Study guides, Class notes & Summaries

CAIB 4 Exam Questions with Correct Answers What are the two approaches to planning? Explain each - Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. What are the advantages and disadvantages of top down planning? - Answer-Advantages: Management feels in control and in charge of decision makin...

CAIB 4 Exam | 105 Questions and Answers with Complete Solutions

CAIB 2 - Chapter 2 Questions and Answers (2024/2025)(Verified Answers) 3 advantages of using a fact find or survey 1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies 3 benefits of commercial property checklists 1) Assists brokers when identifying potential losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in re...

CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) Identify the company which assumes the greatest portion of an account Lead Company What is re-insurance an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? i) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insuranc...

CAIB 2 EXAM Questions and Answers (2024/2025)(Verified Answers) Scheduled Coverage refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements 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 no...

CAIB 2 Chapter 7 Practice Test 2 Questions and Answers (2024/2025)(Verified Answers) What are two factors to consider when deciding which form of business interruption insurance to purchase? i) Nature of business ii) Types of perils most likely to cause losses When using old financial statements to establish amount of insurance, what problems could be encountered? Clients may be underinsured because future trends were not considered What type of employee salaries may not be consi...

CAIB 2 Chapter 5 Practice Test 1 Questions and Answers (2024/2025)(Verified Answers) Define Bailee for Hire. Person or organization 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 Identify three types of Bailees and provide an example of each. i) Repair of personal property example: Television repair shop ii) Storage of personal property example: Public storage warehouse iii) Delivery o...

Identify, other than in Quebec two different systems used to insure automobiles in Canada : 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles : SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms : Policy forms developed by the insurance industry for all types of automobile use...

Civil Law : the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort : a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract : is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent : basic concept in common law in w...

QUESTIONS AND ANSWERS

CAIB 3 Practice Exam Questions with Correct Answers What is the name given to the collection of written decisions? - Answer-Case Law Explain the concept of the Rule of Precedent. - Answer-Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". - Answer-Compensation in money for the loss or damage s...

CAIB 3 Exam Questions with All Correct Answers Civil Law - Answer-the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Answer-a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Answer-is the failure, without legal excuse to perform any promise which forms the whole or part of ...