Caib 2 b Study guides, Class notes & Summaries

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...

CAIB 1 Chapter 1 Exam Questions And Answers Define in pure insurance terms ``risk." - ANS The chance of financial loss to which an object of insurance is exposed. List the three categories of risk generally faced by people. - ANS Personal - loss of health/life Property - objects Liability - negligent actions result in injury/damage State 4 possible options people can choose to deal with risk and give a brief explanation and example of each. - ANS Avoidance - all chance of fin...

CAIB 3 FINAL EXAMINATION QUESTIONS AND ANSWERS GRADED A Define the following insurance terms. Bill of Lading - Answer- Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) - Answer- Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital - Answer- Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the ...

CAIB 4 Chapter 2- Study Guide Questions with 100% Correct Answers Organizing involves determining the way the brokerage's activities will be divided into manageable units. Identify 3 elements to organizing effectively. - Answer- 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. - Answer- 1. Line Organization- best su...

CAIB 2 - Chapter 6 Latest Update Graded A+ 3 Considerations that make some property items "Target Items" and provide an explanation for each 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 1) Forceable entry into building; entry by breakin...

CAIB 4 Chapter 2- Study Guide Questions with 100% Correct Answers Organizing involves determining the way the brokerage's activities will be divided into manageable units. Identify 3 elements to organizing effectively. - Answer- 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. - Answer- 1. Line Organization- best su...

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 ...

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent an...

CAIB 2 Questions With Complete Solutions Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - Correct Answer B. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agr...

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...