CAIB 2 Study guides, Class notes & Summaries
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CAIB 2 - Chapter 1 Questions and Answers 100% Pass
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CAIB 2 - Chapter 1 Questions and 
Answers 100% Pass 
Explain "Scheduled Basis" - Answer- Only the items listed on the policy will be insured 
Explain "Property of Every Description" Basis - Answer- Building, stock and equipment 
are insured under a single limit of insurance 
Explain "All Property (Blanket)" Basis - Answer- All property owned by the insured is 
insured under a single limit of insurance - this can include property at different locations 
and may be subject to co insurance 
I...
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CAIB 2 Chapter 1 Practice exam 1 Questions and Answers 100% Pass
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CAIB 2 Chapter 1 Practice exam 1 
Questions and Answers 100% Pass 
Explain what it means to issue insurance on a scheduled basis - Answer- Only the 
property listed or scheduled on the policy is insured 
Explain what is meant to issue insurance on the basis of Property of Every Description - 
Answer- Building, stock and equipment are insured under a single limit of insurance 
Explain what it means to issue insurance on an all property (blanket) basis - Answer- All 
property owned by the insured ...
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CAIB 2 - Chapter 7 Questions and Answers 100% Correct
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CAIB 2 - Chapter 7 Questions and 
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4 sources of business interruption & provide an example of each - Answer- 1) physical 
damage to business; fire destroys business 2) failure of public utilities; ice storm 
damages power lines 3) transportation related accidents; rail car derailment 4) physical 
damage to neighbouring premises; anchor store burns down 
3 sources of funding available to businesses when their operations are interrupted - 
Answer- 1) reduce their capital reser...
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CAIB 2 STUDY NOTES; CHAPTER 4 Questions and Answers 100% Pass
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CAIB 2 STUDY NOTES; CHAPTER 4 
Questions and Answers 100% Pass 
Breifly explain the fuctions or endorsements, riders, and separate policies - Answer- 1. 
Endorsements; changes the terms or conditions of the insureds policy 
2. Riders; adds additional coverage to those already in place 
3. Separate policies; equipment breakdown insurance, computer crime, other 
specialized coverages often purchased separately but can be added to existing policy 
Identify the endorsement, rider or policy to respon...
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CAIB 2 Practice Exam Questions and Answers 100% Correct
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CAIB 2 Practice Exam Questions and 
Answers 100% Correct 
Waivers of Co-insurance clause are common on commercial property policies. What 
types of losses are applicable to this waiver of co-insurance? 
Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) 
Identify 3 reasons why exclusions exist on commercial property policy. 
losses which are generally considered by insurers to be commercially insurable: 
1. Deliberate acts of violence -war, rebellion 
2. losses w...
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CAIB 2 STUDY NOTES; CHAPTER 4 Questions and Answers 100% Pass
- Exam (elaborations) • 13 pages • 2024
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CAIB 2 Chapter 1 Practice exam 1 
Questions and Answers 100% Pass 
Explain what it means to issue insurance on a scheduled basis - Answer- Only the 
property listed or scheduled on the policy is insured 
Explain what is meant to issue insurance on the basis of Property of Every Description - 
Answer- Building, stock and equipment are insured under a single limit of insurance 
Explain what it means to issue insurance on an all property (blanket) basis - Answer- All 
property owned by the insured ...
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CAIB 2 - Chapter 6 Exam Questions and Answers 100% Correct
- Exam (elaborations) • 7 pages • 2024
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CAIB 2 - Chapter 6 Exam Questions and 
Answers 100% Correct 
3 Considerations that make some property items "Target Items" and provide an 
explanation for each - Answer- 1) Convertibility; the ease at which property can be sold 
and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) 
Portability; the ease at which property can be transported 
4 methods used by thieves which may cause loss to insured property & provide an 
example - Answer- 1) Forceable entry i...
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CAIB 2- Chapter 3 Questions and Answers 100% Pass
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CAIB 2- Chapter 3 Questions and 
Answers 100% Pass 
identify the three leading causes of fires in canada - Answer- -failure or malfunction of 
mechanical or electrical equipment 
-arson, suspected arson and other set fires 
-misuse of source of ignition 
Identify what information is required by law to appear on all insurance policies - Answer- 
names of parties to the contract 
policy periodloss payable or payee 
summary of insurance coverage 
rate and premium charged 
subject matter of insura...
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CAIB 2 Chapter 7 Practice Test 1 100% Solved
- Exam (elaborations) • 3 pages • 2024
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CAIB 2 Chapter 7 Practice Test 1 100% Solved 
Provide four sources of Business Interruption losses and an example of each. - 
Answer- i) Physical damage to business 
example: Fire destroys business and customers cannot make purchases 
ii) Failure of public utilities 
example: Ice storm damages power lines and power cannot be restored for several 
weeks. This results in sales at the business to plummet 
iii) Transportation related accidents 
example: Railcar containing hazardous gas overturns cau...
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CAIB 2 Exam Questions and Answers 100% Pass
- Exam (elaborations) • 9 pages • 2024
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CAIB 2 Exam Questions and Answers 100% Pass 
Scheduled Coverage - Answer- refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled. 
All Property - Answer- refers to policy used to insure building, stock and equipment 
under a single limit of insurance. 
Tenants Improvements - Answer- building improvements, alterations and betterments 
made at the expense of or purchased by the insured to a building occupied by the 
insured and which are...
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