CAIB 2 (Canadian Accredited Insurance Broker) Bundle Set

1. Residential (homes) 2. Mercantile (hospital) 3. Non-mercantile (stores) 4. Manufacturing/industrial (manufacturing plants) - Answer Identify 4 categories that buildings may fall into and give an example of each 1. Scheduled basis 2. All property basis - Answer Identify two bases that c...

Only the property specifically listed or scheduled on the policy is insured. - Answer Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - Answer Property of Every Description (POED) coverage. All property owned by the insured is covered or "b...

A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - Answer "Submission." 1) Assists to identi...

- Answer The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - Answer 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amou...

3 advantages of using a fact find or survey - Answer 1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies 3 benefits of commercial property checklists - A...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - Answer The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - Answer T...

Define Bailee for Hire. - Answer Person or organization who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody Identify three types of Bailees and provide an example of each. - Answer i) Repair of pers...

identify the three leading causes of fires in canada - Answer -failure or malfunction of mechanical or electrical equipment -arson, suspected arson and other set fires -misuse of source of ignition Identify what information is required by law to appear on all insurance policies - Answer nam...

1) Convertibility; 2) Value; 3) Portability. - Answer Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosu...