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Caib 3 Study guides, Class notes & Summaries
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CAIB 3 Practice Exam questions with correct answers
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CAIB 3 Practice Exam questions with correct answers
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CAIB 3 Practice Exam Best Verified Study Guide 2023/2024
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QUESTIONS AND ANSWERS
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CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass
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What guarantees are provided by various licence and permit bonds? 1. Compliance 
Guarantees 
2. Financial Guarantees 
3. Credit Guarantees 
Surety -The state of being sure, certain and secure. 
-"one who undertakes to pay money or to do any other act in event that his (the) principal fails 
therein." 
-Promises to answer for the default of the principal. 
Suretyship A guarantee of performance made by one person or entity for another. It's basic 
function is to eliminate risk to the person to ...
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CAIB 3 Practice Exam Questions and Answers Already Passed
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What is the name given to the collection of written decisions? Case Law 
Explain the concept of the Rule of Precedent. 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". Compensation in money for the loss or damage 
suffered. 
Compensatory damages for bodily injury are an amalgamation of general and sp...
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CAIB 3 FINAL EXAMINATION QUESTIONS AND ANSWERS ALREADY PASSED
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Define the following insurance terms. 
Bill of Lading Documents issued by carriers responsible for transporting or forwarding 
goods 
Constructive Total Loss (MARINE INSURANCE) Occurs when the cost of salvaging the 
cargo is too high relative to the value saved 
Working Capital Amounts of funds available to pay continuing business operating expenses 
until payment is received for work being undertaken by the contractor 
Penalty (SURETY BOND) Amount of credit given to the principal by the surety ...
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CAIB 3 Chapter 3 Questions and Answers Rated A+
- Exam (elaborations) • 19 pages • 2024
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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 
Identi...
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CAIB 3 Chapter 1 Questions with Verified Solutions
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Identify the two divisions in the Canadian Legal System Criminal Law 
Civil Law 
Should brokers always recommend clients questions concerning maters of law to a qualified 
legal practitioner? Yes 
Identify eight examples of criminal wrongs Certain uses of an automobile 
Possession and trafficking of drugs 
Murder 
Voluntary manslaughter 
Burglary, robbery and theft 
Price fixing 
Pollution of the air and water 
False advertising
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CAIB 3 Chapter 6 Exam Questions and Answers 100% Pass
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CAIB 3 Chapter 6 Exam Questions and 
Answers 100% Pass 
Identify the two dimensions of the risk management process - Answer- 1. A decision 
process 
2. A management or administrative process 
Identify the five steps in the decision making process - Answer- Step 1 - Identify & 
analyze loss exposure 
Step 2 - Examine alternative risk management techniques 
Step 3 - Select risk management techniques 
Step 4 - Implement techniques 
Step 5 - Monitor results 
Identify the four administrative areas in...
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CAIB 3 FINAL EXAMINATION QUESTIONS AND ANSWERS GRADED A
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CAIB 3 FINAL EXAMINATION QUESTIONS AND 
ANSWERS GRADED A 
Define the following insurance terms. 
Bill of Lading - Answer- Documents issued by carriers responsible for transporting or 
forwarding goods 
Constructive Total Loss (MARINE INSURANCE) - Answer- Occurs when the cost of 
salvaging the cargo is too high relative to the value saved 
Working Capital - Answer- Amounts of funds available to pay continuing business 
operating expenses until payment is received for work being undertaken by the ...
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CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass
- Exam (elaborations) • 16 pages • 2024
- Available in package deal
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CAIB 3 - Chapter 5 - Surety Bonds 
Questions and Answers 100% Pass 
What guarantees are provided by various licence and permit bonds? - Answer- 1. 
Compliance Guarantees 
2. Financial Guarantees 
3. Credit Guarantees 
Surety - Answer- -The state of being sure, certain and secure. 
-"one who undertakes to pay money or to do any other act in event that his (the) 
principal fails therein." 
-Promises to answer for the default of the principal. 
Suretyship - Answer- A guarantee of performance made...
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CAIB 3 Practice Exam Questions and Answers 100% Pass
- Exam (elaborations) • 20 pages • 2024
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CAIB 3 Practice Exam Questions and 
Answers 100% Pass 
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 su...
-
CAIB 3 Chapter 5 Exam Questions and Answers 100% Pass
- Exam (elaborations) • 15 pages • 2024
- Available in package deal
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- $12.49
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CAIB 3 Chapter 5 Exam Questions and 
Answers 100% Pass 
Identify the two main classes of bonds issued by surety companies - Answer- 1. Fidelity 
Bonds 
2. Surety Bonds 
Briefly explain the purpose of a Fidelity Bond - Answer- To protect the employer from 
the dishonest acts of their employees. Today employees do not purchase their own 
Fidelity Bonds. Instead employers purchase employee dishonesty insurance 
Identify and explain the three C's that all underwriters take very seriously, and that ...
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