Caib 2 stuvia 2024 Study guides, Class notes & Summaries

Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - ANSWERA policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance

Briefly explain the functions of Endorsements - ANSWERChanges the terms or conditions of the Insured's policy Briefly explain the functions of Riders - ANSWERAdds additional coverages to those already in place Briefly explain the functions of Separate Policies - ANSWEREquipment Breakdown Insurance (formerly known as Boiler and Machinery Insurance), computer, crime and other specialized coverages are often purchased separately, but can also be added to an existing policy Identify the en...

the company which assumes the greatest portion of an account - ANSWERLead Company What is re-insurance - ANSWERan insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - ANSWERi) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the policy i) Actual Cash Value of the property as it existed...

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...

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 contributing property - ANSWERManufacturer or supplier upon whom the insured depends for materials or goods. All of the following characteristics except one, are common to Boiler and Machinery policies. Pick the exception. A) insur...

A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - ANSWER"Submission." 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. - ANSWERThree purposes of survey forms. 1) Ale...

Provide four sources of Business Interruption losses and an example of each. - ANSWERi) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several weeks. This results in sales at the business to plummet iii) Transportation related accidents example: Railcar containing hazardous gas overturns causing evacuation of town. As a result, of this ra...

Define Endorsement. - ANSWEREndorsements change terms of existing policies Define Rider. - ANSWERRiders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - ANSWERa) NC mechanical breakdown b) NC damage caused by power surge c) NC damage caused when dropped during in...

Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - ANSWERAll property owned by the insured is insured under a single limit of insurance. All property blanket may i...