CAIB 3 CHAPTER 2 EXAM NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Identify the five mounting losses of liability insurers of the 1980's - (ANSWER)1.
Disproportionately high court awards in the USA
2. Environmental Disasters
3. Aviation Disasters
4. Inadequate assessment of potentially dangerous risks
5. Latent bodily injury claims
Identify the five sections of the IBC 2100 - (ANSWER)1. Coverages (A,B,C,D)
2. Who is an insured
3. Limits of insurance
4. Commercial General Liability conditions
5. Definitions *(&^%$#
@
Identify the four coverages of Section 1 of the IBC 2100 - (ANSWER)A. Bodily injury &
Property Damage Liability
B. Personal Injury & Advertising injury Liability
C. Medical Payments
D. Tenants Legal Liability
Identify the eight key features of Insuring Agreement 1 - (ANSWER)1. Coverage provided for
bodily injury and property damage only
2. Payment made only for 'those sums that the insured becomes legally obligated to pay'
3. Insurer liable for payment of compensatory damages only
4. Coverage is provided only for losses which occur during the policy period
5. Injury or damage must be caused by an occurrence
6. Loss or damage must take place in the coverage territory
, CAIB 3 CHAPTER 2 EXAM NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
7. Insurer's right and duty to defend any action
8. Insurer reserves the right to
a) investigate any claim and
b) settle any claim or action as its discretion
Identify the three terms contained in the definition of Bodily Injury - (ANSWER)1. Bodily
Injury
2. Sickness or disease
3. Death
Explain the two key coverages included under the definition of Property Damage -
(ANSWER)1. Physical injury to tangible property, including all resulting loss of use of that
property *(&^%$#
@
2. Loss of use of tangible property that is not physically damaged
Identify who decides 'those sums that the insured becomes legally obligated to pay' -
(ANSWER)The courts
Identify the three types of liability that may be faced by business owners - (ANSWER)1. Tort
Liability
2. Certain Contractual Liabilities
3. Statutory Liability
Explain what is meant by Compensatory Damages - (ANSWER)These damages are
intended to attach, as nearly as possible, a dollar value to the injury or damage for which
the insured is legally obligated
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Identify the five mounting losses of liability insurers of the 1980's - (ANSWER)1.
Disproportionately high court awards in the USA
2. Environmental Disasters
3. Aviation Disasters
4. Inadequate assessment of potentially dangerous risks
5. Latent bodily injury claims
Identify the five sections of the IBC 2100 - (ANSWER)1. Coverages (A,B,C,D)
2. Who is an insured
3. Limits of insurance
4. Commercial General Liability conditions
5. Definitions *(&^%$#
@
Identify the four coverages of Section 1 of the IBC 2100 - (ANSWER)A. Bodily injury &
Property Damage Liability
B. Personal Injury & Advertising injury Liability
C. Medical Payments
D. Tenants Legal Liability
Identify the eight key features of Insuring Agreement 1 - (ANSWER)1. Coverage provided for
bodily injury and property damage only
2. Payment made only for 'those sums that the insured becomes legally obligated to pay'
3. Insurer liable for payment of compensatory damages only
4. Coverage is provided only for losses which occur during the policy period
5. Injury or damage must be caused by an occurrence
6. Loss or damage must take place in the coverage territory
, CAIB 3 CHAPTER 2 EXAM NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
7. Insurer's right and duty to defend any action
8. Insurer reserves the right to
a) investigate any claim and
b) settle any claim or action as its discretion
Identify the three terms contained in the definition of Bodily Injury - (ANSWER)1. Bodily
Injury
2. Sickness or disease
3. Death
Explain the two key coverages included under the definition of Property Damage -
(ANSWER)1. Physical injury to tangible property, including all resulting loss of use of that
property *(&^%$#
@
2. Loss of use of tangible property that is not physically damaged
Identify who decides 'those sums that the insured becomes legally obligated to pay' -
(ANSWER)The courts
Identify the three types of liability that may be faced by business owners - (ANSWER)1. Tort
Liability
2. Certain Contractual Liabilities
3. Statutory Liability
Explain what is meant by Compensatory Damages - (ANSWER)These damages are
intended to attach, as nearly as possible, a dollar value to the injury or damage for which
the insured is legally obligated
