Caib 2 chapter 1 exam - Study guides, Class notes & Summaries

CAIB 2 CHAPTER 1 Exam Questions and Correct Answers Only the property specifically listed or scheduled on the policy is insured. - Answer-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - Answer-Property of Every Description (POED) coverage. All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) - Answer-All Property (Blanket) coverage. 1) Building ...

Identify the company which assumes the greatest portion of an account - correct answer Lead Company What is re-insurance - correct answer an insurance company 'ceding' part of the risk to a re-insurer What are three considerations used when determining amounts of indemnity? - correct answer i) Actual Cash Value of the property as it existed immediately prior to the loss ii) The interest of the insured in the property iii) The amount of insurance as shown on the policy i) Actua...

Actual Cash Value - CORRECT ANSWER-replacement cost - depreciation Reinsurance - CORRECT ANSWER-An insurer cedes part of the risk to their reinsurers. Subscription Policy - CORRECT ANSWER-A group of insurers come together & agree to insure a risk Condition - CORRECT ANSWER-A requirement to do or not to do something Warranty - CORRECT ANSWER-A promise that certain material facts are true & shall remain true Material Fact - CORRECT ANSWER-A fact which if communicated to the insurer,...

CAIB 2 Chapter 1 Practice Exam 1 (Qs & As) 2024

CAIB 2 - Chapter 1 Questions And Answers Exam Review The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANS-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: - ...

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A What are three advantages using a fact find or survey? i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? i) Assists brokers when identifying potential losses ii) Assists brokers to make sure cove...