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BUNDLE FOR CAIB Practice ExamS Questions and Answers All Correct
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- CAIB 1 Practice Exam Questions and Answers All Correct • Exam (elaborations)
- CAIB 2 Exam Questions with Correct Answers • Exam (elaborations)
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- CAIB 3 Exam Questions with All Correct Answers • Exam (elaborations)
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CAIB 3 Practice Exam Questions with Correct 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...
- Exam (elaborations)
- • 11 pages •
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
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 ...
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- Exam (elaborations)
- • 5 pages •
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 ...
CAIB 2 Terms and Definitions
CAIB 2 Terms and 
Definitions 
Scheduled Coverage - Answer-refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled 
All Property - Answer-refers to policy used to insure building, equipment and stock 
under a single limit of Insurance 
Tenants Improvement - Answer-building improvements, alteration and betterments 
made at expense of or purchased by the insured to a building occupied by the insured 
and which are not otherwise insur...
- Package deal
- Exam (elaborations)
- • 6 pages •
CAIB 2 Terms and 
Definitions 
Scheduled Coverage - Answer-refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled 
All Property - Answer-refers to policy used to insure building, equipment and stock 
under a single limit of Insurance 
Tenants Improvement - Answer-building improvements, alteration and betterments 
made at expense of or purchased by the insured to a building occupied by the insured 
and which are not otherwise insur...
CAIB 2 Exam Questions with Correct Answers
CAIB 2 Exam Questions 
with Correct Answers 
Scheduled Coverage - Answer-refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled. 
All Property - Answer-refers to policy used to insure building, stock and equipment 
under a single limit of insurance. 
Tenants Improvements - Answer-building improvements, alterations and betterments 
made at the expense of or purchased by the insured to a building occupied by the 
insured and which a...
- Package deal
- Exam (elaborations)
- • 6 pages •
CAIB 2 Exam Questions 
with Correct Answers 
Scheduled Coverage - Answer-refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled. 
All Property - Answer-refers to policy used to insure building, stock and equipment 
under a single limit of insurance. 
Tenants Improvements - Answer-building improvements, alterations and betterments 
made at the expense of or purchased by the insured to a building occupied by the 
insured and which a...
CAIB 1 Practice Exam Questions and Answers All Correct
CAIB 1 Practice Exam 
Questions and Answers All 
Correct 
Insurers are in the business of assuming the financial risks of others which involves 
entering into a formal contract. A contract is enforceable at law only when all legal 
elements have been observed. Insurance contracts differ from other formal agreements 
and are subject to what three additional elements? - Answer-Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of the following approaches: Avo...
- Package deal
- Exam (elaborations)
- • 6 pages •
CAIB 1 Practice Exam 
Questions and Answers All 
Correct 
Insurers are in the business of assuming the financial risks of others which involves 
entering into a formal contract. A contract is enforceable at law only when all legal 
elements have been observed. Insurance contracts differ from other formal agreements 
and are subject to what three additional elements? - Answer-Insurable Interest 
Utmost Good Faith 
Indemnity 
Explain the meaning and disadvantage of the following approaches: Avo...
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