CAIB 2 FINAL EXAM PRACTICE WITH CORRECT
QUESTIONS AND ACTUAL ANSWERS FROM A
VERIFIED SOURCE GRADED A+.
Define Loading - ANSWERS-Additional rate charged over and above the
fire rate.
Define common carrier - ANSWERS-Includes airline, railroads, trucking
companies, and others that furnish transportation to any member of the
public seeking their services.
Define "Bailee for Hire" - ANSWERS-One who has temporary custody of
the personal property of another for a purpose other than sale and who is
compensated as a condition of such custody..
Define contributing property - ANSWERS-Manufacturer or supplier upon
whom the insured depends for materials or goods.
All of the following characteristics except one, are common to Boiler and
Machinery policies. Pick the exception.
A) insures objects against accidents.
B) excludes coverage for mechanical or electrical breakdown.
C) coverage is provided on a limit per accident basis.
, D) insurer retains the right to suspend coverage immediately on any object
judged to be in a dangerous condition. - ANSWERS-B) excludes coverage
for mechanical or electrical breakdown.
The builders risk broad form can be used to insure all of the following
property items at the project site, except one. Pick the exception.
A) all materials and supplies to enter into and form part of the completed
project.
B) growing trees, plants, shrubs, and flowers.
C) temporary office used by the contractor.
D) contractors tools and equipment. - ANSWERS-D) contractors tools and
equipment.
A common carrier is not liable to the owners of goods being transported by
it for the following loss: (pick the correct answer)
Define discovery period. - ANSWERS-Time permitted by an insurer,
commencing with the expiry date of the policy, in which a claim must be
discovered by the insured if it is to be covered by the policy
A) spoilage of goods caused by the failure of refrigeration equipment
attached to transporting conveyance.
B) inherent vice in goods being transported.
C) damage to goods caused by an accident involving the transporting
conveyance.
QUESTIONS AND ACTUAL ANSWERS FROM A
VERIFIED SOURCE GRADED A+.
Define Loading - ANSWERS-Additional rate charged over and above the
fire rate.
Define common carrier - ANSWERS-Includes airline, railroads, trucking
companies, and others that furnish transportation to any member of the
public seeking their services.
Define "Bailee for Hire" - ANSWERS-One who has temporary custody of
the personal property of another for a purpose other than sale and who is
compensated as a condition of such custody..
Define contributing property - ANSWERS-Manufacturer or supplier upon
whom the insured depends for materials or goods.
All of the following characteristics except one, are common to Boiler and
Machinery policies. Pick the exception.
A) insures objects against accidents.
B) excludes coverage for mechanical or electrical breakdown.
C) coverage is provided on a limit per accident basis.
, D) insurer retains the right to suspend coverage immediately on any object
judged to be in a dangerous condition. - ANSWERS-B) excludes coverage
for mechanical or electrical breakdown.
The builders risk broad form can be used to insure all of the following
property items at the project site, except one. Pick the exception.
A) all materials and supplies to enter into and form part of the completed
project.
B) growing trees, plants, shrubs, and flowers.
C) temporary office used by the contractor.
D) contractors tools and equipment. - ANSWERS-D) contractors tools and
equipment.
A common carrier is not liable to the owners of goods being transported by
it for the following loss: (pick the correct answer)
Define discovery period. - ANSWERS-Time permitted by an insurer,
commencing with the expiry date of the policy, in which a claim must be
discovered by the insured if it is to be covered by the policy
A) spoilage of goods caused by the failure of refrigeration equipment
attached to transporting conveyance.
B) inherent vice in goods being transported.
C) damage to goods caused by an accident involving the transporting
conveyance.
