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CAIB 2- Chapter 2 Exam Questions With 100% Accurate Solution Scored A+
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  • CAIB 2- Chapter 2

An application and a submission are not the same thing. Identify three items that a submission may include: - CORRECT ANSWER--an application -additional verbal information -additional written information, including previous policy premium, loss history and details of loses, financial statemen...

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  • August 10, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 2 exam questions with 100 accurat
  • caib 2 chapter 2 exam questions stuvia
  • an application and a submission are not the same t

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CAIB 2- Chapter 2 Exam Questions With
100% Accurate Solution Scored A+

An application and a submission are not the same thing. Identify three items that a
submission may include: - CORRECT ANSWER--an application



-additional verbal information



-additional written information, including previous policy premium, loss history and
details of loses, financial statements, photographs



Identify five steps of the broker's role in the underwriting process: - CORRECT
ANSWER--completion of survey

-search for interested insurer

-meet with client, discuss quotes and select insurer

-request binding coverage from the selected insurer

-review policy and deliver to client



[MR. CSR]



Identify three things that a Survey does * - CORRECT ANSWER--assist in identification
of loss exposures



-helps to determine the coverages needed



-develops other underwriting information needed by the insurer



Identify three reasons for a broker to use a Commercial Property Check list - CORRECT
ANSWER--alerts brokers to possible loss exposures

-ensures that needed coverages are not forgotten or ignored

, -helps to reduce the potential for an errors and omissions claims



Identify five classes of Building Construction as identified by the IAO and briefly explain
any three. - CORRECT ANSWER-1) fire resistive - building is one which has met
minimum standards in terms of hours it will withstand a specific, carefully controlled test
fire. (blocked doors)



2) non-combustive - is when all structural members, including floors, roofs, and their
supports are CONSTRUCTED of STEEL, IRON, concrete or other non-combustible
materials. Falls just short of fire resistive. (bricks)



3) heavy timber - is quite rare and only found in existing old buildings. Floor and roof
construction is wood such as a log house. (log house)



4) ordinary (concrete, wood, steel)



5) frame (wood)



[hoffon



Identify five areas of information that may be required when a building is over 25 years
of age: - CORRECT ANSWER-- roof

- wiring

- over-current protection (circuit breakers, fuses)

- plumbing

- heating



Identify five hazards common to all commercial buildings which may influence their
potential for loss: - CORRECT ANSWER-- heating

- electrical services

- detachment

- protection

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