Caib 2 Study Notes; Chapter 2
Questions And Answers With Verified
Solutions Already Passed!!! Rated A+
1. An application
2. Additional verbal information
3. Additional written information, including: previous policy premium, loss history
and details, photos, and financial statements - ANSWER✔✔An application and a
submission are not the same thing. Identify three items that a submission may
include
1. Completion of survey
2. Search for interested insurers
3. Meet with prospect, discuss quotes and select insurer
4. Request binding coverage from elected insurer
5. Review policy and deliver to client - ANSWER✔✔Identify five steps of the
brokers role in the underwriting process
1. Assists in identification of loss exposures
2. Helps to determine coverage needed
3.develops other underwriting information needed by the insurer -
ANSWER✔✔Identify three things that a survey does
1. Alerts brokers to possible loss exposures
2. Ensures that needed coverages are not forgotten or ignored
3. Helps to reduce the potential for an error and omissions claim -
ANSWER✔✔Identify three reasons fo a broker to use a commercial property
check list
, 1. Fire resistive
2. Non-combustive
3. Heavy timber
4. Ordinary
5. Frame - ANSWER✔✔Identify five classes of building constructions as
identified by the IAO
1. Fire resistive - one which has met minimum standards in terms of hours it will
withstand a specific, carefully controlled test fire
2. Frame - supporting walls, exterior wood, plaster, metal and masonry veneers
3. Heavy timber - old buildings, rare - ANSWER✔✔Identify three of the
following: Fire resistive, non-combustible, heavy timber, ordinary and frame
1. Roof
2. Wiring
3. Over-current protection (breakers/fuses)
4. Plumbing
5. Heating - ANSWER✔✔Identify five areas of information that may be required
when a building is over 25 years or age
1. Heating
2. Electrical services
3. Detachment
4. Protection
5. Occupancy - ANSWER✔✔Identify five hazards common to all commercial
buildings which may influence their potential for loss
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