CAIB Study guides, Class notes & Summaries

CAIB 4 Exam Questions with Correct Answers What are the two approaches to planning? Explain each - Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. What are the advantages and disadvantages of top down planning? - Answer-Advantages: Management feels in control and in charge of decision makin...

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 t...

Identify, other than in Quebec two different systems used to insure automobiles in Canada : 1. Private insurers 2. Compulsory government insurance plans Identify three types of Standard Policy Forms (SPF) that are used to insure vehicles : SPF No 1. Owners Form SPF No 4. Standard garage automobile policy SPF No 6. Standard non-owned automobile policy Briefly explain what is meant by standard policy forms : Policy forms developed by the insurance industry for all types of automobile use...

Civil Law : the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort : 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 : is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent : basic concept in common law in w...

QUESTIONS AND 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...

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 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 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 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...

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...