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CAIB 2 CHAPTER 4 QUESTIONS AND ANSWERS RATED A+
Breifly explain the fuctions or endorsements, riders, and separate policies 1. Endorsements; 
changes the terms or conditions of the insureds policy 
2. Riders; adds additional coverage to those already in place 
3. Separate policies; equipment breakdown insurance, computer crime, other specialized 
coverages often purchased separately but can be added to existing policy 
Identify the endorsement, rider or policy to respond to the following exclusions, restrictions, or 
limitations found in the ...
- Exam (elaborations)
- • 17 pages •
Breifly explain the fuctions or endorsements, riders, and separate policies 1. Endorsements; 
changes the terms or conditions of the insureds policy 
2. Riders; adds additional coverage to those already in place 
3. Separate policies; equipment breakdown insurance, computer crime, other specialized 
coverages often purchased separately but can be added to existing policy 
Identify the endorsement, rider or policy to respond to the following exclusions, restrictions, or 
limitations found in the ...
CAIB 2 Chapter 2 Practice Exam 1 Already Graded A
What are three advantages using a fact find or survey? i) Assists brokers when identifying 
potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important to 
brokers? i) Assists brokers when identifying potential losses
- Exam (elaborations)
- • 3 pages •
What are three advantages using a fact find or survey? i) Assists brokers when identifying 
potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important to 
brokers? i) Assists brokers when identifying potential losses
CAIB 2 Chapter 1 Practice Exam 1 Latest Update Graded A+
Explain what it means to issue insurance on a scheduled basis Only the property listed or 
scheduled on the policy is insured 
Explain what is meant to issue insurance on the basis of Property of Every Description 
Building, stock and equipment are insured under a single limit of insurance 
Explain what it means to issue insurance on an all property (blanket) basis All property 
owned by the insured is insured under a single limit of insurance. All property blanket may 
insure property at more t...
- Exam (elaborations)
- • 3 pages •
Explain what it means to issue insurance on a scheduled basis Only the property listed or 
scheduled on the policy is insured 
Explain what is meant to issue insurance on the basis of Property of Every Description 
Building, stock and equipment are insured under a single limit of insurance 
Explain what it means to issue insurance on an all property (blanket) basis All property 
owned by the insured is insured under a single limit of insurance. All property blanket may 
insure property at more t...
CAIB 1 - Chapter 2 Questions and Answers Graded A+
What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 
3. Homeowners Comprehensive 
Who develops insurance forms? Insurance Bureau of Canada 
What types of risks are now eligible for coverage? 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 characteristics of Homeowners Forms? 1. Clear Language 2. Common 
Format or Structure 3. Policy Definiti...
- Exam (elaborations)
- • 12 pages •
What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 
3. Homeowners Comprehensive 
Who develops insurance forms? Insurance Bureau of Canada 
What types of risks are now eligible for coverage? 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 characteristics of Homeowners Forms? 1. Clear Language 2. Common 
Format or Structure 3. Policy Definiti...
CAIB 1 - Chapter 1 Questions and Answers Rated A+
Define "Risk" The chance of a financial loss to which the object of insurance may be 
exposed to 
List 3 Categories of Risk 1) Personal 2) Property 3) Liability 
List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk 
Control 4) Risk Transfer 
Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk 
Define "Risk Retention" To self-insure or to pay for losses themselves 
Define "Risk Control" To reduce the frequency or seve...
- Exam (elaborations)
- • 15 pages •
Define "Risk" The chance of a financial loss to which the object of insurance may be 
exposed to 
List 3 Categories of Risk 1) Personal 2) Property 3) Liability 
List 4 Types of Risk Management Techniques 1) Risk Avoidance 2) Risk Retention 3) Risk 
Control 4) Risk Transfer 
Define "Risk Avoidance" To avoid doing something in order to eliminate the chance of risk 
Define "Risk Retention" To self-insure or to pay for losses themselves 
Define "Risk Control" To reduce the frequency or seve...
CAIB 1-Chapter 1 Latest Update Graded A+
RISK Chance of financial loss to which an object of insurance is exposed 
SPECULATIVE RISK the chance of financial loss or gain 
PURE RISK the chance of financial loss but no chance of financial gain 
INSURANCE 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 to pay a sum of money or other thing of value upon the happening of a certain event 
CONTRACT an ag...
- Exam (elaborations)
- • 6 pages •
RISK Chance of financial loss to which an object of insurance is exposed 
SPECULATIVE RISK the chance of financial loss or gain 
PURE RISK the chance of financial loss but no chance of financial gain 
INSURANCE 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 to pay a sum of money or other thing of value upon the happening of a certain event 
CONTRACT an ag...
CAIB 1 QUESTIONS AND ANSWERS GRADED A+
Risk the chance of financial loss to which an object of insurance is exposed 
Speculative Risk possibility of financial loss or gain 
Pure Risk Chance of financial loss, no gain 
Insurance 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 value upon the happening of a certain event 
Contract an agreement between two or more perso...
- Exam (elaborations)
- • 13 pages •
Risk the chance of financial loss to which an object of insurance is exposed 
Speculative Risk possibility of financial loss or gain 
Pure Risk Chance of financial loss, no gain 
Insurance 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 value upon the happening of a certain event 
Contract an agreement between two or more perso...
CAIB 1 Practice Questions (100) with Complete and Verified 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 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 b. A company owned by stockholders who provide the 
capital to start and run the comp...
- Exam (elaborations)
- • 28 pages •
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 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 b. A company owned by stockholders who provide the 
capital to start and run the comp...
CAIB 1 Practice Exam (Multiple Choice) Questions with Verified Solutions
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 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 which does not 
enter into this calculation is 
A - the actual cash value of the prop...
- Exam (elaborations)
- • 3 pages •
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 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 which does not 
enter into this calculation is 
A - the actual cash value of the prop...
CAIB 1 Practice Exam (Long Answer) Rated A+
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? 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 insurer always has the right to decide on how the claim will be settled. It may ...
- Exam (elaborations)
- • 6 pages •
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? 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 insurer always has the right to decide on how the claim will be settled. It may ...
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