Caib 1 chapter 2 Study guides, Revision notes & Summaries

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 2 CHAPTER 1 Exam Questions and Correct Answers Only the property specifically listed or scheduled on the policy is insured. - Answer-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - Answer-Property of Every Description (POED) coverage. All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) - Answer-All Property (Blanket) coverage. 1) Building ...

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A What are three advantages using a fact find or survey? i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? i) Assists brokers when identifying potential losses ii) Assists brokers to make sure cove...

CAIB 2 Chapter 1 Practice Exam 1 Latest Update Graded A+ 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 insured under a single limi...

CAIB 2 Chapter 3 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers)

CAIB 4 Chapter 8 Latest Version with Complete Solutions Technology development has had a major impact on the insurance industry. It has completely transformed the way information is recorded and transmitted between the parties involved in insurance transactions. Identify five functions that the effective utilization of technology will allow brokers to realize. 1. Improve client service levels 2. Store information safely and convenietly 3. Reduce operating costs 4. Handle large volu...

CAIB 2 Chapter 5 Practice Test 1 Exam With 100% Correct Answers

CAIB 4 Chapter 2- Study Guide Questions with Complete Solutions Organizing involves determining the way the brokerage's activities will be divided into manageable units. Identify 3 elements to organizing effectively. 1. Creating an Organizational Structure 2. Defining employee relationships 3.Establishing Position Descriptions Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. 1. Line Organization- best suited for smaller b...

CAIB 1 Chapter 7 Question and answers already passed 2024 Who is responsible for the administration of the insurance act in your province? - correct answer MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - correct answer Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be val...