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CAIB 1 EXAM LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
In addition to contracts of fire insurance policies, state two other
types of policies that are subject to "statutory conditions". -
ANSWER-1) Accidents and sickness policies 2) automobile
policies
State four situations where a change of interest would be allowed.
- ANSWER-1) authorized assignment under the bankruptcy act 2)
change of title by succession 3) change of title by operation of law
4) change of title by death
A material change is any change with control and knowledge of
the insurers which: - ANSWER-1) arises after the policy has been
issued 2) serves to increase the chance of loss
When a material change is reported to the insurer, they may: -
ANSWER-1) return the premium and cancel the policy, or 2)
retain the risk and advise the insured of the increase in premiums
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If an insurer wishes to cancel a policy, they may do so at any time
giving the insured written notice via - ANSWER-1) mail with 15
days notice, or 2) 5 days notice personally delivered
The insurer pays out an excess of premium on what basis? -
ANSWER-Pro rata
If the insured requests cancellation, any refund of premium will be
calculated on what basis? - ANSWER-Short rate
Define "fraud". - ANSWER-1) Deliberate act to deceive, especially
for profit
What portion of a claim can an insurer deny if they prove the
insured has committed fraud? - ANSWER-All of it.
How long does an insurer generally have to pay for a loss. -
ANSWER-60 days.
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If the insurer intends to repair property, they must give notice
within how many days? - ANSWER-30 days.
Repair, rebuild or replace must commence within... - ANSWER-45
days.
Insurers generally include what 5 additional conditions? -
ANSWER-1) Notice to authorities, 2) Sue and labour 3) No benefit
to bailee 4) Pair and set 5) PArts
3 instances in which an appraisal is needed to resolve a
settlement dispute are? - ANSWER-1) Value of property insured
2) The property saved 3) The amount of loss
6 details on every contract. - ANSWER-1) Parties to contract 2)
policy period 3) Loss payable or payee 4) types of insurance
coverage 5) rate and premium charged 6) subject matter of
insurance
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Two major types of insurers in Canada. - ANSWER-1) Private 2)
Governement
Two types of insurance distribution systems. - ANSWER-1)
Independent/ Brokerage 2) Direct Writing
The three most common homeowners policies in use today are: -
ANSWER-1) Basic 2) Broad 3) Comprehensive
Other than single family dwellings, list four other risks that may be
eligible for a homeowners policy. - ANSWER-1 Dwellings with
more than 1 family 2) insured with more than 1 dwelling 3) Mobile
homes 4) Dwellings under consutrction
Identify four other persons other than the named insured who
qualify as insureds. - ANSWER-1) Married spouse or common
law partner 2) direct relatives living in the dwelling 3) Any person
under 21 in their care 4) Kids gone away to school
CAIB 1 EXAM LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED
ANSWERS) |ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
In addition to contracts of fire insurance policies, state two other
types of policies that are subject to "statutory conditions". -
ANSWER-1) Accidents and sickness policies 2) automobile
policies
State four situations where a change of interest would be allowed.
- ANSWER-1) authorized assignment under the bankruptcy act 2)
change of title by succession 3) change of title by operation of law
4) change of title by death
A material change is any change with control and knowledge of
the insurers which: - ANSWER-1) arises after the policy has been
issued 2) serves to increase the chance of loss
When a material change is reported to the insurer, they may: -
ANSWER-1) return the premium and cancel the policy, or 2)
retain the risk and advise the insured of the increase in premiums
,2|Page
If an insurer wishes to cancel a policy, they may do so at any time
giving the insured written notice via - ANSWER-1) mail with 15
days notice, or 2) 5 days notice personally delivered
The insurer pays out an excess of premium on what basis? -
ANSWER-Pro rata
If the insured requests cancellation, any refund of premium will be
calculated on what basis? - ANSWER-Short rate
Define "fraud". - ANSWER-1) Deliberate act to deceive, especially
for profit
What portion of a claim can an insurer deny if they prove the
insured has committed fraud? - ANSWER-All of it.
How long does an insurer generally have to pay for a loss. -
ANSWER-60 days.
,3|Page
If the insurer intends to repair property, they must give notice
within how many days? - ANSWER-30 days.
Repair, rebuild or replace must commence within... - ANSWER-45
days.
Insurers generally include what 5 additional conditions? -
ANSWER-1) Notice to authorities, 2) Sue and labour 3) No benefit
to bailee 4) Pair and set 5) PArts
3 instances in which an appraisal is needed to resolve a
settlement dispute are? - ANSWER-1) Value of property insured
2) The property saved 3) The amount of loss
6 details on every contract. - ANSWER-1) Parties to contract 2)
policy period 3) Loss payable or payee 4) types of insurance
coverage 5) rate and premium charged 6) subject matter of
insurance
, 4|Page
Two major types of insurers in Canada. - ANSWER-1) Private 2)
Governement
Two types of insurance distribution systems. - ANSWER-1)
Independent/ Brokerage 2) Direct Writing
The three most common homeowners policies in use today are: -
ANSWER-1) Basic 2) Broad 3) Comprehensive
Other than single family dwellings, list four other risks that may be
eligible for a homeowners policy. - ANSWER-1 Dwellings with
more than 1 family 2) insured with more than 1 dwelling 3) Mobile
homes 4) Dwellings under consutrction
Identify four other persons other than the named insured who
qualify as insureds. - ANSWER-1) Married spouse or common
law partner 2) direct relatives living in the dwelling 3) Any person
under 21 in their care 4) Kids gone away to school
