CIC Property Exam Questions and Complete Solutions Graded A+
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CIC Commercial Casualty Institute
Instelling
CIC Commercial Casualty Institute
Common Policy Declarations - Answer: Named Insured
Mailing Address
Policy Period
Business Description
Premium for Coverage Parts - Total
Forms Applicable
Examination Of Your Books And Records (Common Policy Conditions) - Answer: at any time during the policy period and up to 3 years after...
Named Insured has insurable interest.... - Answer: at time of loss
,Description of Premises - Answer: COPE
Location
Construction
Occupancy
Coverages Provided - Answer: Coverage
Limits of Insurance
Covered Cause of Loss
Coinsurance
Rates
Coverage - Answer: Building, Business Personal Property, Business Income
What is Coinsurance? - Answer: Rating and underwriting concept that is designed to encourage an
insured to purchase an amount of insurance nearly equal or equal to the full value of the property being
insured
Coinsurance - amount required - Answer: Insurance amount required is value of Covered Property at
time of loss multiplied by the coinsurance percentage on the Declarations page
Coinsurance Formula - Answer: (Amount Carried /
Amount Required ) X Loss = Recovery minus deductible equals settlement
Agreed Value - Answer: • Expiration date only, not longer than 12 months
• Suspends coinsurance clause
• Can apply to Covered Property and/or Business Income
Actual Cash Value - Answer: "Replacement Cost Minus Depreciation"
• Traditionally the valuation method found in property insurance policies
, • Cost to replace the covered property at the premises at the time of the loss, minus
depreciation due to the fact that the property has been used for a period of time
Replacement Cost - Answer: • Method of valuation commonly desired but oftentimes must be
requested
• The amount needed to replace covered property at a premises with like kind and
quality in today's dollars
• Depreciation is not considered
Control of Property - Answer:
Commercial Property Conditions - Answer: A. Concealment, Misrepresentation or Fraud
B. Control of Property
C. Insurance under Two or More Coverages
D. Legal Action Against Us
E. Liberaization
F. No Benefit To Bailee
G. Other Insurance
H. Policy Period, Coverage Territory
Business Personal Property Limited International Coverage CP 04 32 04 02 - Answer: • Provides
coverage for Business Personal Property that is in, or is enroute to or
from, a Foreign Coverage Territory
• The Foreign Coverage Territory is listed in the Schedule
Property In The Process Of Manufacture By Others Limited International Coverage
CP 04 33 04 02 - Answer: • Provides coverage for raw materials and in-process goods that are in the
process
of manufacture in a Foreign Coverage Territory, provided that the manufacture is
done by others at a location that is not owned or operated by the Insured
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