Caib exam stuvia - Study guides, Class notes & Summaries

1. Residential (homes) 2. Mercantile (hospital) 3. Non-mercantile (stores) 4. Manufacturing/industrial (manufacturing plants) - ANSWERIdentify 4 categories that buildings may fall into and give an example of each 1. Scheduled basis 2. All property basis - ANSWERIdentify two bases that coverage can be provided 1. Scheduled basis - only property which is specifically identified or scheduled on the policy is insured 2. All property - All property owned by the insured is covered by a sin...

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWER-for repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWER-small engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWER-there is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent...

What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - CORRECT ANSWER-1) When at customers premises on a pre-sale trial basis 2) When at warehouse awaiting pickup by client What are 3 coverages found in EDP Policies? - CORRECT ANSWER-1) Loss to data processing systems and components (hardware) 2) Loss to data processing media and programs (software) 3) Extra Expenses What are 2 key coverage advantages provided by section I o...

the company which assumes the greatest portion of an account - ANSWERLead Company What is re-insurance - ANSWERan insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - ANSWERi) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the policy i) Actual Cash Value of the property as it existed...

Define Loading - ANSWERAdditional rate charged over and above the fire rate. Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define contributing property - ANSWERManufacturer or supplier upon whom the insured depends for materials or goods. All of the following characteristics except one, are common to Boiler and Machinery policies. Pick the exception. A) insur...

identify three reasons why a bailee may have temporary custody of the personal property of another - CORRECT ANSWER-for repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - CORRECT ANSWER-small engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - CORRECT ANSWER-there is a legal duty on the bailee to take the same care of goods of others as wou...

1) Convertibility; 2) Value; 3) Portability. - CORRECT ANSWER-Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosures; 4) Forced opening of building and protected enclosures; 5) Vandalism and mailicious acts; 6) Espionage; 7) Shoplifting; 8) Employee theft. - CORRECT ANSWER-Methods criminals use that c...

identify the three leading causes of fires in canada - CORRECT ANSWER--failure or malfunction of mechanical or electrical equipment -arson, suspected arson and other set fires -misuse of source of ignition Identify what information is required by law to appear on all insurance policies - CORRECT ANSWER-names of parties to the contract policy periodloss payable or payee summary of insurance coverage rate and premium charged subject matter of insurance identify the 'policy period' ...

Explain what an submission is and identify three types of information - ANSWER-A proposal for insurance which is presented to an underwriter for consideration. It can include an application, additional verbal info, additional written info. Identify three purposes served by survey forms - ANSWER-Assists to indenting loss exposures, helps eliminate the purchases of coverages the business doesn't need, assists in the development of underwriting information needed by insurers. State three adv...

Define Loading - ANSWERAdditional rate charged over and above the fire rate. Define common carrier - ANSWERIncludes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANSWEROne who has temporary custody of the personal property of another for a purpose other than sale and who is compensated as a condition of such custody. Define discovery period. - ANSWERTime permitted by an insu...