CAIB 2 Full Study Guide Exam | Most Recent Exam 2026 Actual
Comprehensive Real Exam Questions & Correct Answers |
Verified Answers | Already Graded A+ | Assured Success |
Newest Exam | Just Released!!
Identify three additional coverages som insurers are willing to
provide - ANSWER-1. Costs of making temporary repairs, such
as incurred in boarding up damaged openings
2. Costs of removing obstructions, metal grills, to facilitate
repair
3. Cost of making repairs to damaged window, showcase, or
other frames
Identify the four coverage components of the accounts
receivable form - ANSWER-1. Amounts which cannot be
collected as direct result from loss or accounts receivable
records from insured peril.
2. Interest charges on any loan o offset impaired
uncollectible by such loss or damage. Interest loans taken by
insured to offset amounts owed to business not yet collected
3. Collection expense is excess of normal collection cost
and necessary because of loss
4. Other expenses in re-establishing records of accounts
receivable following such loss or damage
Identify three areas addressed by the form - ANSWER-1.
Location and protection of accounts receivable records
2. Coverage available on reporting or non-reporting basis.
Allows full coverage for maximum exposure
,3. Limiting exposure to loss-duplicates as backup
Identify where accounts receivable records must be stored
when not in use -
ANSWER-Must be maintained in the receptacles
described on the form
Besides the quality of the storage receptacle, identify one other
factor which will
effect rate charged - ANSWER-The availability of
duplicate records
Why would accounts receivable coverage be required when
there are duplicate
copies kept off premises - ANSWER-Cannot fully eliminate
accounts receivable
exposure, loss or fire could occur late afternoon or busy day
prior to backing up
transactions
Do valuable peppers and records insurance cover loss to
money and securities
- ANSWER-
No
Identify any three types of property covered by the form -
ANSWER-1. Deeds,
mortgages
2. Manuscripts
,3. Books, maps
4. Films
Identify two factors that will affect the amount of rate credit
provided to the client
- ANSWER-1. Quality of receptacle in which valuable papers
and records are
kept
2. Availability of
duplicates
Identify two other locations, other than those listed on the form
to where coverage is extended - ANSWER-1. Being conveyed
outside toe premises
(legal docs between law offices)
2. While temporarily at other locations
Identify the limit available for the two locations (outside the
premises or temporarily at another location) - ANSWER-10% of
amount of insurance purchased or $5,000, whichever is les
Identify the common exclusions to this form and the accounts
receivable form -
ANSWER-Loss due to electrical or magnetic injury or
disturbance or erasure of
electrical recordings, except by lightning (under electronic
data processing
policy)
, Identify where insured property must be stored when not in
use - ANSWER-In
the receptacles described on the form (safes, vaults,
filing cabinets)
Identify the three areas of coverage under the electronic data
processing policy (EDP) - ANSWER-1. Loss to data processing
systems, including equipment and component parts
2. Active data processing media, including programs
3. Extra expense
Identify three examples of hardware - ANSWER-1.
Printers, modems
2.
Computers
3. Automatic teller
machines
4.
Photocopiers
Identify one key advantage of insuring on a blanket basis -
ANSWER-Includes rented, leased or in control of insured -
provides protection for substitute systems. Does not limit
coverage to only those hardware items scheduled on file
Identify three examples of water losses covered by the policy
- ANSWER-1.
Seepage
Comprehensive Real Exam Questions & Correct Answers |
Verified Answers | Already Graded A+ | Assured Success |
Newest Exam | Just Released!!
Identify three additional coverages som insurers are willing to
provide - ANSWER-1. Costs of making temporary repairs, such
as incurred in boarding up damaged openings
2. Costs of removing obstructions, metal grills, to facilitate
repair
3. Cost of making repairs to damaged window, showcase, or
other frames
Identify the four coverage components of the accounts
receivable form - ANSWER-1. Amounts which cannot be
collected as direct result from loss or accounts receivable
records from insured peril.
2. Interest charges on any loan o offset impaired
uncollectible by such loss or damage. Interest loans taken by
insured to offset amounts owed to business not yet collected
3. Collection expense is excess of normal collection cost
and necessary because of loss
4. Other expenses in re-establishing records of accounts
receivable following such loss or damage
Identify three areas addressed by the form - ANSWER-1.
Location and protection of accounts receivable records
2. Coverage available on reporting or non-reporting basis.
Allows full coverage for maximum exposure
,3. Limiting exposure to loss-duplicates as backup
Identify where accounts receivable records must be stored
when not in use -
ANSWER-Must be maintained in the receptacles
described on the form
Besides the quality of the storage receptacle, identify one other
factor which will
effect rate charged - ANSWER-The availability of
duplicate records
Why would accounts receivable coverage be required when
there are duplicate
copies kept off premises - ANSWER-Cannot fully eliminate
accounts receivable
exposure, loss or fire could occur late afternoon or busy day
prior to backing up
transactions
Do valuable peppers and records insurance cover loss to
money and securities
- ANSWER-
No
Identify any three types of property covered by the form -
ANSWER-1. Deeds,
mortgages
2. Manuscripts
,3. Books, maps
4. Films
Identify two factors that will affect the amount of rate credit
provided to the client
- ANSWER-1. Quality of receptacle in which valuable papers
and records are
kept
2. Availability of
duplicates
Identify two other locations, other than those listed on the form
to where coverage is extended - ANSWER-1. Being conveyed
outside toe premises
(legal docs between law offices)
2. While temporarily at other locations
Identify the limit available for the two locations (outside the
premises or temporarily at another location) - ANSWER-10% of
amount of insurance purchased or $5,000, whichever is les
Identify the common exclusions to this form and the accounts
receivable form -
ANSWER-Loss due to electrical or magnetic injury or
disturbance or erasure of
electrical recordings, except by lightning (under electronic
data processing
policy)
, Identify where insured property must be stored when not in
use - ANSWER-In
the receptacles described on the form (safes, vaults,
filing cabinets)
Identify the three areas of coverage under the electronic data
processing policy (EDP) - ANSWER-1. Loss to data processing
systems, including equipment and component parts
2. Active data processing media, including programs
3. Extra expense
Identify three examples of hardware - ANSWER-1.
Printers, modems
2.
Computers
3. Automatic teller
machines
4.
Photocopiers
Identify one key advantage of insuring on a blanket basis -
ANSWER-Includes rented, leased or in control of insured -
provides protection for substitute systems. Does not limit
coverage to only those hardware items scheduled on file
Identify three examples of water losses covered by the policy
- ANSWER-1.
Seepage
