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CAIB 1 EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS )
|ALREADY GRADED A+ ||BRAND NEW!!
What are the three factors considered when determining the amount to be paid to the insured. What will determine which factor is paid out?1) Actual cash value 2) Interest of the insured 3) Policy limit
Whatever is the least.
Define "actual cash value".New or replacement cost less depreciation.
Identify three factors to be soldiered when calculating depreciation.1) Normal life expectancy 2) Resale value 3) Condition of the object 1 / 4
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What is the difference between replacement cost, actual cash value and a valued basis?Replacement cost is the cost to provide repairs or replacement with new property of like kind and value. Actual cash value is new or replacement cost less depreciation. Value bars is pre- determined value between the insurer and the insured.
Federal and provincial statues ensure:
1) That insurance companies are financially competent, 2) Contracts are drafted fairly 3) Business is conducted for the benefit of the public
List three main areas of responsibility of the provincial superintendent of insurance.1) Supervising terms and conditions of brokers 2) Licensing insurers, broker and adjusters, 3) Minitoring solvency of insurers
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What is the purpose of the PACICC?To cover insolvency of an insurer.
What are the amounts that can be claimed under the PACICC?250k for claims from a single occurrence. $700 per policy.
Identify the three basic coverages that insurance acts state must be in every policy of insurance.1) Fire 2) Lightning 3) Explosion of natural gas, coal and manufactured gas
Define "fire" Presence of a visible flame or flow
Distinguish between a hostile and friendly fire. 3 / 4
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A friendly fire is one in which it has been contained to the proper receptacle. A hostile fire is one that has escaped it assigned limits.
List three types of losses indirectly related to fire losses.1) Damage by water or other extinguishing agents 2) Damage by firefighters to the building 3) Damage resulting from other actions to prevent the spread of fire
Is lightning damage to a building covered?Yes
Are concussion type of losses covered?No.
What are the two types of exclusions?Property excluded, Losses excluded
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