Caib 2 test - Study guides, Class notes & Summaries

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...

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 Tenant Improvement - ANSWERBuilding improvement, alteration and better...

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

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 Tenant Improvement - ANSWERBuilding improvement, alteration and better...

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 - B. Equipment

Caib 2 Test

An application and a submission are not the same thing. Identify three items that a submission may include: -an application -additional verbal information -additional written information, including previous policy premium, loss history and details of loses, financial statements, photographs Identify five steps of the broker's role in the underwriting process: -completion of survey -search for interested insurer -meet with client, discuss quotes and select insurer -request binding coverage ...

CAIB 2 Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Scheduled Coverage - ANSWER-Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWER-Refers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - ANSWER-A policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance Tenant Improvement - ANSWER-Building improvement, alteration and be...