Definition of acv - Study guides, Class notes & Summaries
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CAIB 2 - Chapter 1 Questions and Answers Rated A+
- Exam (elaborations) • 19 pages • 2024
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The three amounts to be considered when calculating the amount of payment as outlined in the 
Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property 
(least amount|) 
Identify the four categories that buildings may fall into: Residential (ex. home) 
Non-mercantile (ex. hospitals, nursing h...
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CIC Property Study Guide
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Coinsurance CORRECT ANSWER-Insurer agrees to a reduced rate if insured carries a specific percentage of insurance to the value of the property 
 
Coinsurance penalizes the insured in the event of partial loss 
 
Coinsurance formula CORRECT ANSWER-Limit of loss carried/Value of property at time of loss X loss amount - deductible. OR 
 
Amount of insurance that was carried/Amount of insurance that should've been carried X loss amount - deductible. OR 
 
Did/should X loss amount - deductible 
 
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NC Adjuster License Practice Exam Correct 100%
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Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: - ANSWER The maximum monthly limit of indemnity optional coverage 
 
The traditional definition of actual cash value (ACV) is: - ANSWER Replacement cost minus depreciation 
 
Sam and Dan are working to clean out the gutters around the roof on Sam's house. Sam and Dan are standing at ...
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CAIB 2 Full Study Guide Questions & Answers 100% Correct!!
- Exam (elaborations) • 63 pages • 2024
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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) 
 
Identify the four categories that buildings may fall into: - ANSWERResidential (ex. home) 
Non-mercantile (ex. ...
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CAIB 2 Full Study Guide with 100% correct answers
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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: correct answers1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) 
 
Identify the four categories that buildings may fall into: correct answersResidential (ex. home) 
Non-me...
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CAIB 2 - Chapter 1 Questions and Answers Already Passed
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Explain "Scheduled Basis" Only the items listed on the policy will be insured 
Explain "Property of Every Description" Basis Building, stock and equipment are insured 
under a single limit of insurance 
Explain "All Property (Blanket)" Basis All property owned by the insured is insured under a 
single limit of insurance - this can include property at different locations and may be subject to 
co insurance 
Identify 5 components found in the definition of "Building" 1) fixed structures pe...
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CAIB 2 - Chapter 1 Questions and Answers Already Passed
- Exam (elaborations) • 8 pages • 2024
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CAIB 2 - Chapter 1 Questions and 
Answers Already Passed 
 
Explain "Scheduled Basis" Only the items listed on the policy will be insured 
 
Explain "Property of Every Description" Basis Building, stock and equipment are insured 
under a single limit of insurance 
 
Explain "All Property (Blanket)" Basis All property owned by the insured is insured under a 
single limit of insurance - this can include property at different locations and may be subject to 
co insurance 
 
Identify 5 compone...
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CAIB 2 Full Study Guide Questions & Answers 100% Accurate
- Exam (elaborations) • 63 pages • 2024
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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) 
 
Identify the four categories that buildings may fall into: - ANSWERResidential (ex. home) 
Non-mercantile (ex. ...
-
CAIB 2 Full Study Guide Questions & Answers 100% Correct
- Exam (elaborations) • 63 pages • 2024
- Available in package deal
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- $15.49
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The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) the value of the lost or damaged property (ACV) 
 
2) the interest of the insured in the property (ex. financial interest, home, mortgage) 
 
3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) 
 
Identify the four categories that buildings may fall into: - ANSWERResidential (ex. home) 
Non-mercantile (ex. ...
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CISR Insuring Commercial Property Exam 146 Questions with Answers,100% CORRECT
- Exam (elaborations) • 22 pages • 2023
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CISR Insuring Commercial Property Exam 146 Questions with Answers 
 
Select the answer that most closely describes Actual Cash Value (ACV). - CORRECT ANSWER A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. 
 
Select the answer that most closely describes Functional Replacement Cost. - CORRECT ANSWER A provision which changes the policy valuation so as to provide for replacement with a different structure which per...
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