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CAIB Bundled Exam New 2024 ,2025 Versions Fully Solved 100%

Identify the four items, when described on the Coverage Summary page, are insured under the Outboard Motor and Boat Policy. - i. Boat including permanently attached equipment ii. The motor(s) including fuel containers and electric starting equipment or controls supplied as integral equipment by the manufacturer iii. Boat trailer iv. Equipment (batteries, chargers, oars, oarlocks, boat covers, boxes, cushions, flares, life jackets, fire extinguishers, horns, pumps, or similar equip. Briefl...

1/4 of E&O are from misrepresentation. Explain the example with the 'Hornberg' case - Court ruled that the broker should have known the property was used only seasonally. Did not inform insured and after claim the policy was found to be void. Held broker to pay for loss Describe the 'Fine Flowers' case - The water pump failed and caused damage. No coverage was available for this but broker assured they were fully covered. Court found broker to be neglegent Ethics - the principals of con...

"Condition." - Something imposed by the insurer that requires the insured to do or not do something. "Deductible." - The portion of an insured loss that's borne by the insured before s/he's entitled to recovery from the insurer. "Fraudulent." - To act willfully and with the specific intent to deceive or cheat, "Lead company." - The company that assumes the greatest portion of a subscription policy called. "Material fact." - A fact which, if communicated to the insurer, would ca...

Actual Cash Value - New or replacement cost of the property at the time of loss, less depreciation Agency Agreement - A written agreement or contract between the insurer and the brokerage which acknowledges their relationship Blanket Coverage - Policy which provides a single limit of insurance for all property falling within a specific class Consideration - An exchange of something of value between parties Contract - An agreement between two or more persons which creates an obligation to d...

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...

A technology plan will affect all aspects of the brokerage and its relationships with its clients, prospects and the insurance companies. Describe areas the brokerage will have to address in its technology planning process - Understanding Needs Analyze the current business situation Project the future Criteria to Evaluate Technology Reporting Capabilities Capacity Support & Training Cost Implementation Contingency Plan Maximization Coaching is a planned process that brings about la...

5 Properties subject to 'special limits' under the IBC homeowners' policy when stolen - • Jewellery and furs up to $ 2000 in all • Coin collections up to $ 200 in all • Stamp collections and manuscripts up to $1,000 in all • Collectible cards up to $1,000 in all • Each bicycle, its equipment and accessories, up to $500 in all Amount of Insurance for Emergency Removal Expense provided by the Mobile Homeowners Form. - Up to 5% of the amount of insurance on the dwelling Conditi...

Insurance Bureau of Canada (IBC) - Statistics Insurance Crime Prevention Bureau (ICPB) - a) fire Underwriters' Investigation Bureau (FUIB) Adjusters of member companies are required to submit copies of all reports over $3,000 b) Canadian Auto Theft Bureau Private insurance Insurer's Advisory Organization (IAO) - Risk inspection and advisory rating servise List the 2 most common distribution systems used by insurers to sell their products - 1) independent agency/ broker systems 2) Direc...

All policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War - commercially uninsurable ii) Flood & earthquake - may be catastrophic iii) Automobile & Valuable papers - Other forms of insurance may be available iv) Wear and Tear / Mechanical Breakdown - May be expected by the insured and/or in the control of the insured v) Exterior communication towers & buildings under construction - Not 'common' exposures Describe four elements of 'locked veh...

ACTUAL CASH VALUE - new or replacement cost of the property at the time of the loss, less depreciation AGENCY AGREEMENT - a written agreeement or contract between the insurer and the brokerage which acknowledges their relationship BLANKET COVERAGE - policy which provides a single limit of insurance for all property falling within a specific class CONSIDERATION - an exchange or something of value between parties CONTRACT - an agreement between two or more persons which creates an obligatio...

3 elements of a tort - Answer-Duty owed, duty breached & damages resulted (proximately) A "building" is defined as... - Answer-a. Fixed structures b. Additions/extensions c. Permanent fittings d. Materials on premises for regular maintenance e. Growing plants inside the building for decoration A contract is only legally enforceable when it has all of these 3 elements - Answer-Insurable interest, utmost good faith, indemnity A legally enforceable agreement between 2 or more parties is...

A mistake that causes financial loss to either a client or an insurer can result in an Errors and Omissions claim. It is important for brokers to control this exposure. Indicate the measures aimed at preventing or controlling errors and omissions. - Those which serve to prevent losses from occurring; and those which will assist in the defence against an error and omissions claim if and when it does occur. All Homeowners policies describe the Basis of Claim Payment for loss or damage to dwell...

Accident - an unforeseen and unintended occurrence due to external violent, sudden, fortuitous causes beyond the insured's control Actual cash value - New or replacement cost of the insured property less depreciation Additional living expenses - costs "over and above" what it would normally have cost the insureds to live had the loss not occurred Agency Agreement - source of a brokers authority Binder - Contract of insurace Blanket coverage - single limit of insurance for all property ...

A contract is an agreement between 2 or more persons which creates an obligation to do or not do a certain particular thing. All contracts contain 5 elements. What are they? - Agreement; Consideration; Legality of Object; Legal Capacity of the Parties to Contract; Genuine Intention At what point in time is the true measure of indemnity determined - Immediately prior to the loss Binders may be oral or written, as a general rule what should brokers do when they give an oral binder and why - O...

Primerica Bundled Cases New 2024,2025Versions Fully Solved 100%

a 10% penalty must be paid on withdrawals made from a qualified plan before age a. 40 b. 70 1/2 c. 59 1/2 d. 65 - C. 59 1/2 A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums? a. the insured will have to pay premiums for 6 months. If at the end of this period the father is still disabled, the insured will be refunded the premiums b. the in...

________ refers to the situations that can only result in a loss or no change - pure risk #39. An agent accepts the premium payment 35 days after it is due, telling the insured that there will not be a problem keeping the policy in force. This is an example of what type of agent authority? a)Express b)Implied c)Assumed d)Apparent An agent who accepts a premium after the end of the grace period appears to the client to have the authority to prevent the policy from lapsing. In fact, the ag...

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will... - Pay the policy proceeds only if it would have issued the policy An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - Aleatory An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance pr...

Acceptance - When an insurer's underwriter approves the application and issues a policy Adverse selection - The insuring of risks that are more prone to losses than the average risk. Aleatory - An exchange of unequal amounts or values. "Ypu are not going to pay what you collect." Alien - Insurance company that is incorporated outside the United States Apparent authority - The appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circu...