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CAIB 3 Practice Exam questions with correct answers

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CAIB 3 EXAM PRACTICE QUESTIONS 2024 CAIB 3 EXAM PRACTICE QUESTIONS 2024 WITH GUARANTEED ACCURATE ANSWERS|VERIFIED What is the name given to the collection of written decisions? - Accurate AnswerCase Law Explain the concept of the Rule of Precedent. - Accurate AnswerCurrent 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 o...

CAIB 3 Practice Exam Review Questions And Answers 100% Pass! What is the name given to the collection of written decisions? - ANS-Case Law Explain the concept of the Rule of Precedent. - ANS-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". - ANS-Compensation in money for the loss or damage suff...

Constructive Total Loss (MARINE INSURANCE) - Occurs when the cost of salvaging the cargo is too high relative to the value saved Define the following insurance terms. Bill of Lading - Documents issued by carriers responsible for transporting or forwarding goods Going Concern Value - Difference in the value of property which must be sold after a loss and its value had the business continued Penalty (SURETY BOND) - Amount of credit given to the principal by the surety or the amount which th...

CAIB 3 Practice Exam UPDATED Exam Questions and CORRECT Answers What is the name given to the collection of written decisions? - Correct ANSWER- Case Law Explain the concept of the Rule of Precedent. - Correct 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". - Correct ANSWER- Compensati...

Define the following insurance terms. Bill of Lading Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor Penalty (SURETY BOND) Amount of credit given to the principal by the surety ...

What guarantees are provided by various licence and permit bonds? 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship A guarantee of performance made by one person or entity for another. It's basic function is to eliminate risk to the person to ...

What is the name given to the collection of written decisions? Case Law Explain the concept of the Rule of Precedent. 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". Compensation in money for the loss or damage suffered. Compensatory damages for bodily injury are an amalgamation of general and sp...

Define the following insurance terms. Bill of Lading Documents issued by carriers responsible for transporting or forwarding goods Constructive Total Loss (MARINE INSURANCE) Occurs when the cost of salvaging the cargo is too high relative to the value saved Working Capital Amounts of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor Penalty (SURETY BOND) Amount of credit given to the principal by the surety ...