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 cove...
CAIB 2 - Key Terms Questions
With Correct Answers
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
expense of Insured by a tenant
Actual Cash Value - ANSWERRepair or replace lost or damaged property less the depreciation
Reinsurance - ANSWERPassing off or "ceding" part of the risk assumed to one or more reinsurers
Subscription Policy - ANSWERA type of policy where a group of insurers agree to share in providing
coverage.
Warranty - ANSWERA promise that certain facts are true and will remain so
Material Fact - ANSWERA fact which communicated to the Insurer, would cause reason to either
decline insurance or charge a higher premium
Fraudulent - ANSWERTo act willfully and with specific intent to deceive or cheat for the purpose of
causing financial loss to another or financial gain to ones self
, Non Combustible - ANSWERA building where all structural members (floor, roof and supports) are
constructed of steel, iron, concrete or other non combustible material.
Common Hazards - ANSWERConditions common to all buildings which influence the potential for
loss. Heating, electrical services, detachment, protection and occupancy.
Condition - ANSWERSomething imposed upon an Insured under the policy that requires them to do
or not do something. Can be statutory, policy, other or additional.
Subrogation - ANSWERThe right of the Insurer to "step into the shoes" or assume the rights of the
party who has been compensated. Can sue who the original party could have sued.
Detachment - ANSWERThe proximity of the building insured to other commercially rated buildings.
Adverse Selection - ANSWERWhen the applicant for insurance are largely those most likely to suffer a
loss.
Physical Hazard - ANSWERConditions relating to the use of tangible property which could cause a
peril to occur
Moral Hazard - ANSWERSubjective characteristics of the applicant that could cause a peril to occur.
Clients ability to be good or bad.
Morale Hazard - ANSWERThe attitude of the client that could contribute to a loss through either
indifference or poor management.
Accommodation Business - ANSWERA risk that is accepted although coverage may be sub standard
or marginal but done as a favour to the broker.
Supporting Business - ANSWERExistence of other insurance policies the applicant has with the same
company
Vacant - ANSWERWhen the normal occupant is absent and contents have been removed
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