Caib 2 - Study guides, Class notes & Summaries

CAIB 2 EXAM QUESTIONS AND ANSWERS

CAIB 2 - Chapter 6 Exam Review Qs&As identify three types of crime losses to real property - ANS-vandalism malicious acts burglary and arson identify three reasons why some types of personal property become 'target items' - ANS- 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 - ANS- -forced entry into building and protected enclosures -unforced entr...

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CAIB 2 Practice Exam Questions with Verified Answers Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses ...

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CAIB 2 CHAPTER 4 QUESTIONS AND ANSWERS RATED A+ Breifly explain the fuctions or endorsements, riders, and separate policies 1. Endorsements; changes the terms or conditions of the insureds policy 2. Riders; adds additional coverage to those already in place 3. Separate policies; equipment breakdown insurance, computer crime, other specialized coverages often purchased separately but can be added to existing policy Identify the endorsement, rider or policy to respond to the following...

CAIB 2 Questions and Answers Already Passed Scheduled Coverage Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description Refers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) A policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance Tenant Improvement Building improvement, ...

CAIB 2 Latest Version with Certified Answers Scheduled Coverage refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement building 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, prov...

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. ...