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CAIB 1 CH1 (Discussion Questions) with 100% Correct Answers 100% Pass
CAIB 1 CH1 (Discussion Questions) with 100% Correct Answers 100% Pass A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year old who was attending university. It is your understanding that minors cannot enter into contracts for things not deemed to be the "necessities of life." What position does the law take regarding the enforceability of insurance contracts entered into by minors? - Answer- The law recognizes that such persons are not entitled to enter...
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CAIB 1 CH1 (Discussion Questions) with 100% Correct Answers 100% Pass A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year old who was attending university. It is your understanding that minors cannot enter into contracts for things not deemed to be the "necessities of life." What position does the law take regarding the enforceability of insurance contracts entered into by minors? - Answer- The law recognizes that such persons are not entitled to enter...
CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass
CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - Answer- Collision, Comprehensive Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people would voluntarily purchase insurance thu...
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CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - Answer- Collision, Comprehensive Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people would voluntarily purchase insurance thu...
CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS WITH COMPLETE SOLUTIONS
CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS WITH COMPLETE SOLUTIONS Define in pure insurance terms "risk" - Answer- The chance of financial loss to which an object of insurance is exposed List the 3 categories of risk generally faced by people - Answer- Personal Risk; Property Risk; Liability Risk State 4 possible options people can choose to deal with risk - Answer- Avoidance of Risk; Controlling Risk; Retention of Risk; Transfer of Risk Give a brief explanation and example of ...
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CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS WITH COMPLETE SOLUTIONS Define in pure insurance terms "risk" - Answer- The chance of financial loss to which an object of insurance is exposed List the 3 categories of risk generally faced by people - Answer- Personal Risk; Property Risk; Liability Risk State 4 possible options people can choose to deal with risk - Answer- Avoidance of Risk; Controlling Risk; Retention of Risk; Transfer of Risk Give a brief explanation and example of ...
CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass
CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...
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CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass Who is responsible for the administration of the insurance act in your province? - Answer- MB Government Outline the initial licensing requirements, whether there are different levels of licenses, the supervision requirements, and license terms in your province. - Answer- Insurance license required. CAIB 1 with supervision Outline the class of license issued in our province and whether this license would be valid in other province...
CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024
CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024 Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The in...
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CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024 Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is discovered by the insurer, what portion of the claim, if any, is required to be paid under policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire claim, and not just that part which was fraudulent. (1 mark The in...
CAIB 1 - Chapter 7 Questions and Answers 100% Correct
CAIB 1 - Chapter 7 Questions and Answers 100% Correct What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? - Answer- commitment to higher ethical standards, have a high standard of educational preparedness with mandatory continuous education, have a for...
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CAIB 1 - Chapter 7 Questions and Answers 100% Correct What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell more insurance than is needed, to sell higher priced coverages when equivalent coverage is available for a lower price, to recommend policies with a higher commission. What are 3 qualities of a professional? - Answer- commitment to higher ethical standards, have a high standard of educational preparedness with mandatory continuous education, have a for...
CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct
CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct What is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal agreement to reimburse the province that provided the medical costs where the injury occurred What costs do medical plans NOT cover? - Answer- Ambulance charges, return of vehicle...
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CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct What is the need for travel insurance? - Answer- Provincial health plans don't cover certain costs - travel insurance provides coverage for these additional costs Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal agreement to reimburse the province that provided the medical costs where the injury occurred What costs do medical plans NOT cover? - Answer- Ambulance charges, return of vehicle...
CAIB 1 Chapter 6 Questions and Answers 100% Pass
CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...
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CAIB 1 Chapter 6 Questions and Answers 100% Pass What is the minimum limit of Third Party Liability available in your province? - Answer- $200,000 How does an insured show proof of financial responsibility in your province - Answer- The "pink copy" of the certificate of registration Identify the Automobile coverages that are available in your province and indicate which are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 Property Damage - $20,000 All compu...
CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass
CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass Identify four perils that mobile homes are more susceptible to than conventional homes - Answer- 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior siding has been actually torn or punctured by the storm Identify 2 expenses in...
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CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass Identify four perils that mobile homes are more susceptible to than conventional homes - Answer- 1. Fire 2. Windstorms 3. Hail 4. Transportation Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it remains stable during windstorms Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior siding has been actually torn or punctured by the storm Identify 2 expenses in...
Xcel Solutions Property & Casualty Exam Questions and Answers
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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Product Owner/ Product Manager(POPM) SAFe Agile Exam Questions and Answers
CT DMV Knowledge Test 100% Correct Solved
Fiscal Law Final Exam QUESTIONS AND ANSWERS RATED A+ 2023|2024 UPDATE