CAIB 3 | Certified Questions, Verified Correct Answers & Detailed Explanations |2026 | 2027 – Rated A.

CAIB 3 | Certified Questions, Verified Correct Answers & Detailed Explanations |2026 | 2027 – Rated A. Quiz_________________? Actual Total Loss - Answers a loss in which the subject property is totally lost or is so badly damaged that it has no value left. Quiz_________________? Aggregate Limit - Answers the most the policy will pay during the policy period for all claims for which insurance is provided. Quiz_________________? Agreed Value - Answers a fair value of the shipment agreed to in advance by the insured and insurer. Quiz_________________? Bill of Lading - Answers a document issued by the carrier responsible for transporting or forwarding the goods. Quiz_________________? Breach of Contract - Answers is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Quiz_________________? Civil Law - Answers the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Quiz_________________? Compensatory Damages - Answers are damages intended to compensate the injured party for the bodily injury or property damage sustained. Quiz_________________? Consent of Surety - Answers a letter assuring the owner that if the principal is the successful bidder, the surety will issue such other bonds as are specified to ensure the performance of the contract. Quiz_________________? Constructive Total Loss - Answers occurs when the cost of salvaging the cargo is too high relative to the value saved. Quiz_________________? Contract Bond - Answers guarantees the fulfillment of certain obligations required under public and private contracts.