CAIB 1 CHAPTER 3 QUESTIONS AND ANSWERS 100% VERIFIED.
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CAIB 1 Chapter 3
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CAIB 1 Chapter 3
CAIB 1 CHAPTER 3 QUESTIONS AND ANSWERS 100% VERIFIED.
Identify four perils that mobile homes are more susceptible to than conventional homes - correct answer. 1. Fire
2. Windstorms
3. Hail
4. Transportation
Identify the purpose of "tie downs" - correct answer. Secure the unit t...
CAIB 1 CHAPTER 3 QUESTIONS AND
ANSWERS 100% VERIFIED.
Identify four perils that mobile homes are more susceptible to than conventional homes
- correct answer. 1. Fire
2. Windstorms
3. Hail
4. Transportation
Identify the purpose of "tie downs" - correct answer. Secure the unit to the foundation
so that it remains stable during windstorms
Explain the purpose of "dent clause" - correct answer. Excludes payment unless the
exterior siding has been actually torn or punctured by the storm
Identify 2 expenses included in the "Emergency Removal Expense" and state the
amount available. - correct answer. 1. Disconnecting water and power services
2. Towing or transporting costs
- Up to 5% of the amount of insurance on the dwelling can be used to pay for
reasonable expenses incurred in its removal from the site
Identify two exclusions to the Mobile Home Insurance Form (IBC 1157) - correct
answer. 1. Loss or damage caused by moving
2. Loss due to conversion, embezzlement or secretion by any person in possession of
the building
Identify 4 prospects for a Tenant's Package policy. - correct answer. 1. Those living in
apartments
2. Those renting a dwelling or portion of it
3. Those who as a part of their remuneration, receive the use of a dwelling
, 4. Owner(s) of a business who occupies private living quarters in a mercantile or
commercial building owned by the business
Identify 2 items normally insured within the definition of personal property. - correct
answer. 1. Appliances
2. Furniture
Define "condominium" - correct answer. System of separate ownership of individual
units in a multiple unit building
Identify the 2 items that the Condominium Corporation is responsible to insure. - correct
answer. 1. The value of the building
2. The value of common elements
Identify 3 "common elements" - correct answer. 1. Parking area
2. Landscaping
3. Recreational areas
In addition to the personal property, identify the 3 unique coverages available to unit
owners. - correct answer. 1. Coverage U1 - Improvements and betterments
2. Coverage U2 - Loss Assessment
3. Coverage U3 - Unit Additional Protection
Under Coverage U2, identify 4 situations where a special assessment may be levied
against each unit owned. - correct answer. 1. Under-insurance
2. Application of a co-insurance penalty
3. Cause of the loss is not an insured peril, or is specifically excluded under the
Corporations policy
4. Breach of policy
The Seasonal Residence form is used to insure premises used on a seasonal basis.
Coverage is available for Named Perils, the same as those provided by the
Homeowners Basic Form with two important exclusions or conditions, which are: -
correct answer. 1. No coverage provided for the peril of transportation
2. The following coverages are provided only when indicated on the Coverage
Summary Page
-Burglary or robbery, theft coverages, vandalism or malicious acts, glass breakage
On seasonal residence, some insurers will agree to provide the broader coverages of
the Homeowners forms, subject to certain eligibility requirements. Identify 5 such
requirements. - correct answer. 1. Principal residence must be insured with the same
insurer
2. Building constructed as a year round residence and occupied at least one day in a
sixty day period throughout the year
3. Building not rented to others
4. Primary heating must be thermostatically controlled furnace or electricity
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