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CAIB 1 Bundled Exams Questions and Answers 100% Verified and Updated 2024 | Graded A
CAIB 1 Bundled Exams Questions and Answers 100% Verified and Updated 2024 | Graded A
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- CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass • Exam (elaborations)
- CAIB 1 Chapter 6 Questions and Answers 100% Pass • Exam (elaborations)
- CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct • Exam (elaborations)
- CAIB 1 - Chapter 7 Questions and Answers 100% Correct • Exam (elaborations)
- CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024 • Exam (elaborations)
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CAIB 1 Bundled Exams Questions and Answers 100% Verified and Updated 2024 | Graded A
CAIB 1 - Chapter 1 Practice Questions and Answers 100% Correct
CAIB 1 - Chapter 1 Practice Questions and Answers 100% Correct Define "Risk" - Answer- The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Answer- 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Answer- 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" - Answer- To avoid doing something in order to eliminate the chance of risk Define "Risk Retention...
- Exam (elaborations)
- • 9 pages •
CAIB 1 - Chapter 1 Practice Questions and Answers 100% Correct Define "Risk" - Answer- The chance of a financial loss to which the object of insurance may be exposed to List 3 Categories of Risk - Answer- 1) Personal 2) Property 3) Liability List 4 Types of Risk Management Techniques - Answer- 1) Risk Avoidance 2) Risk Retention 3) Risk Control 4) Risk Transfer Define "Risk Avoidance" - Answer- To avoid doing something in order to eliminate the chance of risk Define "Risk Retention...
CAIB 1 Exam Questions and Answers 100% Verified
CAIB 1 Exam Questions and Answers 100% Verified Risk - Answer- the chance of financial loss to which an object of insurance is exposed Speculative Risk - Answer- possibility of financial loss or gain Pure Risk - Answer- Chance of financial loss, no gain Insurance - Answer- undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other ting of val...
- Exam (elaborations)
- • 7 pages •
CAIB 1 Exam Questions and Answers 100% Verified Risk - Answer- the chance of financial loss to which an object of insurance is exposed Speculative Risk - Answer- possibility of financial loss or gain Pure Risk - Answer- Chance of financial loss, no gain Insurance - Answer- undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other ting of val...
Caib 1 Chapter 1 questions / definitions with 100% correct answers
Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer-...
- Exam (elaborations)
- • 11 pages •
Caib 1 Chapter 1 questions / definitions with 100% correct answers Identify 4 possible options to deal with Risk , describe each - Answer- Control the Risk ( loss control measures) Avoid the Risk ( rent Rather than buy ) Retain the risk ( self insurance or share risk through deductibles) Transfer the Risk ( purchase insurance ) Out of the 4 means of managing risk, which is the most practical? - Answer- Transfer of Risk Identify the 5 elements required in all types of contracts - Answer-...
CAIB 1-Chapter 1 Practice Questions and Answers 100% Pass
CAIB 1-Chapter 1 Practice Questions and Answers 100% Pass RISK - Answer- Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer- the chance of financial loss or gain PURE RISK - Answer- the chance of financial loss but no chance of financial gain INSURANCE - Answer- the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed...or...
- Exam (elaborations)
- • 4 pages •
CAIB 1-Chapter 1 Practice Questions and Answers 100% Pass RISK - Answer- Chance of financial loss to which an object of insurance is exposed SPECULATIVE RISK - Answer- the chance of financial loss or gain PURE RISK - Answer- the chance of financial loss but no chance of financial gain INSURANCE - Answer- the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed...or...
CAIB 1 Practice Exam (Multiple Choice) Questions and Answers 100% Pass
CAIB 1 Practice Exam (Multiple Choice) Questions and Answers 100% Pass All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer- B - sentimental value. The Indemnity Agreement in property insurance policies states that in the event of a loss, the insurer will pay the lesser of three amounts in the event of a claim. One factor w...
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- Exam (elaborations)
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CAIB 1 Practice Exam (Multiple Choice) Questions and Answers 100% Pass All of the following factors except one are used to determine the ACV of insured property. Pick the exception. A - condition of the object. B - sentimental value. C - re-sale value. D - normal life expectancy - Answer- B - sentimental value. The Indemnity Agreement in property insurance policies states that in the event of a loss, the insurer will pay the lesser of three amounts in the event of a claim. One factor w...
CAIB 1 Chapter 5 Farm Insurance Questions and Answers 100% Verified
CAIB 1 Chapter 5 Farm Insurance Questions and Answers 100% Verified Define farming - Answer- premises for crops and livestock roadside stands and farmers markets Three Basic differences between types of arms - Answer- 1) The product grown or produced 2) Types of specialized machinery or equipment used 3) The types of buildings required Identify the 4 coverages generally provided by most farm policies - Answer- 1) dwelling building and personal property 2) Major outbuildings and content...
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CAIB 1 Chapter 5 Farm Insurance Questions and Answers 100% Verified Define farming - Answer- premises for crops and livestock roadside stands and farmers markets Three Basic differences between types of arms - Answer- 1) The product grown or produced 2) Types of specialized machinery or equipment used 3) The types of buildings required Identify the 4 coverages generally provided by most farm policies - Answer- 1) dwelling building and personal property 2) Major outbuildings and content...
CAIB 1 - Chapter 2 Practice Questions and Answers 100% Pass
CAIB 1 - Chapter 2 Practice Questions and Answers 100% Pass What are the 3 types of Homeowners Forms? - Answer- 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer- Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer- Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characterist...
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- Exam (elaborations)
- • 9 pages •
CAIB 1 - Chapter 2 Practice Questions and Answers 100% Pass What are the 3 types of Homeowners Forms? - Answer- 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? - Answer- Insurance Bureau of Canada What types of risks are now eligible for coverage? - Answer- Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characterist...
CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct
CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct What area of law does Criminal Law address? - Answer- Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer- Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? - Answer- Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of ci...
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- Exam (elaborations)
- • 9 pages •
CAIB 1 Chapter 4 Practice Questions and Answers 100% Correct What area of law does Criminal Law address? - Answer- Criminal law deals with wrongs against society How does criminal law deal with violators? - Answer- Prosecute them in criminal courts with fines, imprisonment or probation What area of law does civil law or common law address? - Answer- Concerned with settling disputes between individuals or other legal entities in matters not involving a criminal act What is the goal of ci...
CAIB 1 Practice Questions (100) with Correct Answers
CAIB 1 Practice Questions (100) with Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer- b. A compa...
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- Exam (elaborations)
- • 20 pages •
CAIB 1 Practice Questions (100) with Correct Answers Consideration is... a. The law of insurance b. A promise between parties c. A contract's binding force d. An exchange of something of value - Answer- d. An exchange of something of value A stock company is... a. A company that invests in other companies b. A company owned by stockholders who provide the capital to start and run the company c. Is owned by customers of the company d. A company that owns livestock - Answer- b. A compa...
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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