Caib 2 chapter 3 exam - Study guides, Class notes & Summaries

Identify the five mounting losses of liability insurers of the 1980's - correct answer 1. Disproportionately high court awards in the USA 2. Environmental Disasters 3. Aviation Disasters 4. Inadequate assessment of potentially dangerous risks 5. Latent bodily injury claims Identify the five sections of the IBC 2100 - correct answer 1. Coverages (A,B,C,D) 2. Who is an insured 3. Limits of insurance 4. Commercial General Liability conditions 5. Definitions Identify the four cove...

CAIB 4 Chapter 4 Exam Questions and Answers 100% Correct Successful leadership results in knowledgeable, dedicated and motivated employees working effectively together to achieve the brokerage's mission, strategies, objectives and goals. Identify the six components of leading. - Answer- 1. Delegating 2. Motivating 3. Communicating 4. Managing conflict 5. Managing change 6. Coaching Delegating is the art of accomplishing objectives and achieving goals through the involvement of others...

CAIB 2 - CHAPTER 6 Exam Questions and Answers 1) Convertibility; 2) Value; 3) Portability. - Answer ️️ -Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosures; 4) Forced opening of building and protected enclosures; 5) Vandalism and mailicious acts; 6) Espionage; 7) Shoplifting; 8) Employee theft....

CAIB 2 - Chapter 6 Exam Questions and Answers 100% Correct 3 Considerations that make some property items "Target Items" and provide an explanation for each - Answer- 1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which property can be transported 4 methods used by thieves which may cause loss to insured property & provide an example - Answer- 1) Forceable entry i...

CAIB 1 chapter 5 Exam with 100% Correct Answers Define "farming" - answerthe ownership, maintenance or use of premises for the production of crops or the raising or care of livestock, including all necessary operations. There are many types of farms. Identify and briefly explain the basic differences between them. - answer1. Products grown or produced (vegetables, fruits, honey, tobacco, grains, meats, eggs or dairy) 2. Types of specialized machinery or equip used (Specialized in dairy,...

CAIB 2 CHAPTER 4 EXAM QUESTIONS AND ANSWERS Define "Endorsement" - Answer ️️ -endorsements change the terms of existing policies Define "Rider" - Answer ️️ -Riders add coverages to those already on the policy What values are insured on a Glass Rider - Answer ️️ -1) Glass 2) Artwork on glass 3) Tape & Foil on glass When would tenants require Glass Riders? - Answer ️️ -tenants may require glass riders when they have assumed responsibility for damage to glass in a lease W...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers 100% Pass Explain what it means to issue insurance on a scheduled basis - Answer- 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 - Answer- 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 - Answer- All property owned by the insured ...

CAIB 2 - CHAPTER 2 UPDATED Exam Questions and CORRECT Answers A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - Correct ANSWER- "Submission." 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting inf...

CAIB 2 Chapter 1 Practice exam 1 Question and answers correctly solved 2024 Explain what it means to issue insurance on a scheduled basis - correct answer 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 - correct answer 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 - correct answe...

CAIB 3 Chapter 6 Exam Questions and Answers 100% Pass Identify the two dimensions of the risk management process - Answer- 1. A decision process 2. A management or administrative process Identify the five steps in the decision making process - Answer- Step 1 - Identify & analyze loss exposure Step 2 - Examine alternative risk management techniques Step 3 - Select risk management techniques Step 4 - Implement techniques Step 5 - Monitor results Identify the four administrative areas in...