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

4- A Commercial Property CIC exam study guide latest questions with correct answers fall 2024 4- A Commercial Property CIC exam study guide latest questions with correct answers fall 2024 William owns a paint store and employs Brent. One day, while Brent is decorating the window display, he gets carried away dancing to the music in his headphones, falls off his ladder, and smashes through the glass. What policy condition allows William to collect for the loss on his insurance contract? ...

Explain the difference between strategy, strategic planning, and strategic plan - ANS -strategy: thoughtful, deliberate plan of action; chooses to be clear about the company's direction in relation to what is happening in a dynamic environment; answers the question "how?" as in how will we achieve our aim of creating and nurturing a successful insurance company -strategic planning: the process used to create the strategic plan; runs an ERM analysis, which determines risk and oppor...

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...

Premises - Answer: Arises out of injury or property damage because of the ownership, maintenance, or use of a specific location Operations - Answer: Arises out of exposures that typically occur away from the premises of the business Products - Answer: Caused by defects in product design, manufacturing, or the failure to sufficiently warn or explain the safe use of the product to consumers Environmental Impairment - Answer: Occurs when the operations or products of a business creates...

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...