Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

CAIB 2 Chapter 5 Practice Test 1 Latest Questions & Answers 2024/2025, Exams of Insurance law

Canadian Valley Technology CenterInsurance law

A comprehensive overview of the key concepts and questions related to the caib 2 chapter 5 practice test 1 for the 2024/2025 academic year. It covers topics such as the definition of a bailee for hire, the types of bailees, the concept of ordinary care, the responsibilities of bailees, insurance policies for customer's property, the responsibilities of common carriers, the use of bills of lading, the differences between contract and private carriers, and the advantages and disadvantages of relying on carrier's insurance versus purchasing one's own insurance. Designed to serve as a valuable resource for students preparing for exams, providing them with a detailed understanding of the subject matter and the ability to answer key questions related to the topic.

Typology: Exams

2023/2024

Available from 08/15/2024

priscilla-gitau
priscilla-gitau 🇺🇸

4.5

(2)

63 documents

1 / 5

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
CAIB 2 Chapter 5 Practice Test 1 Latest
Questions & Answers 2024/2025
Define Bailee for Hire. - ANS-Person or organization who has temporary custody of the
personal property of
another for a purpose other than sale and who is compensated as a condition of such
custody
Identify three types of Bailees and provide an example of each. - ANS-i) Repair of
personal property
example: Television repair shop
ii) Storage of personal property
example: Public storage warehouse
iii) Delivery of personal property
example: Courier service
Define Ordinary Care. - ANS-Requirement to take the same care of the goods of others
as would be taken by a
prudent and diligent owner of such goods
When could bailees be responsible for damage to customer's property? - ANS-Bailees
may be responsible for damage to customer's property when negligent in
common law or in contract
Other than stock coverage found on Bailee's commercial property policies, what
are two other policies that could be used to insure customer's property? - ANS-i)
Separate policy covering legal liability of bailee
ii) Specialized policy insuring customer's property which ignores requirement for
legal liability
By knowing answers to certain questions, brokers should understand whether the
carrier or the owner of property should purchase insurance when selling Inland
Transportation Insurance. What are these questions? - ANS-i) Who would be
responsible for loss to property
ii) What is the extent of responsibility
pf3
pf4
pf5

Partial preview of the text

Download CAIB 2 Chapter 5 Practice Test 1 Latest Questions & Answers 2024/2025 and more Exams Insurance law in PDF only on Docsity!

CAIB 2 Chapter 5 Practice Test 1 Latest

Questions & Answers 2024/

Define Bailee for Hire. - ANS-Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. - ANS-i) Repair of personal property example: Television repair shop ii) Storage of personal property example: Public storage warehouse iii) Delivery of personal property example: Courier service Define Ordinary Care. - ANS-Requirement to take the same care of the goods of others as would be taken by a prudent and diligent owner of such goods When could bailees be responsible for damage to customer's property? - ANS-Bailees may be responsible for damage to customer's property when negligent in common law or in contract Other than stock coverage found on Bailee's commercial property policies, what are two other policies that could be used to insure customer's property? - ANS-i) Separate policy covering legal liability of bailee ii) Specialized policy insuring customer's property which ignores requirement for legal liability By knowing answers to certain questions, brokers should understand whether the carrier or the owner of property should purchase insurance when selling Inland Transportation Insurance. What are these questions? - ANS-i) Who would be responsible for loss to property ii) What is the extent of responsibility

Define Common Carrier. - ANS-Common carriers are those transportation companies that will provide transportation services to any person needing their services What is the general rule regarding the responsibility of common carriers? - ANS- Common carriers are responsible for the safe delivery of property in their care Common carriers will not be held responsible for all losses to goods in their possession. Identify five of these losses. - ANS-i) Acts of God reasonably foreseeable ii) Acts of public enemies iii) Acts of public authority iv) Neglect or default of shipper v) Inherent vice of property transported What documents are used by common carriers to limit their liability to owners? - ANS- Bills of lading Describe a Released Bill of Lading. - ANS-Released Bills of Lading removes carrier from any responsibility for the shipment Define a Contract Carrier. - ANS-Contract carriers will carry the goods of contracted customers only, unlike common carriers that will carry anybody's property Define a Private Carrier. - ANS-Private carriers carry their own goods or goods given to them as baliees When property is insured by a Transportation Floater Broad Form, when does coverage begin and when does coverage end? - ANS-Coverage begins when property leave premises and continues until property is unloaded at final destination When would insureds purchase a Trip Transit Policy? - ANS-When clients only require coverage for a single shipment What is a Catastrophe Limit and why is it used? - ANS-Catastrophe limits are the most an insurer will pay in any one occurrence of loss. Insurers, to limit coverage in large losses, use catastrophe limits. What are four problems which could occur when owners rely on carrier's insurance? - ANS-i) Carriers may not have amounts of coverage needed to properly insure customer's property ii) Carriers may have limited perils insured iii) Carriers may have violated policy condition which negates coverage iv) Carriers may not have renewed policy or may have cancelled policy

transportation services to any person needing their services What is the general rule regarding the responsibility of common carriers? - ANS- Common carriers are responsible for the safe delivery of property in their care Common carriers will not be held responsible for all losses to goods in their possession. Identify five of these losses. - ANS-i) Acts of God reasonably foreseeable ii) Acts of public enemies iii) Acts of public authority iv) Neglect or default of shipper v) Inherent vice of property transported What documents are used by common carriers to limit their liability to owners? - ANS- Bills of lading Describe a Released Bill of Lading. - ANS-Released Bills of Lading removes carrier from any responsibility for the shipment Define a Contract Carrier. - ANS-Contract carriers will carry the goods of contracted customers only, unlike common carriers that will carry anybody's property Define a Private Carrier. - ANS-Private carriers carry their own goods or goods given to them as baliees When property is insured by a Transportation Floater Broad Form, when does coverage begin and when does coverage end? - ANS-Coverage begins when property leave premises and continues until property is unloaded at final destination When would insureds purchase a Trip Transit Policy? - ANS-When clients only require coverage for a single shipment What is a Catastrophe Limit and why is it used? - ANS-Catastrophe limits are the most an insurer will pay in any one occurrence of loss. Insurers, to limit coverage in large losses, use catastrophe limits. What are four problems which could occur when owners rely on carrier's insurance? - ANS-i) Carriers may not have amounts of coverage needed to properly insure customer's property ii) Carriers may have limited perils insured iii) Carriers may have violated policy condition which negates coverage iv) Carriers may not have renewed policy or may have cancelled policy What are four advantages for owners when they purchase their own insurance on

goods being transported? - ANS-i) Owners are able to claim from own insurers which speeds claims settlement ii) Owner's policy will insure actual value of shipment, not amount carrier is responsible by law or bill of lading iii) Coverage provided by owner's policy may insure more perils than carrier's insurance iv) Owners will have lower premiums than carriers insurance