Caib 2 stuvia - Study guides, Class notes & Summaries

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 - ANSWERB. 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 certain pa...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...

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. ...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER-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: - ANSWER-Residential (ex. home) Non-mercantile (ex...

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 - ANSWERB. 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 certain pa...

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. ...

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

Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. - ANSWERMechanical: Drills Thermal: Torches Explosion: Dynamite What is the purpose of Perimeter Protection? - ANSWERTo prevent access to the premises when the business is closed Define Partial Protection and provide two weaknesses to Partial Protection? - ANSWERWhen only openings to the building are protected, such as windows and doors. Forced entry through walls or ceilings w...

Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. - ANSWERMechanical: Drills Thermal: Torches Explosion: Dynamite What is the purpose of Perimeter Protection? - ANSWERTo prevent access to the premises when the business is closed Define Partial Protection and provide two weaknesses to Partial Protection? - ANSWERWhen only openings to the building are protected, such as windows and doors. Forced entry through walls or ceilings w...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...