Study guides, Class notes & Summaries

CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - Answer- Collision, Comprehensive Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people would voluntarily purchase insurance thu...

children's playgrounds or outdoor swimming pools (above & below ground). Coverage is also provided for materials and supplies located adjacent to the premises that are intended for use in the construction or repair of the insured dwelling (True or False) There is no coverage for outdoor trees & shrubs when damaged by wind or hail - Answer- True Explain Coverage B - Detached Private Structures - Answer- Provides coverage for any structure or building that is separated from the dwelling by ...

CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct What area of law does Criminal Law address? - Answer- Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer- Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? - Answer- Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of ci...

CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024 Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The in...

CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...

CAIB 1 Practice Questions (100) with Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer- b. A compa...

CAIB 1 Chapter 5 Farm Insurance Questions and Answers 100% Verified Define farming - Answer- premises for crops and livestock roadside stands and farmers markets Three Basic differences between types of arms - Answer- 1) The product grown or produced 2) Types of specialized machinery or equipment used 3) The types of buildings required Identify the 4 coverages generally provided by most farm policies - Answer- 1) dwelling building and personal property 2) Major outbuildings and content...

CAIB 1 - Chapter 7 Questions and Answers 100% Correct What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? - Answer- commitment to higher ethical standards, have a high standard of educational preparedness with mandatory continuous education, have a for...

CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...

CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass Identify four perils that mobile homes are more susceptible to than conventional homes - Answer- 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior siding has been actually torn or punctured by the storm Identify 2 expenses in...