CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: to electronic data involves only electronic data which is integrated in and
operates or controls a
Answer:
building's elevator, lighting, heating, ventilation, air conditioning, or security system
Q: Ordinance Or Law - Increased Period Of Restoration endorsement
Answer:
Extends period of
restoration to account for the impact of compliance with ordinances or laws
Q: Earthquake and Volcanic Eruption Coverage With Percentage Deductible
endorsement
Answer:
included in a time element coverage
,CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: Flood Coverage endorsement
Answer:
Allows the Named Insured to add flood as a Covered Cause of
Loss to business income and extra expense
NFIP policies do not include business income and extra expense without this
endorsement
Q: Utility Services - Time Element endorsement
Answer:
extends coverage to apply to a "suspension" of
"operations" due to the interruption of utility services caused by direct physical loss
or damage
with its own limit of insurance. Named Insured can choose which of the utility
services they
would like to cover, and they may select differing waiting periods to reduce,
eliminate, or even
increase the waiting period
,CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: four Loss Conditions that apply to the amount of loss payment
Answer:
1. Appraisal
2. Duties in the Event of a Loss
3. Loss Determination
4. Loss Payment
Q: Appraisal Loss Condition for BI/EE Loss Payment
Answer:
appraisal can be requested under this
coverage form by either the Named Insured or the insurer. An umpire will make a
final decision.
, CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: Duties in the Event of a Loss for BI/EE Loss Payment
Answer:
Many of the provisions of this Loss
Condition are identical to the Duties In The Event Of Loss for direct damage.
However, it is
essential to pay special attention to paragraph 8, which states that if the Named
Insured
intends to continue their business, they must resume some or all of their "operations"
as
quickly as possible.
with Verified Solutions | Latest 2026 Update
Q: to electronic data involves only electronic data which is integrated in and
operates or controls a
Answer:
building's elevator, lighting, heating, ventilation, air conditioning, or security system
Q: Ordinance Or Law - Increased Period Of Restoration endorsement
Answer:
Extends period of
restoration to account for the impact of compliance with ordinances or laws
Q: Earthquake and Volcanic Eruption Coverage With Percentage Deductible
endorsement
Answer:
included in a time element coverage
,CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: Flood Coverage endorsement
Answer:
Allows the Named Insured to add flood as a Covered Cause of
Loss to business income and extra expense
NFIP policies do not include business income and extra expense without this
endorsement
Q: Utility Services - Time Element endorsement
Answer:
extends coverage to apply to a "suspension" of
"operations" due to the interruption of utility services caused by direct physical loss
or damage
with its own limit of insurance. Named Insured can choose which of the utility
services they
would like to cover, and they may select differing waiting periods to reduce,
eliminate, or even
increase the waiting period
,CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: four Loss Conditions that apply to the amount of loss payment
Answer:
1. Appraisal
2. Duties in the Event of a Loss
3. Loss Determination
4. Loss Payment
Q: Appraisal Loss Condition for BI/EE Loss Payment
Answer:
appraisal can be requested under this
coverage form by either the Named Insured or the insurer. An umpire will make a
final decision.
, CIC Commercial Property Learning Objectives Questions and Answers
with Verified Solutions | Latest 2026 Update
Q: Duties in the Event of a Loss for BI/EE Loss Payment
Answer:
Many of the provisions of this Loss
Condition are identical to the Duties In The Event Of Loss for direct damage.
However, it is
essential to pay special attention to paragraph 8, which states that if the Named
Insured
intends to continue their business, they must resume some or all of their "operations"
as
quickly as possible.
