CAIB 2 - Chapter 5 exam 2024 with 100- correct answers.

CAIB 2 - Chapter 5 exam 2024/2025 with
100% correct answers


identify three reasons why a bailee may have temporary custody of the personal
M M M M M M M M M M M M


Mproperty of another - ANS-for repair
M M M M M




for safekeeping or storage
M M M




for delivery to others
M M M




identify three examples of businesses who may be bailees for hire - ANS-small
M M M M M M M M M M M M


Mengine repair shops M M




dry cleaners
M




tailors

briefly explain the level of 'ordinary care' to be exercised by a bailee - ANS-there is a
M M M M M M M M M M M M M M M M


Mlegal duty on the bailee to take the same care of goods of others as would be taken
M M M M M M M M M M M M M M M M M


Mby a prudent and diligent owner of such goods
M M M M M M M M




briefly explain how the level of 'ordinary care' may vary by the type of bailee - ANS-
M M M M M M M M M M M M M M M M


may vary with the class of property over which bailment is being exercised (ex.
M M M M M M M M M M M M M


Mjewelry vs. wheat) M M




identify two ways a bailee may be responsible for the goods of others - ANS--liable
M M M M M M M M M M M M M M


Mfor loss to customers property when the required level OF ORDINARY CARE HAS
M M M M M M M M M M M M


MBEEN BREACHED because of negligence
M M M M




-purchase additional liability for customers property under contract (ex. if stolen by
M M M M M M M M M M M


Mthieves)

identify three ways bailees can insure their legal and contractual responsibility for
M M M M M M M M M M M


Mdamages to customer goods *** (3 ways a bailee can look after a customers
M M M M M M M M M M M M M


Mproperty) - ANS--include the value of customers property in the amount of stock
M M M M M M M M M M M M


Minsurance

-purchase separate policy insuring the legal liability of the bailee for loss
M M M M M M M M M M M

, -purchase a specialized bailees customers policy (coverage can be purchased which
M M M M M M M M M M


Mtotally ignores the issue of the legal liability for the loss)
M M M M M M M M M M




identify three examples of clients who may need inland transportation insurance -
M M M M M M M M M M M


MANS-incoming and outgoing shipments M M M




moving or storage companies
M M M




trucking or delivery firms
M M M




identify the two parties who may have an insurable interest in property while in the
M M M M M M M M M M M M M M


Mcourse of transit - ANS-the owner
M M M M M


the carrier (bailee for hire)
M M M M




identify how the decision of who should purchase insurance on property in transit is
M M M M M M M M M M M M M


Mdetermined - ANS-if the owner or carrier would be responsible for loss to the
M M M M M M M M M M M M M


Mproperty M




and to what extent
M M M




identify the three types of carriers which can be used to transport goods of owners or
M M M M M M M M M M M M M M M


Mshippers * - ANS-common carrier
M M M M


contract carrier M


private carrier
M




identify five excluded losses for which a common carrier would NOT be liable to the
M M M M M M M M M M M M M M


Mowner of the goods * - ANS-acts of god
M M M M M M M M


acts of public enemies
M M M


acts of public authority
M M M


neglect or default of the shipper
M M M M M


inherent vice in the goods transported ( perishable goods, eggs, shelf life)
M M M M M M M M M M M




identify the document used to establish the liabilities of common carrier * - ANS-bills
M M M M M M M M M M M M M


Mof lading
M




identify the three types of bills of lading normally used by common carriers - ANS-
M M M M M M M M M M M M M M


standard (ordinary) bill of lading
M M M M




valued bill of lading
M M M




released bill of lading M M M




how are the goods valued under a standard (ordinary) bill of lading? - ANS-amount is
M M M M M M M M M M M M M M


Mestablished at a certain amount per kilogram/pound or parcel
M M M M M M M M