Caib 1 practice ex Study guides, Study notes & Summaries
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CAIB 1 Practice exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 17 pages • 2023
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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 - correct 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 - correct answer b. A company owned by stockhold...
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CAIB 1 Practice EXAm Questions With Complete Solutions
- Exam (elaborations) • 11 pages • 2023
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What are the 3 types of Homeowners Forms? - Answer 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive 
 
Who develops insurance forms? - Answer Insurance Bureau of Canada 
 
What types of risks are now eligible for coverage? - Answer Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction 
 
What are the common characteristics of Homeowners Forms? - Answer 1. Clear Language 2....
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CAIB 1 Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 7 pages • 2024
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Insurers are in the business of assuming the financial risks of others which involves entering into a formal 
contract. A contract is enforceable at law only when all legal elements have been observed. Insurance 
contracts differ from other formal agreements and are subject to what three additional elements? - 
Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of the following approaches: Avoidance of Risk & Control of Risk - 
Avoidance: Avoidance means that ...
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CAIB 1 Practice Exam (Long Answer) Rated A+
- Exam (elaborations) • 6 pages • 2024
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CAIB 1 Practice Exam (Long Answer) 
 
Rated A+ 
 
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? 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 insurer always has the right...
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update 2024 Graded A+
- Exam (elaborations) • 6 pages • 2023
- Available in package deal
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update 2024 Graded A+. Insurers are in the business of assuming the financial risks of others which involves 
entering into a formal contract. A contract is enforceable at law only when all legal 
elements have been observed. Insurance contracts differ from other formal agreements 
and are subject to what three additional elements? - Answer- Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of th...
And that's how you make extra money
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CAIB 1 Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 7 pages • 2024
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- R154,68
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CAIB 1 Practice Exam | 100% Correct 
Answers | Verified | Latest 2024 Version
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CAIB 1 Practice Exam Questions and Answers All Correct
- Exam (elaborations) • 6 pages • 2024
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CAIB 1 Practice Exam 
Questions and Answers All 
Correct 
Insurers are in the business of assuming the financial risks of others which involves 
entering into a formal contract. A contract is enforceable at law only when all legal 
elements have been observed. Insurance contracts differ from other formal agreements 
and are subject to what three additional elements? - Answer-Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of the following approaches: Avo...
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update Graded A+
- Exam (elaborations) • 6 pages • 2023
- Available in package deal
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- R261,16
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CAIB 1 Practice Exam Questions With Verified Answers Latest New Update Graded A+. Insurers are in the business of assuming the financial risks of others which involves 
entering into a formal contract. A contract is enforceable at law only when all legal 
elements have been observed. Insurance contracts differ from other formal agreements 
and are subject to what three additional elements? - Answer- Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of the fol...
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CAIB 1 Practice Exam ( Long Answer) Quizzes & Ans!!
- Exam (elaborations) • 3 pages • 2024
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- R193,40
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CAIB 1 Practice Exam ( Long Answer) Quizzes & Ans!!
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CAIB 1 Practice Exam with 100% Correct Answers 2023-2024
- Exam (elaborations) • 6 pages • 2023
- Available in package deal
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- R251,48
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CAIB 1 Practice Exam with 100% Correct Answers
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