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CAIB 2- Chapter 2 Questions And Answers With Verified Solutions Already Passed!!!
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CAIB 2- Chapter 2 Questions And Answers With Verified Solutions Already Passed!!!
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CAIB 2- Chapter 2 Questions AndAnswers With Verified Solutions Already
Passed!!!
- ANSWER✔✔
An application and a submission are not the same thing. Identify three items that a
submission may include: - ANSWER✔✔-an application
-additional verbal information
-additional written information, including previous policy premium, loss history
and details of loses, financial statements, photographs
Identify five steps of the broker's role in the underwriting process: -
ANSWER✔✔-completion of survey
-search for interested insurer
-meet with client, discuss quotes and select insurer
-request binding coverage from the selected insurer
-review policy and deliver to client
[MR. CSR]
Identify three things that a Survey does * - ANSWER✔✔-assist in identification of
loss exposures
-helps to determine the coverages needed
, -develops other underwriting information needed by the insurer
Identify three reasons for a broker to use a Commercial Property Check list -
ANSWER✔✔-alerts brokers to possible loss exposures
-ensures that needed coverages are not forgotten or ignored
-helps to reduce the potential for an errors and omissions claims
Identify five classes of Building Construction as identified by the IAO and briefly
explain any three. - ANSWER✔✔1) fire resistive - building is one which has met
minimum standards in terms of hours it will withstand a specific, carefully
controlled test fire. (blocked doors)
2) non-combustive - is when all structural members, including floors, roofs, and
their supports are CONSTRUCTED of STEEL, IRON, concrete or other non-
combustible materials. Falls just short of fire resistive. (bricks)
3) heavy timber - is quite rare and only found in existing old buildings. Floor and
roof construction is wood such as a log house. (log house)
4) ordinary (concrete, wood, steel)
5) frame (wood)
[hoffon
Identify five areas of information that may be required when a building is over 25
years of age: - ANSWER✔✔- roof
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