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CAIB 2 Chapter 4 Practice Test 1 Questions 100% Correct!
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Define Endorsement. - ANSWEREndorsements change terms of existing policies Define Rider. - ANSWERRiders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped dur...

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  • August 18, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • caib 2 chapter 4 practice test 1 questions 100 co
  • caib 2 chapter 4 practice test 1 stuvia

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CAIB 2 Chapter 4 Practice Test
1 Questions 100% Correct!
Define Endorsement. - ANSWEREndorsements change terms of existing policies



Define Rider. - ANSWERRiders add coverages to those all ready on policy



Indicate Covered or Not Covered on Sign Form (C/NC)



a) mechanical breakdown

b) damage caused by power surge

c) damage caused when dropped during installation

d) damage caused by freezing

e) damage caused by striking employees - ANSWERa) NC mechanical breakdown

b) NC damage caused by power surge

c) NC damage caused when dropped during installation

d) NC damage caused by freezing

e) NC damage caused by striking employees



What values are insured on a Glass Rider? - ANSWERi) Glass

ii) Artwork on glass

iii) Tape and foil on glass



When would tenants require Glass Riders? - ANSWERTenants may require glass coverage when
tenants have assumed responsibility for

damage to glass in a lease



What type of information is required by underwriters when insuring glass on a

scheduled basis? - ANSWERi) Type, size and number of glass units

, ii) Location of glass

iii) Information of any lettering, tape, foil or ornamentation




Indicate Covered or Not Covered under Glass Riders. (C/NC)



a) glass broken during construction

b) glass broken during repairs to window frame

c) glass damage when building is vacant, unoccupied or shut down

for more than 30 consecutive days - ANSWERa) NC glass broken during construction

b) NC glass broken during repairs to window frame

c) NC glass damage when building is vacant, unoccupied or shut down

for more than 30 consecutive days



What are four coverages provided by the Accounts Receivable Form and provide

an example of each. - ANSWERi) Amounts which cannot be collected due to loss of accounts
receivable records

example: Client cannot remember entire list of customers who have an

outstanding amount due to your client

ii) Interest on loans or lines of credit your client needs to utilize to pay current

liabilities

example: Money owed to suppliers must be paid prior to settlement with insurer

iii) Extra costs in the collection of accounts receivable

example: Amounts paid to collection agencies or overtime wages to staff who

work overtime attempting to collect accounts

iv) Expenses incurred in the reconstruction of records

example: Client hires accounting firm to reconstruct records



What is the requirement of insurers when accounts receivable records are not in

use and the premises are closed? - ANSWERWhen records are not in use or when premises is closed,
accounts receivable

records must be stored in described receptacle

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