-the chance of financial loss but no chance of financial gain INSURANCE - CORRECT ANSWER-the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or...

CAIB 2 - CHAPTER 1 (from IBABC) questions with 100- correct answers(latest update).

Define "Risk" The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk Define "Risk Retention" To self-insure or to pay for losses themselves Define "Risk Control" To reduce the frequency or seve...