CAIB 1 CHAPTER 3 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST 2024 –
2025 ALREADY GRADED A+
Briefly explain the purpose of the "Increased Cost - Demolition or Construction"
Endorsement. - ANSWERS-Pays additional cost which are required to comply with
any law regulating demolition, repair or construction after a loss.
Briefly explain the following special provisions: Sprinklered By-law, Demolition or
Construction - ANSWERS-Sprinklered By-Law Extension
Pay the additional cost of installation or repair. Payment is limited to the
minimum amount required to comply with such by-law
Demolition or Construction Extension
Pay the additional cost of demolition, construction or repair to comply with any
law regulations. Has to be on the same premises with a building of the same
occupancy constructed with the same materials or similar quality
, Briefly explain the purpose of any special provisions of the following
endorsements: Residence Glass, Sewer Back-up, Earthquake, Vandalism or
Malicious Acts - ANSWERS-1. Residence Glass - Adds accidental glass breakage
coverage. Not provided on dwellings in the course of construction or rented or
vacant properties
2. Sewer Back-up Endorsement - broadens coverages for sewer back-up, sump,
septic tank, eaves trough or downspout. Areas with history of previous losses
often have amount of the deductible increased.
3. Earthquake Endorsement - Removes the exclusion contained in habitational
policies for this peril. Cover is subject to a percentage deductible which is
normally no less than 10%. Additional premium is based on geographical location.
4. Vandalism or Malicious Acts (seasonal dwellings) - Removes the exclusion for
this peril. - Coverage is excluded when a building is vacant, while a building is
under construction, glass, direct or indirect attempt of theft, or caused by
insureds spouse.
Identify 2 expenses included in the "Emergency Removal Expense" and state the
amount available. - ANSWERS-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) -
ANSWERS-1. Loss or damage caused by moving
2. Loss due to conversion, embezzlement or secretion by any person in possession
of the building
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseLNJ. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
