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Guide for CAIB 1 Practice Test

Quiz CAIB 1 Practice Test

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Quiz

1/10
Broker Professionalism & Ethics
Which of the following best reflects a professional broker’s ethical responsibility when handling client funds?
Select the answer
1 correct answer
A.
Using client funds for personal gain
B.
Keeping accurate records and segregating funds
C.
Investing all funds in high-risk ventures
D.
Combining funds from multiple clients

Quiz

2/10
Claims Process
In the Claims Process, what is the primary role of claim investigation?
Select the answer
1 correct answer
A.
Documenting initial claim notifications
B.
Collecting and verifying evidence to support claim details
C.
Approving payments without review
D.
Archiving claim records without further action

Quiz

3/10
Introduction to Insurance
Which description best captures the essence of insurance?
Select the answer
1 correct answer
A.
A contractual agreement providing financial protection in exchange for premiums.
B.
A financial service offering loans and credit facilities.
C.
A government subsidy to support businesses.
D.
An investment product aimed solely at profit generation.

Quiz

4/10
Liability Insurance
Which of the following best describes the primary purpose of liability insurance?
Select the answer
1 correct answer
A.
Protects against legal liabilities due to bodily injury or property damage claims.
B.
Provides extensive coverage for property losses from natural disasters.
C.
Offers comprehensive replacement for lost income.
D.
Covers repair costs for vehicles after an accident.

Quiz

5/10
Property Insurance Basics
Which type of property insurance policy covers damages resulting only from perils specifically listed in the policy?
Select the answer
1 correct answer
A.
Named Peril Policy
B.
All Risk Policy
C.
Comprehensive Policy
D.
Valued Policy

Quiz

6/10
Risk Assessment
Which of the following best describes the purpose of risk assessment?
Select the answer
1 correct answer
A.
To identify hazards and evaluate the risks associated with them.
B.
To immediately eliminate all hazards.
C.
To allocate resources without analysis.
D.
To ignore potential risks in favor of quick solutions.

Quiz

7/10
Broker Professionalism & Ethics
Which behavior violates the fundamental principles of broker professionalism and ethics?
Select the answer
1 correct answer
A.
Transparent communication with clients
B.
Prioritizing clients' interests
C.
Failing to disclose potential conflicts of interest
D.
Following industry regulatory guidelines

Quiz

8/10
Claims Process
During the claim assessment phase, which action is most crucial to ensure accurate claim resolution?
Select the answer
1 correct answer
A.
Immediate approval based on automated criteria
B.
Comprehensive evaluation of policy terms and claim circumstances
C.
Delaying decision-making to seek additional external input
D.
Issuing partial payments while the review is ongoing

Quiz

9/10
Introduction to Insurance
What is the primary purpose of risk pooling in insurance?
Select the answer
1 correct answer
A.
To increase premiums unreasonably for all policyholders.
B.
To isolate each policyholder's risk completely.
C.
To distribute financial risk among many policyholders, lowering individual costs.
D.
To create complex financial instruments for large corporations.

Quiz

10/10
Liability Insurance
Which principle in liability insurance obligates the insurer to provide a legal defense to the insured when claims are brought?
Select the answer
1 correct answer
A.
Subrogation
B.
Indemnification
C.
Duty to Defend
D.
Risk Retention
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Info quiz:

  • Quiz name:CAIB 1 Practice Test
  • Total number of questions:288
  • Number of questions for the test:100
  • Pass score:70%
  • Number of topics:6 Topics
Study topics:Number of questions:
  • Broker Professionalism & Ethics:48 Questions
  • Claims Process:48 Questions
  • Introduction to Insurance:48 Questions
  • Liability Insurance:48 Questions
  • Property Insurance Basics:48 Questions
  • Risk Assessment:48 Questions

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