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CAIB 2 - Commercial Property Exam Questions With Detailed Answers 2024
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  • CAIB 2 - Commercial Property
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  • CAIB 2 - Commercial Property

What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - CORRECT ANSWER-1) When at customers premises on a pre-sale trial basis 2) When at warehouse awaiting pickup by client What are 3 coverages found in EDP Policies? - CORRECT ANSWE...

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  • August 10, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • caib 2 commercial property exam questions with d
  • caib 2 commercial property exam questions stuvia
  • what are 2 examples of temporary locations where p

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  • CAIB 2 - Commercial Property
  • CAIB 2 - Commercial Property

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CAIB 2 - Commercial Property Exam
Questions With Detailed Answers 2024

What are 2 examples of temporary locations where property maybe located and insured
by temporary location coverage? - CORRECT ANSWER-1) When at customers
premises on a pre-sale trial basis

2) When at warehouse awaiting pickup by client



What are 3 coverages found in EDP Policies? - CORRECT ANSWER-1) Loss to data
processing systems and components (hardware)

2) Loss to data processing media and programs (software)

3) Extra Expenses



What are 2 key coverage advantages provided by section I of EDP Policies? -
CORRECT ANSWER-1) Broad water losses

2) Mechanical & Electrical breakdown



List 5 causes of mechanical and electrical breakdown insured by EDP Policies? -
CORRECT ANSWER-1) Error in machine programing

2) Processing

3) Short Circuit

4) Dampness or dryness or atmosphere

5) Extremes of temperature



What limit of coverage is available to insure Valuable Papers & Records while off
premises? - CORRECT ANSWER-10% of amount of insurance or $5000, whichever is
less



What type of electrical disturbance is insured by Valuable Papers & Records while off
premises? - CORRECT ANSWER-when it is caused by lightning

, What 2 factors influence premiums to be charged on both Accounts Receivable and
Valuable Papers & Records coverage - CORRECT ANSWER-1) Availability of
duplicates

2) Quality of described receptacle



When can coverages be extended to insure Valuable Papers & Records while off
premises (2) - CORRECT ANSWER-1) When being transported outside premises

2) When at other premises on a temporary basis



What are 4 coverages provided by accounts receivable form and provide an example of
each - CORRECT ANSWER-1) Amounts which cannot be collected due to loss of
accounts receivable records (Ex: client doesn't remember entire list of customers who
owe)

2) Interest on loans your client needs to pay current liabilities (Ex: supplier must be paid
prior to settlement)

3) Extra costs in collection of accounts receivable (Ex: paying a collection agencies or
overtime to staff trying to collect accounts)

4) Expenses incurred in the reconstruction of records (Ex: hiring an accountant to
reconstruct AR list)



What are 4 coverages automatically included in commercial package policies -
CORRECT ANSWER-1) Property Insurance

2) Business Interruption

3) Liability Insurance

4) Crime Insurance



What are 5 considerations that may result in lower premiums - CORRECT ANSWER-1)
Building constructed after 1945

2) Sprinklered

3) Alarmed

4) Sole Occupant

5) Increased deductible

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