8/20/26, 11:40 AM CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSI…
CAIB 2 EXAM ACTUAL EXAM 2026 | ALL
QUESTIONS AND CORRECT ANSWERS |
VERIFIED ANSWERS | UPDATED VERSION |
BRAND NEW VERSION!
Terms in this set (371)
The three amounts to be considered 1) the value of the lost or damaged property (ACV)
when calculating the amount of
payment as outlined in the Indemnity 2) the interest of the insured in the property (ex.
Agreement are: 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 Residential (ex. home)
buildings may fall into: Non-mercantile (ex. hospitals, nursing homes)
Mercantile (ex. drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Three classes of property building, stock, equipment
commercially insured are:
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 1/22
,8/20/26, 11:40 AM CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSI…
Identify the two bases that coverage Scheduled
can be provided on: All property
Property of every description
Identify and give an example of each 1) Growing plants, trees, shrubs INSIDE the building
of the five types of property used for decorative purposes only when insured is
contained in the definition of the owner of the building (ex. cactus)
Building found in the IBC
Commercial Property Broad Form 2) Materials and equipment supplies ON the
premises for maintenance (ex. lumbar, glass)
3) Additions and extensions IN CONTACT with the
building (enclosed walk-way between buildings)
4) Permanent fittings and fixtures ATTACHED and
FORMING part of the building. (ex. light fixtures,
carpeting)
5) Fixed structures PERTAINING to building and
located on the premises (ex. fence)
[GMAPF]
Identify the three conditions - such property was INSIDE the building
pertaining to the coverage for - was being used for decorative purposes
growing plants, trees, etc. - insured was the owner of the building
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 2/22
, 8/20/26, 11:40 AM CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSI…
Identify and give an example of the 1) packing, wrapping and advertising materials (ex.
three types of property contained in bubble plastic, Styrofoam)
the definition of Stock found in the
IBC Commercial Property Broad 2) merchandise of every description USUAL to
Form: insureds business (ex. goods for sale for business)
3) similar property belonging to others which the
insured is under obligation to keep insured or for
which he is legally liable for (appliance if appliance
store.
[PMS]
Identify the three conditions that 1) must be similar to that insured by the policy
need to be present before 'similar 2) the insured must have had an obligation to keep
property belonging to others' will be the property insured
insured under the definition of Stock: 3) the insured must be legally liable for it.
Identify and give an example of each 1) generally all contents USUAL to insureds
of the three types of property business, other than building or stock (ex. furniture)
contained in the definition of 2) similar property belonging to others which the
Equipment found in the IBC insured is under obligation to keep insured or for
Commercial Property Broad Form: which he is legally liable for (ex. shaw cable box)
3) tenants improvements (ex. space rented out or
leased, malls)
[GST]
Identify the three ways in which Actual Cash Value (ACV)
property may be valued: Replacement Value
Book Value
Which way is NOT an appropriate Book Value
means of valuing property for
insurance purposes?
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 3/22
CAIB 2 EXAM ACTUAL EXAM 2026 | ALL
QUESTIONS AND CORRECT ANSWERS |
VERIFIED ANSWERS | UPDATED VERSION |
BRAND NEW VERSION!
Terms in this set (371)
The three amounts to be considered 1) the value of the lost or damaged property (ACV)
when calculating the amount of
payment as outlined in the Indemnity 2) the interest of the insured in the property (ex.
Agreement are: 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 Residential (ex. home)
buildings may fall into: Non-mercantile (ex. hospitals, nursing homes)
Mercantile (ex. drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Three classes of property building, stock, equipment
commercially insured are:
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 1/22
,8/20/26, 11:40 AM CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSI…
Identify the two bases that coverage Scheduled
can be provided on: All property
Property of every description
Identify and give an example of each 1) Growing plants, trees, shrubs INSIDE the building
of the five types of property used for decorative purposes only when insured is
contained in the definition of the owner of the building (ex. cactus)
Building found in the IBC
Commercial Property Broad Form 2) Materials and equipment supplies ON the
premises for maintenance (ex. lumbar, glass)
3) Additions and extensions IN CONTACT with the
building (enclosed walk-way between buildings)
4) Permanent fittings and fixtures ATTACHED and
FORMING part of the building. (ex. light fixtures,
carpeting)
5) Fixed structures PERTAINING to building and
located on the premises (ex. fence)
[GMAPF]
Identify the three conditions - such property was INSIDE the building
pertaining to the coverage for - was being used for decorative purposes
growing plants, trees, etc. - insured was the owner of the building
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 2/22
, 8/20/26, 11:40 AM CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSI…
Identify and give an example of the 1) packing, wrapping and advertising materials (ex.
three types of property contained in bubble plastic, Styrofoam)
the definition of Stock found in the
IBC Commercial Property Broad 2) merchandise of every description USUAL to
Form: insureds business (ex. goods for sale for business)
3) similar property belonging to others which the
insured is under obligation to keep insured or for
which he is legally liable for (appliance if appliance
store.
[PMS]
Identify the three conditions that 1) must be similar to that insured by the policy
need to be present before 'similar 2) the insured must have had an obligation to keep
property belonging to others' will be the property insured
insured under the definition of Stock: 3) the insured must be legally liable for it.
Identify and give an example of each 1) generally all contents USUAL to insureds
of the three types of property business, other than building or stock (ex. furniture)
contained in the definition of 2) similar property belonging to others which the
Equipment found in the IBC insured is under obligation to keep insured or for
Commercial Property Broad Form: which he is legally liable for (ex. shaw cable box)
3) tenants improvements (ex. space rented out or
leased, malls)
[GST]
Identify the three ways in which Actual Cash Value (ACV)
property may be valued: Replacement Value
Book Value
Which way is NOT an appropriate Book Value
means of valuing property for
insurance purposes?
https://quizlet.com/1200613763/caib-2-exam-actual-exam-2026-all-questions-and-correct-answers-verified-answers-updated-version-brand-new-versi… 3/22
