CAIB 1 Verified Exam Questions and Answers 2026/2027

CAIB 1 Verified Exam Questions and Answers
2026/2027




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In provinces where automobile insurance is provided by private insurers, a PINK
CARD is used to provide proof of financial responsibility.
or
In provinces having compulsory government insurance plans, the PINK COPY of
the certificate of registration serves as proof of financial responsibility.



Choose an answer

, 1 Risk 2 Voidable Contract



3 Pink Card 4 Contract



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Terms in this set (83)



Risk Chance of financial loss to which an object of
insurance is exposed.


Speculative Risk The chance of a financial loss or gain.


Pure Risk The chance of financial loss but no chance of financial
gain.




Insurance The undertaking by one person to indemnify another
person against loss or liability for loss in respect of a
certain risk or peril to which the object of the
insurance may be exposed... or to pay a sum of money
or other thing of value upon the happening of a
certain event.