Caib exam stuvia - Study guides, Class notes & Summaries

3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) - CORRECT ANSWER-1) payment is made after replacement work is completed 2) replacment work must be done in due diligence and dispatch 3) replacement must be at same site or adjacent site 6 insured duties during a crime loss ( n n 120 s oath securities ) - CORRECT ANSWER-1) notify authority 2) notify insurer 3) prepare proof of crime loss within 120 days of ...

Only the property specifically listed or scheduled on the policy is insured. - CORRECT ANSWER-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - CORRECT ANSWER-Property of Every Description (POED) coverage. All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) - CORRECT ANSWER-All Property (Blanket) coverage. 1) Building 2) Equipment 3) Stock. - CORR...

What is the insurer entitled to do when misrepresentation has been shown or has contributed to the loss - CORRECT ANSWER-The insurer is entitled to void the policy What is the major single cause of fire and one of the leading caused of death in Canada: - CORRECT ANSWER-Mechanical or electrical failure of equipment What is the exception to the coverage provided for in the peril of Impact by Aircraft, Spacecraft and Land Vehicle under the Fire and EC form insures: - CORRECT ANSWER-Damage to ...

Identify three leading causes of fires in Canada - CORRECT ANSWER-1. Arson or suspected arson 2. Failure or malfunction of mechanical or electrical equipment 3. Misuse of source of ignition Identify what information is requied by law to apper on all insurance polcies - CORRECT ANSWER-1. Name of parties to the contract 2. Policy period 3. Loss payable of payee 4. Summary of insurance coverages and amounts for which insurer may be liability 5. Rate and premium charged 6. Subject mat...

Define Loading - ANSWER-Additional rate charged over and above the fire rate. Define common carrier - ANSWER-Includes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANSWER-One 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. - ANSWER-Time permitted by an ...

Define endorsement - CORRECT ANSWER-Endorsements change terms of existing policies Define rider - CORRECT ANSWER-Riders add additional coverages to the policy Indicate covered or not covered on sign form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - CORRECT ANSWER--nc -nc -nc -nc -nc What values are insured on a glass rider? - CORRECT ANSWE...

Scheduled Coverage - CORRECT ANSWER-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - CORRECT ANSWER-refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - CORRECT ANSWER-building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided...

replacement value - CORRECT ANSWER-Cost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage - CORRECT ANSWER-Coverage for property specifically identified or scheduled on the insurance policy All Property - CORRECT ANSWER-All property owned by Insured is covered by a single limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment) Tenant's Improvements - CORRECT ANSWER-Building improvements, alterations...

Define "Endorsement" - CORRECT ANSWER-endorsements change the terms of existing policies Define "Rider" - CORRECT ANSWER-Riders add coverages to those already on the policy What values are insured on a Glass Rider - CORRECT ANSWER-1) Glass 2) Artwork on glass 3) Tape & Foil on glass When would tenants require Glass Riders? - CORRECT ANSWER-tenants may require glass riders when they have assumed responsibility for damage to glass in a lease What type of information is required by ...

Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - CORRECT ANSWER-B. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to c...