CAIB 3 - STUDY GUIDE QUESTIONS WITH COMPLETE SOLUTIONS 2025

CAIB 3 - STUDY GUIDE QUESTIONS WITH COMPLETE SOLUTIONS 2025 CH1 - 9. The Law - Identify the two ways that both criminal and civil laws are established - answerCommon law; Statute law CH1 - 16. The Matter of Damages - Identify any three factors that can impact on the amount of compensatory damages - answer-Financial Circumstances; Reputation; Social Position CH1 - 13. Analyzing Liability Loss Exposures - Identify three instances when a principal would be liable for the acts of an independent contractor - answer-1. When the work being contracted is inherently dangerous 2. When injury or damage results from the contractor's use of defective fixtures, machinery or equipment supplied by the principal 3. When the principal controls the manner in which the work is to be done CH1 - 14. Analyzing Liability Loss Exposures - Explain the liability of the building owner for 'single occupancy buildings' and the exception to the rule - answer-Landlords are not liable to tenants or their customers for injuries caused by the unsafe condition of the premises Exception: If the landlord fails to notify the tenant of any dangerous conditions they were aware of or ought to have been aware of, that existed at the time the lease was made CH1 - 21. Analyzing Liability Loss Exposures - Identify the implied warranty with respect to the products of sellers - answer-The fitness of a business's products for a particular use CH2 - 6. IBC 2100 - An Analysis - Identify the three terms contained in the definition of Bodily Injury - answer-1. Bodily injury 2. Sickness or disease 3. DeathCH2 - 7. IBC 2100 - An Analysis - Explain the two key coverages included under the definition of Property Damage - answer-1. Physical injury to tangible property, including all resulting loss of use to that property 2. Loss of use of tangible property that is not physically damaged CH2 - 12. IBC 2100 - An Analysis - Define Occurrence - answer-Means an accident, including continuous or repeated exposure to the same general harmful conditions CH2 - 22. Exclusions - Will the policy generally respond to pay for injuries to employees who are injured in the course of employment - answer-No