Caib i - Study guides, Class notes & Summaries

CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) Identify the company which assumes the greatest portion of an account Lead Company What is re-insurance an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? i) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insuranc...

CAIB 2 Chapter 7 Practice Test 2 Questions and Answers (2024/2025)(Verified Answers) What are two factors to consider when deciding which form of business interruption insurance to purchase? i) Nature of business ii) Types of perils most likely to cause losses When using old financial statements to establish amount of insurance, what problems could be encountered? Clients may be underinsured because future trends were not considered What type of employee salaries may not be consi...

CAIB 2 Chapter 4 Practice Test 2 What are two examples of temporary locations where property may be located and insured by Temporary Locations coverage? - Answer ️️ -i) When at customers premises on a pre-sale trial basis ii) When at a warehouse awaiting pickup by client List locations insured by Newly Acquired Location coverage - Answer ️️ -i) All locations newly acquired by client ii) In or on vehicles with 100 meters of newly acquired locations How long is coverage provided fo...

CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers) Define Bailee for Hire. Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. i) Repair of personal property example: Television repair shop ii) Storage of personal property example: Public storage warehouse iii) Delivery o...

CAIB 2 Chapter 1 Practice exam 2 with 100% correct answers Identify the company which assumes the greatest portion of an accountanswerLead Company What is re-insuranceansweran insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity?answeri) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the p...

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 3 Exam Questions and Answers 100% Pass Civil Law - Answer- the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer- a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Answer- is the failure, without legal excuse to perform any promise which forms the whole or part of the c...

CAIB 3 Exam Questions with All Correct Answers Civil Law - Answer-the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer-a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Answer-is the failure, without legal excuse to perform any promise which forms the whole or part of ...

CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...

CAIB 2 Chapter 2 Practice Exam 1 Questions and Answers 100% Pass What are three advantages using a fact find or survey? - Answer- 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? - Answer- i) Assists brokers when identifying potential losses ii) Assi...