Caib exam stuvia - Study guides, Class notes & Summaries

3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) - CORRECT ANSWER-1) payment is made after replacement work is completed 2) replacment work must be done in due diligence and dispatch 3) replacement must be at same site or adjacent site 6 insured duties during a crime loss ( n n 120 s oath securities ) - CORRECT ANSWER-1) notify authority 2) notify insurer 3) prepare proof of crime loss within 120 days of ...

Explain what an submission is and identify three types of information - ANSWER-A proposal for insurance which is presented to an underwriter for consideration. It can include an application, additional verbal info, additional written info. Identify three purposes served by survey forms - ANSWER-Assists to indenting loss exposures, helps eliminate the purchases of coverages the business doesn't need, assists in the development of underwriting information needed by insurers. State three adv...

Identify three leading causes of fires in Canada - CORRECT ANSWER-1. Arson or suspected arson 2. Failure or malfunction of mechanical or electrical equipment 3. Misuse of source of ignition Identify what information is requied by law to apper on all insurance polcies - CORRECT ANSWER-1. Name of parties to the contract 2. Policy period 3. Loss payable of payee 4. Summary of insurance coverages and amounts for which insurer may be liability 5. Rate and premium charged 6. Subject mat...

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 endorsement - CORRECT ANSWER-Endorsements change terms of existing policies Define rider - CORRECT ANSWER-Riders add additional coverages to the 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 - CORRECT ANSWER--nc -nc -nc -nc -nc What values are insured on a glass rider? - CORRECT ANSWE...

Scheduled Coverage - CORRECT ANSWER-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - CORRECT ANSWER-refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - CORRECT ANSWER-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, provided...

replacement value - CORRECT ANSWER-Cost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage - CORRECT ANSWER-Coverage for property specifically identified or scheduled on the insurance policy All Property - CORRECT ANSWER-All property owned by Insured is covered by a single limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment) Tenant's Improvements - CORRECT ANSWER-Building improvements, alterations...

Define "Endorsement" - CORRECT ANSWER-endorsements change the terms of existing policies Define "Rider" - CORRECT ANSWER-Riders add coverages to those already on the policy What values are insured on a Glass Rider - CORRECT ANSWER-1) Glass 2) Artwork on glass 3) Tape & Foil on glass When would tenants require Glass Riders? - CORRECT ANSWER-tenants may require glass riders when they have assumed responsibility for damage to glass in a lease What type of information is required by ...

Define Loading - ANSWER-Additional rate charged over and above the fire rate. Define common carrier - ANSWER-Includes airline, railroads, trucking companies, and others that furnish transportation to any member of the public seeking their services. Define "Bailee for Hire" - ANSWER-One 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. - ANSWER-Time permitted by 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...