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CAIB 2 - Chapter 1 Questions & Answers(RATED A)
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- ANSWER The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of...

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  • August 18, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 1 stuvia
  • caib 2 chapter 1 questions answersrated a
  • answer the three amounts to be considered when
  • 2 the interest of the insured in the property ex

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CAIB 2 - Chapter 1 Questions
& Answers(RATED A)
- ANSWER



The three amounts to be considered when calculating the amount of payment as outlined in the
Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV)



2) the interest of the insured in the property (ex. financial interest, home, mortgage)



3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property
(least amount|)



5) Fixed structures PERTAINING to building and located on the premises (ex. fence)



[GMAPF]




2) merchandise of every description USUAL to insureds business (ex. goods for sale for business)



3) similar property belonging to others which the insured is under obligation to keep insured or for
which he is legally liable for (appliance if appliance store.



[PMS]



Identify the three conditions that need to be present before 'similar property belonging to others'
will be insured under the definition of Stock: - ANSWER1) must be similar to that insured by the
policy

2) the insured must have had an obligation to keep the property insured

3) the insured must be legally liable for it.

, Identify and give an example of each of the three types of property contained in the definition of
Equipment found in the IBC Commercial Property Broad Form: - ANSWER1) generally all contents
USUAL to insureds business, other than building or stock (ex. furniture)

2) similar property belonging to others which the insured is under obligation to keep insured or for
which he is legally liable for (ex. shaw cable box)

3) tenants improvements (ex. space rented out or leased, malls)



[GST]



Identify the three ways in which property may be valued: - ANSWERActual Cash Value (ACV)

Replacement Value

Book Value



Which way is NOT an appropriate means of valuing property for insurance purposes? - ANSWERBook
Value



Identify the one word that can summarize the difference between Actual Cash Value and
Replacement Cost: - ANSWERdepreciation



Identify the four categories that buildings may fall into: - ANSWERResidential (ex. home)

Non-mercantile (ex. hospitals, nursing homes)

Mercantile (ex. drycleaners, bakeries)

Manufacturing/Industrial (ex. autobody shops)



Three classes of property commercially insured are: - ANSWERbuilding, stock, equipment



Identify the two bases that coverage can be provided on: - ANSWERScheduled

All property

Property of every description



Identify and give an example of each of the five types of property contained in the definition of
Building found in the IBC Commercial Property Broad Form - ANSWER1) Growing plants, trees,

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