CIC Property Insurance Exam Bundle (100% Guaranteed Pass)

Identify the rights and responsibilities of the first NI. - Answer-1. Authorize or cancel the policy 2. Receive notice of cancellation 3. Authorized to make changes in terms of policy with insurer's consent 4. Responsible for payment 5. Payee for return premiums Compare and contrast the Occu...

Cancellation - Answer-First NI: -may cancel this policy by mailing or delivering to us advance written notice of cancellation -delivering written notice of the cancellation to First NI Named Insured - Answer-Is the person who is authorized to make changes to the terms of the policy with carrier...

Spouses of any type of insured are automatically considered insureds - Answer-False; spouses are only allowed automatic insured status if named insured is individual or partnership/joint venture Partnership is the only named insured listed on CGL. A parter of the partnership buys a building in hi...

What are the exclusions in a CGL Policy? - Answer-1. Expected or intended injury 2. contractual Liability 3. Liquor Liability 4. Work Comp and Similar Laws 5. Employer's liability 6. Pollution 7. Aircraft, auto, or watercraft 8.Mobile Equipment 9. War 10. damage to property 11. damage to ...

What are the endorsements that can impact the pollution exclusion? - Answer-1. CG 22 64 Pesticide or Herbicide Applicator - Limited Pollution Coverage 2. CG 22 93 Lawn Care Services - Limited Pollution Coverage 3. CG 21 49 Total Pollution Exclusion Endorsement 4. CG 21 55 Total Pollution Ex...

Marine Policies Cover: - Answer--Imports - Goods coming into the USA -Exports - Goods leaving the USA -Domestic shipments - Goods moving around the USA -Instruments of transportation and communication - Not necessarily mobile but facilitate movement of goods ─ Bridges ─ Tunnels ─ Pier...

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - Answer-Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in C...

Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - Answer-1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying policy does not respond because its aggregate limits of insurance are ex...

Identify the reasons for purchasing commercial crime insurance based on the exclusions and limitations of the Building and Personal Property Coverage Form with Causes Of Loss- Special Form - Answer-Commercial Property policy does not coverage bills, currency, money, notes, accounts etc... limita...

List and explain he specific rights and duties of the first named insured as stated in the common policy declarations - Answer-Cancellation-May cancel in advance with written notice, we may cancel by written notice 10 days for non pay 30 days for other reason. Changes-is authorized to make changes b...

Endorsements used to modify coverage extensions (6) - Answer-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replac...

What are commercial property loss exposures - Answer-Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - Answer-Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - Answer-potentia...

First named insureds rights and duties - Answer-1. Authorized to cancel 2. Receive notice of cancellation 3. Make changes with insurer consent 4. Responsible for payment of all premoums 5. Payee for return premoums Common policy dec info - Answer-1. Eff date 2. Named insured 3. Descrip...

How many causes of Loss are on Basic Form (10 10) - Answer-11 How many causes of Loss are on the Broad Form (10 20) - Answer-14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) - Answer-Theft When loss occurs on a basic or broad policy, the bur...

Who can make entries in the medical record? - Answer-Physicians, nurse practitioners, nurses, and other members of the healthcare team. Uniform Hospital Discharge Data Set The data elements required by UHDDS include: - Answer-Personal Patient identifier date of birth Sex race ethnicity r...

Liability exposures covered under Coverage A - Answer-Bodily injury and Property damage: - Premises - Operations - Products - Completed Operations - Contractual- Contingent Liability exposures covered under Coverage B - Answer-Personal and advertising injury: - Operations - Contingent - P...

Explain the goals and significance of proper claim reporting, including the various ways jurisdictions may view late reporting - Answer-a. Timeliness and accuracy - prompt reporting is essential 1) Ability to stabilize and mitigate quickly 2) Preserve the details for accuracy and completeness b...

Describe the Loss Development Factor and explain its use - Answer-factors applied to a current valuation of losses to determine an estimate of ultimate losses; these factors are calculated by comparing the period-to-period changes in values of loss reserves, under the assumption that current losses ...

Covered Property under the Business owners Coverage Form (LO1) - Answer-Buildings - Similar description as the building and personal property coverage form EXCEPT: BOP covers the personal property of a landlord furnished apartments, rooms an common areas BOP covers additional property such as...

Homeowners "Insured" - Answer-- You - Residents who are: a) Relatives b) <21 and in your care -Full time student: a) <24 and relative b) <21 and in your care Coverage B - What's Covered? - Answer-Other Structures - Things on residence premises not attached to building, or c...

what are the 7 coverage extensions - Answer-newly acquired or constructed property personal effects and property of others valuable papers and records property off premises outdoor property non owned detached trailers BPP temporarily in portable storage units where does the property have to be lo...

Business Income Co-Insurance Formula - Answer-Co-insurance x {net income + operating expenses (that would have been earned or incurred for the 12 months following the inception date)} Differentiate between ACV and Replacement Cost - Answer-ACV = Replacement cost less depreciation of damaged or st...

Coinsurance - Answer-Insurer agrees to a reduced rate if insured carries a specific percentage of insurance to the value of the property Coinsurance penalizes the insured in the event of partial loss Coinsurance formula - Answer-Limit of loss carried/Value of property at time of loss X loss am...

List and explain the specific rights and duties of the first Named Insured as stated in the Common Policy Conditions. - Answer-1. Authorized To Cancel 2. Receive Notice Of Cancellation 3. Make Changes With Insurer Consent 4. Responsible For Payment Of All Premiums 5. Payee For Return Premiums ...

Identify and describe the purpose and need for Business Income coverage, the reasons why it is not sold. - Answer-Purpose: - Provide funds to replace the firms lost Net Income - Pay the expenses of the business that continue - For the time it should take the business to be restored to operations ...