1. An application
2. Additional verbal information
3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - CORRECT ANSWER-An application and a submission are not the same thing. Identify three items that a submission ma...
3. Additional written information, including: previous policy premium, loss history and
details, photos, and financial statements - CORRECT ANSWER-An application and a
submission are not the same thing. Identify three items that a submission may include
1. Completion of survey
2. Search for interested insurers
3. Meet with prospect, discuss quotes and select insurer
4. Request binding coverage from elected insurer
5. Review policy and deliver to client - CORRECT ANSWER-Identify five steps of the
brokers role in the underwriting process
1. Assists in identification of loss exposures
2. Helps to determine coverage needed
3.develops other underwriting information needed by the insurer - CORRECT
ANSWER-Identify three things that a survey does
1. Alerts brokers to possible loss exposures
2. Ensures that needed coverages are not forgotten or ignored
3. Helps to reduce the potential for an error and omissions claim - CORRECT
ANSWER-Identify three reasons fo a broker to use a commercial property check list
1. Fire resistive
2. Non-combustive
3. Heavy timber
4. Ordinary
, 5. Frame - CORRECT ANSWER-Identify five classes of building constructions as
identified by the IAO
1. Fire resistive - one which has met minimum standards in terms of hours it will
withstand a specific, carefully controlled test fire
2. Frame - supporting walls, exterior wood, plaster, metal and masonry veneers
3. Heavy timber - old buildings, rare - CORRECT ANSWER-Identify three of the
following: Fire resistive, non-combustible, heavy timber, ordinary and frame
1. Roof
2. Wiring
3. Over-current protection (breakers/fuses)
4. Plumbing
5. Heating - CORRECT ANSWER-Identify five areas of information that may be
required when a building is over 25 years or age
1. Heating
2. Electrical services
3. Detachment
4. Protection
5. Occupancy - CORRECT ANSWER-Identify five hazards common to all commercial
buildings which may influence their potential for loss
1. Copper wiring; superior over aluminum. All wiring enclosed within metallic casing or
conduit to protect from damage, decay, or breakdown
2. Non-interchangeable circuit breakers; they are virtually fool proof - once installed,
they can be reset whenever they trip by pressing reset button
3. Identify the two types of protection available for insured property;
1. Private protection; things insured has done internally to prevent or reduce loss (fire
extinguishers)
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