Study guides, Class notes & Summaries

CAIB 3 Chapter 5 Exam Questions and Answers 100% Pass Identify the two main classes of bonds issued by surety companies - Answer- 1. Fidelity Bonds 2. Surety Bonds Briefly explain the purpose of a Fidelity Bond - Answer- To protect the employer from the dishonest acts of their employees. Today employees do not purchase their own Fidelity Bonds. Instead employers purchase employee dishonesty insurance Identify and explain the three C's that all underwriters take very seriously, and that ...

CAIB 3 Chapter 1 Exam Questions and Answers 100% Pass Identify the two divisions in the Canadian Legal System - Answer- Criminal Law Civil Law Should brokers always recommend clients questions concerning maters of law to a qualified legal practitioner? - Answer- Yes Identify eight examples of criminal wrongs - Answer- Certain uses of an automobile Possession and trafficking of drugs Murder Voluntary manslaughter Burglary, robbery and theft Price fixing Pollution of the air and water ...

CAIB 3 Chapter 3 Exam Questions and Answers 100% Pass Identify, other than in Quebec two different systems used to insure automobiles in Canada - Answer- 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles - Answer- 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 - Answer- Pol...

CAIB 3 Exam Questions and Answers 100% Pass 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 the c...

CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exam with Answers 100% Correct CAIB 3 Chapter 5 Exa...

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...

CAIB 3 Practice Exam Questions With Verified & Correct Answers 2024|2025 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: Compens...

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

Civil Law correct answersthe body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort correct answersa 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 correct answersis the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent...