CAIB 1-CHAPTER 1 EXAM WITH
CORRECT ANSWERS
RISK q- qcorrect qanswers q-Chance qof qfinancial qloss qto qwhich qan qobject qof
qinsurance qis qexposed
SPECULATIVE qRISK q- qcorrect qanswers q-the qchance qof qfinancial qloss qor qgain
PURE qRISK q- qcorrect qanswers q-the qchance qof qfinancial qloss qbut qno qchance
qof qfinancial qgain
INSURANCE q- qcorrect qanswers q-the qundertaking qby qone qperson qto qindemnify
qanother qperson qagainst qloss qor qliability qfor qloss qin qrespect qof qa qcertain qrisk
qor qperil qto qwhich qthe qobject qof qthe qinsurance qmay qbe qexposed...or qto qpay qa
qsum qof qmoney qor qother qthing qof qvalue qupon qthe qhappening qof qa qcertain
qevent
CONTRACT q- qcorrect qanswers q-an qagreement qbetween qtwo qor qmore qpersons
qwhich qcreates qan qobligation qto qdo qor qnot qto qdo qa qparticular qthing
CONSIDERATION q- qcorrect qanswers q-an qexchange qor qsomething qof qvalue
qbetween qparties
CORRECT ANSWERS
RISK q- qcorrect qanswers q-Chance qof qfinancial qloss qto qwhich qan qobject qof
qinsurance qis qexposed
SPECULATIVE qRISK q- qcorrect qanswers q-the qchance qof qfinancial qloss qor qgain
PURE qRISK q- qcorrect qanswers q-the qchance qof qfinancial qloss qbut qno qchance
qof qfinancial qgain
INSURANCE q- qcorrect qanswers q-the qundertaking qby qone qperson qto qindemnify
qanother qperson qagainst qloss qor qliability qfor qloss qin qrespect qof qa qcertain qrisk
qor qperil qto qwhich qthe qobject qof qthe qinsurance qmay qbe qexposed...or qto qpay qa
qsum qof qmoney qor qother qthing qof qvalue qupon qthe qhappening qof qa qcertain
qevent
CONTRACT q- qcorrect qanswers q-an qagreement qbetween qtwo qor qmore qpersons
qwhich qcreates qan qobligation qto qdo qor qnot qto qdo qa qparticular qthing
CONSIDERATION q- qcorrect qanswers q-an qexchange qor qsomething qof qvalue
qbetween qparties