Caib 2 stuvia - Study guides, Class notes & Summaries

Briefly explain the functions of Endorsements - ANSWERChanges the terms or conditions of the Insured's policy Briefly explain the functions of Riders - ANSWERAdds additional coverages to those already in place Briefly explain the functions of Separate Policies - ANSWEREquipment Breakdown Insurance (formerly known as Boiler and Machinery Insurance), computer, crime and other specialized coverages are often purchased separately, but can also be added to an existing policy Identify the en...

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...

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

Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - ANSWERA policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance Tenant Improvement - ANSWERBuilding improvement, alteration and better...

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 "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...

Scheduled Coverage - ANSWERrefers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - ANSWERrefers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - ANSWERbuilding 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 the insured is not actual ...

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 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...

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...