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CAIB 1 EXAM NEWEST ACTUAL EXAM COMPLETE 370 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
QUESTION 1: Define in pure insurance terms "risk"
CORRECT ANSWER: Chance of financial loss to an object
of insurance
QUESTION 2: List 3 categories of risk generally faced by
people
CORRECT ANSWER:
1. Property
2. Personal
3. Liability
QUESTION 3: State 4 possible options people can choose to
deal with risk and give a brief explanation and example of
each
CORRECT ANSWER:
1. Avoid the risk - rent rather than buy
2. Retain the risk - self insurance or share risk through
deductibles
3. Control the risk - loss control measures
4. Transfer the risk - purchase insurance
QUESTION 4: Give 2 examples of loss control measures that
can be taken to reduce the frequency and severity of losses
CORRECT ANSWER:
1. Install intrusion detection equipment
2. Install fire detection equipment
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