Caib exam stuvia - Study guides, Class notes & Summaries

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 3 classes of property insured by commercial property insurance policies - CORRECT ANSWER-Building, Equipment, Stock Identify 2 ways used to insure commercial property and a brief explanation of each - CORRECT ANSWER-Scheduled coverage: only that property specifically identified or scheduled on the policy is insured All Property (formerly POED) a single limit of insurance is provided for building, stock, and equipment. Scheduled Coverage - CORRECT ANSWER-refers to the policy on wh...

identify three types of crime losses to real property - CORRECT ANSWER-vandalism malicious acts burglary and arson identify three reasons why some types of personal property become 'target items' - CORRECT ANSWER-convertibility (the ease with which property can be converted to cash) value portability identify eight methods used by criminals which can result in loss to real and personal property - CORRECT ANSWER--forced entry into building and protected enclosures -unforced...

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...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - CORRECT 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: - CORRECT ANSWER-Residential (ex. home) No...

What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - ANSWER-1) When at customers premises on a pre-sale trial basis 2) When at warehouse awaiting pickup by client What are 3 coverages found in EDP Policies? - ANSWER-1) Loss to data processing systems and components (hardware) 2) Loss to data processing media and programs (software) 3) Extra Expenses What are 2 key coverage advantages provided by section I of EDP Policies? ...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - CORRECT ANSWER-Lead company What is "reinsurance" (Ch. 1) - CORRECT ANSWER-Reinsurance 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) - CORRECT ANSWER-1. 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 sh...

ANSWER- 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-merc...

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...

1) Convertibility; 2) Value; 3) Portability. -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. -ANSWER- Methods criminals use that can result in los...