- Study guides, Class notes & Summaries

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A What are three advantages using a fact find or survey? i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? i) Assists brokers when identifying potential losses ii) Assists brokers to make sure cove...

5.0

(1)

3 pages

Written in 2023/2024

Grade A+

StellarScores

3 advantages of using a fact find or survey - ANSWER1) 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 - ANSWER1) Assists brokers when identifying potential losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing E&O losses Define "Fire Resistive" - ANSWERThis ...

-

3 pages

Written in 2024/2025

Grade A+

papersbyjol

Packege Deal For Caib 2 With Complete Accurate Answers

-

31 items

remojudytask

Supporting Business - CORRECT ANSWER-Existence of other insurance policies the applicant has with the same insurer Accommodation Business - CORRECT ANSWER-Business which is marginal or substandard but which the insurer agrees to accept as a favour or accommodation to the broker Adverse Selection - CORRECT ANSWER-Occurs when the applicants for insurance are largely those most likely to suffer a loss (ex: flood) Hard Market - CORRECT ANSWER-Occurs when low profit margins force out some of...

-

2 pages

Written in 2024/2025

Grade A+

remojudytask

Three purposes of survey forms. - CORRECT ANSWER-1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. Three advantages of using a property checklist with clients. - CORRECT ANSWER-1) Alerts broker to possible loss exposures; 2) Ensures needed coverages are not overlooked; 2) Helps reduce potential for an E&O claim. The age a building has to be for an insurer to request...

-

3 pages

Written in 2024/2025

Grade A+

remojudytask

3 advantages of using a fact find or survey - CORRECT ANSWER-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 - CORRECT ANSWER-1) Assists brokers when identifying potential losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing E&O losses Define "Fire Resisti...

-

3 pages

Written in 2024/2025

Grade A+

remojudytask

Define 'adverse selection' - CORRECT ANSWER-This happens when only those accounts exposed to certain perils are the accounts applying for coverage such as those near rivers are the only accounts applying for flood coverage What are four functions performed by underwriters - CORRECT ANSWER-1) Risk selection 2) Risk classification 3) Rating and rate making 4) Policyholder's services Define 'Risk Classification" - CORRECT ANSWER-Taking all accounts similar to each other and placing th...

-

3 pages

Written in 2024/2025

Grade A+

remojudytask

An application and a submission are not the same thing. Identify three items that a submission may include: - CORRECT ANSWER--an application -additional verbal information -additional written information, including previous policy premium, loss history and details of loses, financial statements, photographs Identify five steps of the broker's role in the underwriting process: - CORRECT ANSWER--completion of survey -search for interested insurer -meet with client, discuss quotes and s...

-

6 pages

Written in 2024/2025

Grade A+

remojudytask

Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Caib 2 Exam Bundle|Questions With Correct Solutions 2024!!Ca

-

15 items

papersbyjol

"Submission." A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). Three purposes of survey forms. 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. Three advantages of usin...

-

6 pages

Written in 2023/2024

Grade A+

GOLDENHEART

What are three advantages using a fact find or survey? i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? i) Assists brokers when identifying potential losses

-

3 pages

Written in 2023/2024

Grade A+

GOLDENHEART

CAIB 1,2,3 & 4 Bundled Exams Questions and Answers Multiple Versions Latest Update (2024/2025) (Complete, Accurate, and Verified)

-

45 items

StellarScores

CAIB 2 Bundled Exams Questions and Answers Latest Versions (2024/2025) (Complete and Accurate)

-

13 items

StellarScores