CAIB 2 FINAL EXAM PRACTICE TEST QUESTIONS AND CORRECT
DETAILED ANSWERS WITH EXPLANATIONS (VERIFIED ANSWERS) A
NEW UPDATED VERSION LATEST| GUARANTEED A+
1) Define Loading Additional rate charged over
and above the fire rate.
2) Define common carrier Includes airline, railroads,
trucking companies, and
others that furnish
transportation to any member
of the public seeking their
services.
3) Define "Bailee for Hire" One 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.
4) Define discovery period. Time permitted by an insurer,
commencing with the expiry
date of the policy, in which a
, claim must be discovered by
the insured if it is to be
covered by the policy.
5) Define contributing property Manufacturer or supplier upon
whom the insured depends for
materials or goods.
6) All of the following characteristics except B) excludes coverage for
one, are common to Boiler and Machinery mechanical or electrical
policies. Pick the exception. breakdown.
A) insures objects against accidents.
B) excludes coverage for mechanical or
electrical breakdown.
C) coverage is provided on a limit per
accident basis.
D) insurer retains the right to suspend
coverage immediately on any object
judged to be in a dangerous condition.
7) The builders risk broad form can be used D) contractors tools and
to insure all of the following property equipment.
items at the project site, except one. Pick
the exception.
DETAILED ANSWERS WITH EXPLANATIONS (VERIFIED ANSWERS) A
NEW UPDATED VERSION LATEST| GUARANTEED A+
1) Define Loading Additional rate charged over
and above the fire rate.
2) Define common carrier Includes airline, railroads,
trucking companies, and
others that furnish
transportation to any member
of the public seeking their
services.
3) Define "Bailee for Hire" One 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.
4) Define discovery period. Time permitted by an insurer,
commencing with the expiry
date of the policy, in which a
, claim must be discovered by
the insured if it is to be
covered by the policy.
5) Define contributing property Manufacturer or supplier upon
whom the insured depends for
materials or goods.
6) All of the following characteristics except B) excludes coverage for
one, are common to Boiler and Machinery mechanical or electrical
policies. Pick the exception. breakdown.
A) insures objects against accidents.
B) excludes coverage for mechanical or
electrical breakdown.
C) coverage is provided on a limit per
accident basis.
D) insurer retains the right to suspend
coverage immediately on any object
judged to be in a dangerous condition.
7) The builders risk broad form can be used D) contractors tools and
to insure all of the following property equipment.
items at the project site, except one. Pick
the exception.
