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CAIB 2 (Vocabulary Chapters 1 & 2) Exam Questions & Answers Scored A+ CA$14.36   Add to cart
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Exam (elaborations)

CAIB 2 (Vocabulary Chapters 1 & 2) Exam Questions & Answers Scored A+
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  • Course
  • CAIB 2
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  • CAIB 2

Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - CORRECT ANSWER-Refers to policy used to insure building, stock, and equipment under a single limit of insurance ...

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  • August 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • caib 2 vocabulary chapters 1 2 exam questions
  • caib 2 vocabulary chapters 1 2 exam stuvia
  • scheduled coverage correct answer refers to poli

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  • CAIB 2
  • CAIB 2

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CAIB 2 (Vocabulary Chapters 1 & 2)
Exam Questions & Answers Scored A+

Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is
provided only on that property which is specifically identified or scheduled



Property of Every Description - CORRECT ANSWER-Refers to policy used to insure
building, stock, and equipment under a single limit of insurance



All Property (Blanket) - CORRECT ANSWER-A policy under which all property owned
by the insured is covered or blanketed by a single limit of insurance



Tenants Improvements - CORRECT ANSWER-Building improvements, alterations and
betterments made at the expense of or purchased by the insured to a building occupied
by the Insured and which are not otherwise insured, providing the insured is not the
actual owner of the building.



Actual Cash Value - CORRECT ANSWER-The replacement or repair costs less
depreciation



Replacement Value - CORRECT ANSWER-Represents the cost to repair, replace or
rebuild the lost or damaged property without depreciation



Reinsurance - CORRECT ANSWER-Involves an Insurer ceding part of the risk it has
assumed to one or more other Insurers



Subscription - CORRECT ANSWER-An Insurance policy under which a group of
Insurers has agreed to participate in providing policy Insurance coverage.



Condition - CORRECT ANSWER-Something imposed by the Insurer which requires the
Insured to do or not to dosomething

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