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CAIB 2 Chapter 1 Practice exam 2 Questions & Answers 100% Correct

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the company which assumes the greatest portion of an account - ANSWERLead Company What is re-insurance - ANSWERan insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - ANSWERi) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the policy i) Actual Cash Value of the property as it existed prior to the loss ii) The interest of the insured in the property

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CAIB 2 Chapter 1
Practice exam 2
Questions & Answers
100% Correct

the company which assumes the greatest portion of an account - ANSWERLead Company



What is re-insurance - ANSWERan insurance company 'ceding' part of the risk to a re-insurer



What are three considerations used when determining amounts of indemnity? - ANSWERi) Actual
Cash Value of the property as it existed immediately prior to the loss

ii) The interest of the insured in the property

iii) The amount of insurance as shown on the policy



i) Actual Cash Value of the property as it existed prior to the loss

ii) The interest of the insured in the property

iii) The amount of insurance as shown on the policy



Which of the above amounts will be paid in the event of insured losses? - ANSWERInsureds will
receive whichever is the least

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