CAIB 3 FINAL EXAM UPDATED EXAM SCRIPT
WITH COMPLETE ANSWERS
◉ Trespass.
Answer: Unlawful interference with someone's person, property, or
rights
◉ False Imprisonment.
Answer: Unlawfully holding someone against their will
◉ Easement.
Answer: Right to use another person's land
◉ Constructive Total Loss (MARINE INSURANCE).
Answer: When the cost of salvaging cargo is too high compared to its
value
◉ Freight (MARINE INSURANCE).
Answer: Money paid for vessel hire or cargo conveyance between
ports
◉ Particular Average (MARINE INSURANCE).
,Answer: Specific loss to a shipment, excluding general average
◉ Net Worth.
Answer: Remaining money after liquidating assets and clearing
liabilities
◉ Surety Bond.
Answer: Undertaking by one party to be accountable for a third
party's obligation
◉ Principal (SURETY BONDS).
Answer: Person or corporation whose performance is guaranteed
◉ Going Concern Value.
Answer: Difference in property value after a loss if the business
continued
◉ Separation (RISK MANAGEMENT).
Answer: Dividing an organization's asset or operation into separate
units
◉ Employee is responsible to obtain own coverage under a private
accident and Sickness Policy..
, Answer: Extent of law viewing employer's liability for employee
injuries
◉ Canada and the United States of America (including its territories
and possessions)..
Answer: Coverage territory under Commercial General Liability
Policy
◉ Slander.
Answer: Spoken defamation
◉ The S.E.F. No. 20 Loss of Use Endorsement (OPCF 20 Coverage for
Transportation Replacement) provides for the payment of certain
costs incurred in the rental of a substitute automobile..
Answer: Purpose of the S.E.F. No. 20 Loss of Use Endorsement
◉ The carrying of clients or customers or prospective clients or
customers..
Answer: Excluded use of insured automobile under General
Provisions, Definitions, and Exclusions in automobile policies
◉ Straight Bill of Lading..
Answer: Type of bill of lading that instructs delivery to named
consignee only
WITH COMPLETE ANSWERS
◉ Trespass.
Answer: Unlawful interference with someone's person, property, or
rights
◉ False Imprisonment.
Answer: Unlawfully holding someone against their will
◉ Easement.
Answer: Right to use another person's land
◉ Constructive Total Loss (MARINE INSURANCE).
Answer: When the cost of salvaging cargo is too high compared to its
value
◉ Freight (MARINE INSURANCE).
Answer: Money paid for vessel hire or cargo conveyance between
ports
◉ Particular Average (MARINE INSURANCE).
,Answer: Specific loss to a shipment, excluding general average
◉ Net Worth.
Answer: Remaining money after liquidating assets and clearing
liabilities
◉ Surety Bond.
Answer: Undertaking by one party to be accountable for a third
party's obligation
◉ Principal (SURETY BONDS).
Answer: Person or corporation whose performance is guaranteed
◉ Going Concern Value.
Answer: Difference in property value after a loss if the business
continued
◉ Separation (RISK MANAGEMENT).
Answer: Dividing an organization's asset or operation into separate
units
◉ Employee is responsible to obtain own coverage under a private
accident and Sickness Policy..
, Answer: Extent of law viewing employer's liability for employee
injuries
◉ Canada and the United States of America (including its territories
and possessions)..
Answer: Coverage territory under Commercial General Liability
Policy
◉ Slander.
Answer: Spoken defamation
◉ The S.E.F. No. 20 Loss of Use Endorsement (OPCF 20 Coverage for
Transportation Replacement) provides for the payment of certain
costs incurred in the rental of a substitute automobile..
Answer: Purpose of the S.E.F. No. 20 Loss of Use Endorsement
◉ The carrying of clients or customers or prospective clients or
customers..
Answer: Excluded use of insured automobile under General
Provisions, Definitions, and Exclusions in automobile policies
◉ Straight Bill of Lading..
Answer: Type of bill of lading that instructs delivery to named
consignee only
