CAIB 1 EXAM
PREP/COPMREHENSIVE GUIDE
(NEWEST VERSION) | ALL
QUESTIONS AND CORRECT
ANSWERS (DETAILED ANSWERS) |
GRADED A+ | VERIFIED ANSWERS |
LATEST EXAM
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Terms in this set (83)
Chance of financial loss to which an
Risk
object of insurance is exposed.
The chance of a financial loss or
Speculative Risk
gain.
The chance of financial loss but no
Pure Risk
chance of financial gain.
The undertaking by one person to
indemnify another person against
loss or liability for loss in respect of
a certain risk or peril to which the
Insurance
object of the insurance may be
exposed... or to pay a sum of money
or other thing of value upon the
happening of a certain event.
An agreement between two or more
Contract persons which creates an obligation
to do or not to do a particular thing.
, An exchange of something of value
Consideration
between parties.
One has an insurable interest in the
Insurable subject matter of the insurance
Interest when they will suffer financially by a
loss.
The law requires insurance contracts
maintain a higher standard of
Utmost Good honesty than is needed of other
Faith contracts. (The duty of utmost good
faith applies to the insured, the
insurer and the broker.)
Application of the principle of
indemnity ensures people receive
Indemnity
the actual amount of their loss, no
more and no less.
A temporary agreement in which the
insurer agrees to provide certain
Insurance Binder
coverages pending the issuance of
the policy.
A written agreement or contract
Agency between the insurer and the
Agreement brokerage which acknowledges
their relationship.
PREP/COPMREHENSIVE GUIDE
(NEWEST VERSION) | ALL
QUESTIONS AND CORRECT
ANSWERS (DETAILED ANSWERS) |
GRADED A+ | VERIFIED ANSWERS |
LATEST EXAM
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
, Continue studying in Learn
Terms in this set (83)
Chance of financial loss to which an
Risk
object of insurance is exposed.
The chance of a financial loss or
Speculative Risk
gain.
The chance of financial loss but no
Pure Risk
chance of financial gain.
The undertaking by one person to
indemnify another person against
loss or liability for loss in respect of
a certain risk or peril to which the
Insurance
object of the insurance may be
exposed... or to pay a sum of money
or other thing of value upon the
happening of a certain event.
An agreement between two or more
Contract persons which creates an obligation
to do or not to do a particular thing.
, An exchange of something of value
Consideration
between parties.
One has an insurable interest in the
Insurable subject matter of the insurance
Interest when they will suffer financially by a
loss.
The law requires insurance contracts
maintain a higher standard of
Utmost Good honesty than is needed of other
Faith contracts. (The duty of utmost good
faith applies to the insured, the
insurer and the broker.)
Application of the principle of
indemnity ensures people receive
Indemnity
the actual amount of their loss, no
more and no less.
A temporary agreement in which the
insurer agrees to provide certain
Insurance Binder
coverages pending the issuance of
the policy.
A written agreement or contract
Agency between the insurer and the
Agreement brokerage which acknowledges
their relationship.
