Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or scheduled on the policy is insured
Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERBuilding, stock and equipment are insured under a single limit of in...
CAIB 2 Chapter 1 Practice
exam 1 Questions & Answers
100%
Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or
scheduled on the policy is insured
Explain what is meant to issue insurance on the basis of Property of Every Description -
ANSWERBuilding, stock and equipment are insured under a single limit of insurance
Explain what it means to issue insurance on an all property (blanket) basis - ANSWERAll property
owned by the insured is insured under a single limit of insurance. All property blanket may insure
property at more than one location
In commercial property policies, identify six components used to define a building - ANSWER1)
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 building
5) Materials, equipment and supplies on the premises for maintenance of, and normal repairs and
minor alterations to the building or for building services
6) Growing plants, trees, shrubs or flowers inside the building used for decorative purposes when the
insured is the owner of the building
In Commercial policies, identify three components used to define stock - ANSWERMerchandise of
every description usual to the insured's business
2) Packing, wrapping and advertising materials
3) similar property belonging to others which the insured is under obligation to keep insured or for
which he is legally liable
In commercial policies, identify three component used to define equipment - ANSWER1) Generally all
contents usual to the insured's business other than building or stock as herein defined
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