CAIB 2 – questions with correct answers

- Answer The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - Answer 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. 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 buildings may fall into: - Answer Residential (ex. home) Non-mercantile (ex. hospitals, nursing homes) Mercantile (ex. drycleaners, bakeries) Manufacturing/Industrial (ex. autobody shops) Three classes of property commercially insured are: - Answer building, stock, equipment Identify the two bases that coverage can be provided on: - Answer Scheduled All property Property of every description