CAIB 2 - Chapter 2 Exam Questions With 100% Correct Answers Rated A
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Course
CAIB 2 - Chapter 2
Institution
CAIB 2 - Chapter 2
3 advantages of using a fact find or survey - CORRECT 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 checkli...
CAIB 2 - Chapter 2 Exam Questions With
100% Correct Answers Rated A
3 advantages of using a fact find or survey - CORRECT 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 - CORRECT ANSWER-1) Assists brokers
when identifying potential losses 2) Assists brokers to make sure coverages are not
overlooked 3) Assists brokers in reducing E&O losses
Define "Fire Resistive" - CORRECT ANSWER-This means that the building has
achieved the standard set in hours to remain structurally sound when attacked by fires
Define "Non-Combustible" - CORRECT ANSWER-These buildings are slightly below
the standard of fire resistive structures
5 areas where insurers request additional information when the building is 25 years or
older (WHORP) - CORRECT ANSWER-1)Wiring 2) Heating 3) Over-current protection
4) Roof 5) Plumbing
5 fire hazards common to commercial buildings - CORRECT ANSWER-1) Heating 2)
Occupancy 3) Protection 4) Electrical Services 5) Detachment
Define "Detachment" - CORRECT ANSWER-The distance between the insured building
to other commercially rated buildings
Describe 2 types of protection - CORRECT ANSWER-Private protection; steps taken
within the building to reduce frequency and severity of losses such as sprinkler systems.
Public protection; methods used by municipalities such as fire departments
4 functions performed by underwriters - CORRECT ANSWER-1) Risk selection 2) Risk
classification 3) rating & rate making 4) policyholders services
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