CAIB 2 - CHAPTER 1 Verified Exam Questions and
Answers 2026/2027
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (53)
Only the property specifically listed or Scheduled coverage.
scheduled on the policy is insured.
Building, Stock and Equipment are Property of Every Description (POED) coverage.
insured under a single limit of
insurance.
All property owned by the insured is All Property (Blanket) coverage.
covered or "blanketed" by a single limit
of insurance. (May insure property at
more than one location.)
, 1) Building The three classes of property insured by commercial
2) Equipment property insurance policies.
3) Stock.
It sets the stock coverage to items that Regarding stock coverage, why it's important to
are USUAL to the insured's business. provide a proper description of the business to the
insurer.
- The lost or damaged property is "Similar property belonging to others" is automatically
similar to that insured by the policy; covered under the amounts of insurance for stock and
- The insured was under an obligation equipment if...
to insure that property;
- The insured was legally liable for it.
1) Fixed structures located on the The five components found in the definition of
premises; "building" in commercial property policies.
2) Additions and extensions
communicating and in contact with the
building;
3) Permanent fitting and fixtures
attached to and forming part of the
building;
4) Materials, equipment and supplies
on the premises for maintenance of,
and normal repairs and minor
alterations to the building, or for
building services;
5) Growing plants, trees, shrubs or
flowers inside the building used for
decorative purposes, when the insured
owns the building.
Answers 2026/2027
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (53)
Only the property specifically listed or Scheduled coverage.
scheduled on the policy is insured.
Building, Stock and Equipment are Property of Every Description (POED) coverage.
insured under a single limit of
insurance.
All property owned by the insured is All Property (Blanket) coverage.
covered or "blanketed" by a single limit
of insurance. (May insure property at
more than one location.)
, 1) Building The three classes of property insured by commercial
2) Equipment property insurance policies.
3) Stock.
It sets the stock coverage to items that Regarding stock coverage, why it's important to
are USUAL to the insured's business. provide a proper description of the business to the
insurer.
- The lost or damaged property is "Similar property belonging to others" is automatically
similar to that insured by the policy; covered under the amounts of insurance for stock and
- The insured was under an obligation equipment if...
to insure that property;
- The insured was legally liable for it.
1) Fixed structures located on the The five components found in the definition of
premises; "building" in commercial property policies.
2) Additions and extensions
communicating and in contact with the
building;
3) Permanent fitting and fixtures
attached to and forming part of the
building;
4) Materials, equipment and supplies
on the premises for maintenance of,
and normal repairs and minor
alterations to the building, or for
building services;
5) Growing plants, trees, shrubs or
flowers inside the building used for
decorative purposes, when the insured
owns the building.
