Caib 2 stuvia - Study guides, Class notes & Summaries

Scheduled Coverage - ANSWERrefers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - ANSWERrefers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - ANSWERbuilding 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, provided the insured is not actual ...

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...

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? ...

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

- ANSWER 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|) 5) Fixed structures PERTAINING to building and located on the premises (ex. fence) [GMAPF] ...

What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - CORRECT 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? - CORRECT 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 o...

1. An application 2. Additional verbal information 3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - ANSWERAn application and a submission are not the same thing. Identify three items that a submission may include 1. Completion of survey 2. Search for interested insurers 3. Meet with prospect, discuss quotes and select insurer 4. Request binding coverage from elected insurer 5. Review policy and deliver...

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 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...

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...