Commercial propert - Study guides, Class notes & Summaries

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...

A ____ is a cause of loss CORRECT ANSWER-peril A situation, behavior, or condition that may lead to adverse financial consequences CORRECT ANSWER-exposure A cyberattack is an example of a ____ CORRECT ANSWER-peril An Insured who shows no regard for his insured property demonstrates a CORRECT ANSWER-morale hazard A spill on a supermarket aisle is an example of a ____ because it increases the likelihood that someone will fall CORRECT ANSWER-hazard A passenger enters an elevator. His...

Commercial Property CISR- Q&A complete solution

CIC COMMERCIAL PROPERTY 2024 MOST RECENT UPDATE COMPLETE GUIDE [MOST TESTED QUESTIONS] COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADE A+

Commercial Property CISR- Q&A complete solution

CIC CLASS - COMMERCIAL PROPERTY EXAM QUESTIONS AND ANSWERS 5 Things that are Building - Answer--Completed additions -Fixtures, including outdoor fixtures -permanently installed machinery & equipment -Personal property used to service the building/premises -If NOT COVERED BY OTHER INSURANCE 7 Things that Are Business Personal Property - Answer-1. Furniture & Fixtures 2. Machinery & Equipment 3. Stock 4. All Other personal property owned & used in business 5. Labor, materials, servi...

How many causes of Loss are on Basic Form (10 10) CORRECT ANSWER-11 How many causes of Loss are on the Broad Form (10 20) CORRECT ANSWER-14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) CORRECT ANSWER-Theft When loss occurs on a basic or broad policy, the burden of proof is on who? CORRECT ANSWER-the insured Special Form covers what CORRECT ANSWER-all direct physical loss that is not excluded in the policy Name the 8 Sequential Cau...

How many causes of Loss are on Basic Form (10 10) - Answer- 11 How many causes of Loss are on the Broad Form (10 20) - Answer- 14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) - Answer- Theft When loss occurs on a basic or broad policy, the burden of proof is on who? - Answer- the insured Special Form covers what - Answer- all direct physical loss that is not excluded in the policy Name the 8 Sequential Causation Exclusions - Answe...

CPCU 551- Addressing Commercial Property Risk Questions and Answers 2023