100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Caib 2 Best Rated Exam Questions Latest Version 2024 CA$15.08   Add to cart
Quickly navigate to
Preview
  2.  
  3. Caib 2
  4.  
  5. Caib 2

Exam (elaborations)

Caib 2 Best Rated Exam Questions Latest Version 2024
 8 views  0 purchase
  • Course
  • Caib 2
  • Institution
  • Caib 2

Scheduled Coverage - CORRECT ANSWER-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - CORRECT ANSWER-refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvem...

[Show more]

Preview 2 out of 7  pages

Document information

  • August 10, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • caib 2 best rated exam questions latest version 20
  • caib 2 best rated exam questions stuvia
  • scheduled coverage correct answer refers to poli

Written for

  • Caib 2
  • Caib 2

Seller

avatar-seller
remojudytask

Reviews received

Content preview

Caib 2 Best Rated Exam Questions
Latest Version 2024

Explain what an submission is and identify three types of information - CORRECT
ANSWER-A proposal for insurance which is presented to an underwriter for
consideration. It can include an application, additional verbal info, additional written info.



Identify three purposes served by survey forms - CORRECT ANSWER-Assists to
indenting loss exposures, helps eliminate the purchases of coverages the business
doesn't need, assists in the development of underwriting information needed by
insurers.



State three advantages of using a property checklist with your client - CORRECT
ANSWER-Alerts brokers to possible loss exposures, ensures that needed coverages
are not forgotten/ignored, helps reduce the potential for an errors or omissions claims



When determining eligibility for coverage, the insurer will request certain information.
There are 5 types of building construction used in buildings having commercial
occupancy. Which is the likely to produce the highest rate? Which is likely to produce
the lowest rate? - CORRECT ANSWER-Frame-highest rate

Fire resistive-lowest rate



When the building to be insured exceeds a certain age, the insurer will request
information concerning recent renovations or upgrading

A) approximately how old does a building have to be for the insurer to request this
additional information?

B) identify 5 kinds of upgrades to the building likely to be of most interest to insurers? -
CORRECT ANSWER-A) 25 years old

B) roof, wiring, plumbing, cover current protection, heating



Identify 5 hazards common to the majority of commercial risks. - CORRECT ANSWER-
Heating, electrical services, detachment, protection, occupancy

, Why is the distance or detachment from other commercial risks an important rating
consideration for insurers? - CORRECT ANSWER-Detachment is important to note
because the proximity to other commercial buildings can increase the risk (ex bakery)



Identify the 2 kinds of protection which insurers consider when establishing the rate or
premium charged. - CORRECT ANSWER-Private protection- what the insured has
done internally to prevent or reduce loss

Public protection- refers to the external protection provided to insured property (ex
availability of fire fighting services)



Fire resistive - CORRECT ANSWER-Building which has met minimum standards in
terms of hours it will withstand a specific, carefully controlled test fire.



Non-combustible - CORRECT ANSWER-All structural members including floors, roofs,
and their supports are constructed of steel, iron, concrete or other non-combustible
constructible materials. Exterior also required to be of non combustible construction.
Falls just short of classifying as a fire resistive



Common hazards - CORRECT ANSWER-Conditions common to all buildings which
influence their potential for loss



Detachment - CORRECT ANSWER-Refers to the proximity of the building insurers or
containing the property insured to other commercially rated buildings



One of the duties as an underwriter is to select as many good risks as possible for the
insurer. All underwriters are concerned against the potential for being selected against.
Explain what is meant by adverse selection and how it can impact upon an insurers loss
experience. - CORRECT ANSWER-Adverse selection is the ones who are most likely to
suffer a loss and are most likely to purchase the insurance. (In the us people having a
baby are more likely to purchase health insurance) Too many of these insureds will
increase the overall claims of the insurer.



Explain what is meant by risk classification and individual risk underwriting - CORRECT
ANSWER-Risk classification is the grouping or classification of risks according to
established criteria based largely on their probability for loss as a class

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller remojudytask. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$15.08. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$15.08
  • (0)
  Add to cart