CAIB 2 Chapter 1 Practice exam 1
, CAIB 2 Chapter 1 Practice exam 1
1. Explain what it means to issue insurance on a scheduled basis: Only
the property listed or scheduled on the policy is insured
2. Explain what is meant to issue insurance on the basis of Property of
Every Description: Building, stock and equipment are insured under a single limit
of insurance
3. Explain what it means to issue insurance on an all property (blanket)
basis: All property owned by the insured is insured under a single limit of
insurance. All property blanket may insure property at more than one location
4. In commercial property policies, identify six components used to define
a building: 1) Building described on the declaration page
2) Fixed structures pertaining to the building and located on the premises
3) Additions and extensions communicating and in contact with the building5)
Materials, equipment and supplies on the premises for maintenance of, and
normal repairs and minor alterations to the building or for building services 6)
, CAIB 2 Chapter 1 Practice exam 1
1. Explain what it means to issue insurance on a scheduled basis: Only
the property listed or scheduled on the policy is insured
2. Explain what is meant to issue insurance on the basis of Property of
Every Description: Building, stock and equipment are insured under a single limit
of insurance
3. Explain what it means to issue insurance on an all property (blanket)
basis: All property owned by the insured is insured under a single limit of
insurance. All property blanket may insure property at more than one location
4. In commercial property policies, identify six components used to define
a building: 1) Building described on the declaration page
2) Fixed structures pertaining to the building and located on the premises
3) Additions and extensions communicating and in contact with the building5)
Materials, equipment and supplies on the premises for maintenance of, and
normal repairs and minor alterations to the building or for building services 6)
