Caib 2 stuvia - Study guides, Class notes & Summaries

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. ...

warranty -ANSWER- A promise that certain facts are as they are represented to be and that they will remain so hazard -ANSWER- A condition which may cause a peril to occur Latent defect -ANSWER- A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement -ANSWER- Changes the terms or conditions of the insured's policy Messenger -ANSWER- The insured or a partner of the insured or any employee who is duly authorized by the insured to have...

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...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - ANSWERThe three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - ANSWERThe policy-period start that's applicable to most commercial property policies. The insurer is liable to that party, meaning that it may have to pay the claim twice. - ANSWERThis happens when an addition...

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent an...

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWERfor repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWERsmall engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWERthere is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent an...

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...

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...

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 Tenant Improvement - ANSWERBuilding improvement, alteration and better...

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...