CIC- Insurance Company Operations- Underwriting- Sec 3 Exam Questions and Complete Solutions Graded A+
7 views 0 purchase
Course
CIC Commercial Casualty Institute
Institution
CIC Commercial Casualty Institute
LO/1- Auto
Symbol 1 - Answer: Any Auto- Liability Only
Symbol 2 - Answer: Owned "Auto" Only
Symbol 3 - Answer: Owned Private Passenger "Autos" only
Symbol 4 - Answer: Owned "Autos" Other than Private Passenger
Symbol 5 - Answer: Owned "Autos" Subject to No-Fault (Not used in ...
CIC- Insurance Company
Operations-
Underwriting- Sec 3
Exam Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Real property is - Answer: comprised of buildings, structures and fixtures that are tangible. Real
property can be seen.
Give examples of Real Property - Answer: Land is real property, but it is generally not the subject of
insurance.
Buildings are real property. They have walls and a roof. You can probably envision many types of
buildings, ranging from a small one-story office to a skyscraper.
Structures. A structure is any construction, including buildings. However, examples of structures that
are not buildings include a 3-sided lumber yard storage shed or a gazebo. Another example can be seen
in the picture to the left. A stadium is an example of a structure.
Outdoor Fixtures. These are man-made objects, other than buildings or structures, that are attached to
land in some manner
Personal Property - Answer: The insured's personal property is also known as Your Business Personal
Property. Some of the commercial property coverage forms define what is covered as business personal
property. In general, this includes most of the equipment, supplies, stock, machinery, etc., and material
used to operate the named insured's business.
Office equipment is an example of Your Business Personal Property
Insurable Interest - Answer: Owner: Business owners stand to lose their investment in their building and
other property as well as their source of income.
Mortgage or Lien Holder: The mortgage or lien holder has an insurable interest when there is an unpaid
balance on the property loan.
Lessees or Tenants: When tenants sign leases, they are granted the right to occupy the designated
premises for a stipulated period of time. This right-to-use creates an insurable interest for the tenant.
Signers of Contractual Agreements: Certain contracts, such as those signed when leasing phone
systems, copy machines or even entire buildings, may require the lessee to provide direct damage
insurance on the leased property. This contractual arrangement creates an insurable interest.
Direct loss is - Answer: loss or damage as a direct result of a covered cause of loss.
Example:
A building that burns because of a fire (a covered peril) illustrates a direct loss. The building was directly
affected by the fire.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
