Cic property study guide - Study guides, Class notes & Summaries

CIC COMMERCIAL PROPERTY EXAM PREP STUDY GUIDE LATEST UPDATED ANDVERIFIED Endorsements used to modify coverage extensions (6) - CORRECT ANSWER-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - CORRECT ANSWER-- without deduction for depreciation - claims are paid on acv until repairs or repla...

Endorsements used to modify coverage extensions (6) CORRECT ANSWER-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost CORRECT ANSWER-- without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - does not apply to pp of others...

Property & Casualty - Mike Russ Practice Test CIC exam study guide/questions and answers correct and verified 100%Property & Casualty - Mike Russ Practice Test CIC exam study guide/questions and answers correct and verified 100% Insurance broker means a person who, for compensation and on behalf of another person, transacts insurance other than life with, but not on behalf of, an insurer. True or False? - correct answers-False - An insurance broker is a specialist in insurance and risk man...

CIC Commercial Casualty Institute exam latest/study guide questions and answers correct and verified 100%CIC Commercial Casualty Institute exam latest/study guide questions and answers correct and verified 100% What are 4 major loss exposures covered by CGL Form? LO1 - 1. Premises Liability (slip and fall due to water on the floor) 2. Operations Liability (Tree trimmer causes damage to power lines by removing fallen limbs) 3. Product Liability (ladder collapses when being used as...

Commercial Casualty – CIC study guide/exan questions and answers correct and verified 100%Commercial Casualty – CIC study guide/exan questions and answers correct and verified 100% =What are the two promises the insurer makes? - correct answers-1. Indemnity 2.Defense A Commercial General Liability Policy may be written as a - correct answers-1. Monoline Policy 2. Multi-Line Policy 6 different forms of business - correct answers-1. Individual 2. Partnership 3. Joint Venture 4. Tru...

Endorsements used to modify coverage extensions (6) - CORRECT ANSWER-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - CORRECT ANSWER-- without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - does not apply to pp of ...

CIC COMMERCIAL PROPERTY EXAM STUDY GUIDE What are commercial property loss exposures - Answer-Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - Answer-Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - Answer-potential for loss and probable maximum loss. Coveage form includes loss payment at Actual Cash Value or ACV, what is ACV> - Answer-The amount of loss minus depre...

CIC Commercial Property Exam Prep Study Guide Endorsements used to modify coverage extensions (6) - Answer-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - Answer-- without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - d...

CIC Commercial Multiline Exam Study Guide Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - Answer-1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy - An...

PSI - LIFE, ACCIDENT, AND HEALTH - LONG Study Guide Graded A+ Which of the following is TRUE regarding nonadmitted insurers? 1. A felony is committed by the agent in the state of a nonadmitted insurer. 2. Acting as an agent for a nonadmitted insurer is considered a misdemeanor. 3. The agent shall pay $1,000 in addition to any fees involving the commission of a felony. 4. Specific penalties shall be determined by the Insurance Commissioner on a case by case basis. Which of the follo...