CAIB 2 Final Exam Practice Test Questions & Answers 2024

CAIB 2 Final Exam Practice Test Question s & Answer s 2024 Define Loading - ANS-✔✔ Additional rate charged ov er and above the fire rate. Define common carrier - ANS-✔✔ Includes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANS-✔✔ One who has temporary c ustody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody. Define discovery period. - ANS-✔✔ 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. Define contributing property - ANS-✔✔ Manufacturer or supplier upon whom the insured depends for materials or goods. All of the following characteristics except one, are common to Boi ler and Machinery policies. Pick the exception. 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. - ANS-✔✔ B) excludes coverage for mechanical or electrical breakdown. The builders risk broad form can be used to insure all of the following property items at the project site, except one. P ick the exception. A) all materials and supplies to enter into and form part of the completed project. B) growing trees, plants, shrubs, and flowers. C) temporary office used by the contractor. D) contractors tools and equipment. - ANS-✔✔ D) contractors tools and equipment. A common carrier is not liable to the owners of goods being transported by it for the following loss: (pick the correct answer) A) spoilage of goods caused by the failure of refrigeration equipment attached to transporting conveyance. B) inherent vice in goods being transported. C) damage to goods caused by an accident involving the transporting conveyance. D) a delay in shipment causing spoilage due to stock being misdirec ted by the carrier at the point of shipment. - ANS-✔✔ B) inherent vice in goods being transported. The safe burglary rider would pay for the following loss: A) money taken from a locked cash drawer. B) money and securities taken from an unlocked safe. C) money and securities taken from a locked safe by a burglar who knew the combination of the safe. D) removal of the safe from the premises - ANS-✔✔ D) removal of the safe from the premises Glitters jewelry store incorporated is equipped with sophisticate d burglary detection equipment. It also subscribes to the services of an alarm control Center providing the highest level of supervisory service today is: A) digital communicator service B) monitoring station service