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CAIB 2 - Chapter 2 Questions 100% Correct $14.99   Add to cart

Exam (elaborations)

CAIB 2 - Chapter 2 Questions 100% Correct

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  • CAIB 2 -
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  • CAIB 2 -

3 advantages of using a fact find or survey - ANSWER1) 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 - ANS...

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  • August 18, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CAIB 2 -
  • CAIB 2 -
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CAIB 2 - Chapter 2 Questions
100% Correct

3 advantages of using a fact find or survey - ANSWER1) 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 - ANSWER1) 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" - ANSWERThis means that the building has achieved the standard set in hours
to remain structurally sound when attacked by fires



Define "Non-Combustible" - ANSWERThese buildings are slightly below the standard of fire resistive
structures




Define "Detachment" - ANSWERThe distance between the insured building to other commercially
rated buildings




Define "Soft Market" - ANSWERintense competition between insurers resulting in lower premiums
and broader coverage



Define "Hard Market" - ANSWERoccurs when low profit margins force out some of the competition
resulting in a more disciplined underwriting approach where insureds receive little to nothing in rate
discounts



6 types of physical hazards COMMON to all commercial risks and provide an example for each
(PETHOG) - ANSWER1) protection; fire extinguishers 2) external exposures; being next to restaurants

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