Caib 2 Study guides, Class notes & Summaries

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, alteration and betterment made at the expense of or pur...

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, provided the insured is not actual owner of such building ...

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 which are considered catastrophic, Earthquake, snow slides,...

Caib 2 Question and answers already passed 2024warranty - correct answer A promise that certain facts are as they are represented to be and that they will remain so hazard - correct answer A condition which may cause a peril to occur Latent defect - correct answer A hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement - correct answer Changes the terms or conditions of the insured's policy Messenger - correct answer ...

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 - ANSWERB. 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 certain pa...

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 - ANSWERB. 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 certain pa...

CAIB 2 Practice Exam Questions and Answers 100% Correct 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 w...

CAIB 2 Immersion Questions with complete solution 2024 Identify three methods that can be used to gain access to a Protected Enclosure? Provide an example for each. - correct answer Mechanical: Drills Thermal: Torches Explosion: Dynamite What is the purpose of Perimeter Protection? - correct answer To prevent access to the premises when the business is closed Define Partial Protection and provide two weaknesses to Partial Protection? - correct answer When only openings to the build...

CAIB 2 Full Study Guide Question and answers rated A+ 2024 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 buildi...

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