CIC Property - Section 1 Questions and Answers 100% Correct

Learning objective 1 List the specific rights and duties of the first named insured. - ANSWER-1. Cx - to cx and to rcv NOC 2. Changes - to make chgs 3. Audits - Examination of Books and Records 4. Inspections and Surveys 5. Premiums - pymt and return 6. Transfer of rights and duties Learning objective 2 List the circumstances under which an insured may waive rights of recovery against others. - ANSWER-1. In writing prior to a loss 2. After a loss only if the party is one of the following: a. another insured(an additional insured, landlord, etc.) b. a business owned or controlled by the named insured c. a business that owns or controls the named insured d. a tenant of the named insured (you own a mall and that tenant is your anchor tenant) Learning objective 3 What is included under building (there are 6)? - ANSWER-1. Completed additions 2. Fixtures including outdoor fixtures 3. Machinery and equipment that is permanently installed) 4. PP used to maintain or service the bldg or premises. a. fire extinguishers b. outdoor furniture (think restaurant patio furniture) c. floor coverings (could include rugs) d. Cooking appliances, refrigerators, dishwashers, washers and dryers 5. Additions under construction if not covered by other insurance. 6. Endorsements that modify bldg definition Learning objective 3 What is included under BPP (there are 7) and distance of coverage? - ANSWER-In or on the bldg or premises or In the open/in a vehicle within 100' of the bldg or 100' of the premises whichever is greater. 1. Furniture or fixtures 2. Machinery or equipment 3. Stock