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CAIB 3 exam | 58 Questions and Answers with Complete Solutions 2023-2024 Civil Law - Correct Answer-the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Correct Answer-a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Correct Answer-is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent - Correct Answer-basic concept in common law in which current court decisions must follow those made in cases having similar circumstances. Statute Law - Correct Answer-written law enacted by provincial or federal legislation. It amends or supercedes the common law. Damages - Correct Answer-compensation
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Civil Law - Correct Answer-the body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society. Tort - Correct Answer-a private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages. Breach of Contract - Correct Answer-is the failure, without legal excuse to perform any promise which forms the whole or part of the contract. Rule of Precedent - Correct Answer-basic concept in common law in which current court decisions must follow those made in cases having similar circumstances. Statute Law - Correct Answer-written law enacted by provincial or federal legislation. It amends or supercedes the common law. Damages - Correct Answer-compensation in money for the loss or damage suffered. Compensatory Damages - Correct Answer-are damages intended to compensate the injured party for the bodily injury or property damage sustained. General Damages - Correct Answer-are damages which cannot be exactly determined in monetary terms, but reflect an amount that the court believes necessary to compensate the aggrieved party fairly. Special Damages - Correct Answer-are damages which can be measured as to amount and are often referred to as out of pocket expenses. Exemplary or Punitive Damages - Correct Answer-damages which are intended to punish defendants for their behaviour or to make an example of them. Doctrine of Negligence - Correct Answer-based on the duty of all persons to exercise due care in their conduct towards others from which injury may result. Negligence - Correct Answer-the failure to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man would not do.
Strict Liability - Correct Answer-doctrine based on the assumption that certain activities are so hazardous that, in the event of injury or damage arising out of them, the person conducting the activity shall be presumed to be legally liable. Occupier - Correct Answer-a person who has immediate supervision and control of the premises and the power to admit and exclude the entry of others is an occupier. Nuisance - Correct Answer-everything that endangers life or health, gives offense to senses, violates the laws of decency, or obstructs reasonable and comfortable use of the property. Trespass - Correct Answer-an unlawful interference with ones's person, property or rights. Easement - Correct Answer-a right of persons to use land belonging to others. False Imprisonment - Correct Answer-holding someone without lawful justification in a place against their will. False Arrest - Correct Answer-includes false imprisonment but also includes the additional feature of detaining the victims with the intention that they be turned over to the police for prosecution. Malicious Prosecution - Correct Answer-occurs when: (i) the complainant was arrested and later released; and (ii) evidence provided revealed that the person making the complaint did not have an honest belief that a crime had been committed, but was guided by other improper motives such as a desire to harass or humiliate the victim. Defamation - Correct Answer-consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect and goodwill of a considerable part of the community. Slander - Correct Answer-refers to spoken defamation. Libel - Correct Answer-refers to written defamation. Aggregate Limit - Correct Answer-the most the policy will pay during the policy period for all claims for which insurance is provided. Bill of Lading - Correct Answer-a document issued by the carrier responsible for transporting or forwarding the goods. Agreed Value - Correct Answer-a fair value of the shipment agreed to in advance by the insured and insurer.
Freight - Correct Answer-the money payable either for the hire of a vessel or for the conveyance of cargo from one port to another. Actual Total Loss - Correct Answer-a loss in which the subject property is totally lost or is so badly damaged that it has no value left. Constructive Total Loss - Correct Answer-occurs when the cost of salvaging the cargo is too high relative to the value saved. Particular Average - Correct Answer-involves a partial loss to a specific shipment, other than a General Average. General Average - Correct Answer-deals with payment for marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed. Surety - Correct Answer-state of being sure, certain and secure. Suretyship - Correct Answer-the guarantee of performance made by one person or entity for another. Surety Bond - Correct Answer-an undertaking by one party (the surety) to become accountable to another party (the obligee) for the performance of an obligation or undertaking by a third party (the principal). It is a promise to provide credit, if and when needed, to ensure the faithful performance of an obligation. Obligee - Correct Answer-the party to whom someone else is obligated under a contract. or the party to whom the bond is given. Principal - Correct Answer-the person primarily liable. Penalty - Correct Answer-the amount of credit given to the principal by the surety; or the amount which the surety is prepared to pay in the event the principal should default. Statutory Bond - Correct Answer-one that is required by a municipal ordinance, or federal or provincial regulation or statute. Non-Statutory Bond - Correct Answer-not required by law but flows from the contract or agreement between the parties. Contract Bond - Correct Answer-guarantees the fulfillment of certain obligations required under public and private contracts.
Consent of Surety - Correct Answer-a letter assuring the owner that if the principal is the successful bidder, the surety will issue such other bonds as are specified to ensure the performance of the contract. Working Capital - Correct Answer-the amount of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor. Net Worth - Correct Answer-the amount of money remaining after all assets have been liquidated and all liabilities cleared. Licence - Correct Answer-issued by a regulatory body such as government in order to set rules and regulations to safeguard the public. Permit - Correct Answer-Fulfils same general function as a licence, except that they are usually required as prerequisites to performing special functions incidental to the operation of the business. Risk Management - Correct Answer-is the process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon an organization. Loss Exposure - Correct Answer-is the chance of a financial loss to an organization as a result of a particular peril striking a thing of value. Tangible Property - Correct Answer-property that is real, can be touched, and has form and substance. Going Concern Value - Correct Answer-the difference in the value of property which must be sold after a loss and its value had the business continued. Intangible Property - Correct Answer-property that has no physical substance and consists of legal rights rather than things. Expediting Costs - Correct Answer-the extra costs incurred in hastening the recovery of a business after a loss. Risk Control - Correct Answer-refers to the steps taken to reduce the frequency and severity of losses as much as possible with the resources that are available. Risk Financing - Correct Answer-is concerned with paying those losses that inevitably occur. Segregation - Correct Answer-involves arranging an organization's activities and resources so that no single event can cause simultaneous losses to all of them.
Separation - Correct Answer-involves dividing an organization's single asset or operation into two or more separate units. Duplication - Correct Answer-involves complete reproduction of an organization's own "standby" asset or facility to be kept in reserve. Retention - Correct Answer-includes all means of generating funds from within the business to pay for losses. Contractual Transfer - Correct Answer-includes all means of generating funds from outside the business to pay for losses.