Caib 2 chapter 1 - Study guides, Class notes & Summaries

Identify the company which assumes the greatest portion of an account - ANSWER-Lead Company What is re-insurance - ANSWER-an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - ANSWER-i) 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 a...

All policies contain exclusions. List five types of exclusions and provide 2 examples of each - i) War - commercially uninsurable ii) Flood & earthquake - may be catastrophic iii) Automobile & Valuable papers - Other forms of insurance may be available iv) Wear and Tear / Mechanical Breakdown - May be expected by the insured and/or in the control of the insured v) Exterior communication towers & buildings under construction - Not 'common' exposures Describe four elements of 'locked veh...

CAIB 2 Chapter 1 Practice exam 2 Questions and Answers (2024/2025)(Verified Answers) Identify the company which assumes the greatest portion of an account Lead Company What is re-insurance an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? i) 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 insuranc...

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...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers)

Explain what it means to issue insurance on a scheduled basis - Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - All property owned by the insured is insured under a single limit of insurance. All property blanket may insure property at ...

CAIB 2 Chapter 1 Practice exam 1 Questions and Answers (2024/2025)(Verified Answers) Explain what it means to issue insurance on a scheduled basis Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis All property owned by the insured is ...

Explain what it means to issue insurance on a scheduled basis correct answersOnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description correct answersBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis correct answersAll property owned by the insured is insured under a single limit of insurance. All p...

CAIB 2 Chapter 1 Practice exam 1 with 100% verified answers Explain what it means to issue insurance on a scheduled basis - answerOnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - answerBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - answerAll property owned by the insured is insured ...

CAIB 2 Chapter 1 Practice exam 2 WITH 100% COMPLETE SOLUTION 2024