Caib 2 terms - Study guides, Class notes & Summaries

CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...

CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...

CAIB 4 Exam Questions With 100% Correct Answers 2024|2025 What are the two approaches to planning? Explain each - Correct Answer 1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. What are the advantages and disadvantages of top down planning? - Correct Answer Advantages: Management feels in control...

CAIB 2 -Terms and Definitions Questions and Answers Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - Answer- refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - Answer- building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which ar...

CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE LATEST UPDATE GRADED A+ Define in pure insurance terms "risk" The chance of financial loss to which an object of insurance is exposed List the 3 categories of risk generally faced by people Personal Risk; Property Risk; Liability Risk State 4 possible options people can choose to deal with risk Avoidance of Risk; Controlling Risk; Retention of Risk; Transfer of Risk Give a brief explanation and example of Avoidance of Risk When chance of fina...

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 ...

CAIB 2 - CHAPTER 2 QUESTIONS AND ANSWERS ALREADY PASSED "Submission." 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). Three purposes of survey forms. 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwr...

CAIB 2 -Terms and Definitions Questions and Answers Scheduled Coverage - Answer- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - Answer- refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - Answer- building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which ar...

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...

CAIB II - Chapter 6 Exam Questions and Answers Crime Insurance - Property Susceptible to Crime Losses (2 Target Items) - Answer ️️ -Target items are those which meet the follow criteria: 1. Value (greater value items) 2. Portability (easier to transport away) Perimeter Protection - Partial Protection (2 weaknesses) - Answer ️️ -1. Forced entry through walls or ceilings are not detected 2. Stay behind thieves will not be detected until they leave Area Protection - Electronic Prote...