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Caib 2 Questions & Answers Graded A+
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Caib 2 Questions & Answers Graded A+
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Name: Score:25 Multiple choice questions
Term 1 of 25
Justin case owns and operates a flower and gift shop in the downtown business district. Building,
stock and equipment values are insured under the commercial building, equipment and stock -
broad form policy. Indicate whether the losses caused by the following perils would be covered
by the policy. State whether covered or not covered.
A) breakdown of compressor motor on main refrigeration unit.
B) loss to stock and equipment caused by explosion of steam boiler on the premises
C) damage to building from seepage of ground water through basement walls.
A) breakdown of compressor motor on main refrigeration unit. - not covered.
B) loss to stock and equipment caused by explosion of steam boiler on premises - covered
C) damage to building from seepage of ground water through basement walls - not
covered.
1. Building must be repaired with due diligence and dispatch.
2. Building must be replaced on same or adjacent site.
3. Building replacement must actually be effected by insured not exceeding amount
necessary to replace building.
1. Client must be legally liable for loss to customers property.
2. Client must be legally obligated to insure customers property.
A) insureds building must suffer physical damage.
, Definition 2 of 25
1. Insured or their partners.
2. Employees authorized to have possession of insured property.
When there is a loss to customers property, the property of others clause contained in the
policy outlines the payment options available to the insurer. Identify the 2 payment options
available to the insurer under this clause.
Not everyone is qualified to be a custodian. Identify 2 persons who would qualify as
custodians of insured property.
What advantage does the "occurrence" definition under earthquake have for the insured?
Both the owner and carrier have a financial interest in property while in transit. What two
factors should be considered in determining who should purchase coverage on a particular
shipment?
Term 3 of 25
An electronic data processing policy includes coverage for software. What two specific items are
insured within the coverage provided for software?
1. Data.
2. Media.
1. Whether the owner or the carrier would be responsible for the loss of the property.
2. To what extent they would be responsible.
1. Insured or their partners.
2. Employees authorized to have possession of insured property.
D) Central station service
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