3 advantages of using a fact find or survey - ANSWER1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies
3 benefits of commercial property checklists - ANS...
3 advantages of using a fact find or survey - ANSWER1) Assists brokers when identifying potential
losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting
information needed by insurance companies
3 benefits of commercial property checklists - ANSWER1) Assists brokers when identifying potential
losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing
E&O losses
Define "Fire Resistive" - ANSWERThis means that the building has achieved the standard set in hours
to remain structurally sound when attacked by fires
Define "Non-Combustible" - ANSWERThese buildings are slightly below the standard of fire resistive
structures
Define "Detachment" - ANSWERThe distance between the insured building to other commercially
rated buildings
Define "Soft Market" - ANSWERintense competition between insurers resulting in lower premiums
and broader coverage
Define "Hard Market" - ANSWERoccurs when low profit margins force out some of the competition
resulting in a more disciplined underwriting approach where insureds receive little to nothing in rate
discounts
6 types of physical hazards COMMON to all commercial risks and provide an example for each
(PETHOG) - ANSWER1) protection; fire extinguishers 2) external exposures; being next to restaurants
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