CAIB 2 Latest Version with Certified Answers

CAIB 2 Latest Version with Certified Answers Scheduled Coverage refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not actual owner of such building Actual Cash Value the replacement or repair cost less depreciation Replacement Value represents the costs to repair, replace or rebuild the lost or damaged property without deduction for depreciation Reinsurance involves an insurer to cede part of the risk it has assumed to one or more other insurer Subscription an insurance policy under which a group of insurers has agreed to participate in providing policy insurance coverages Condition is something that imposed by the insurer that requires the insured to do or not to do something Subrogation refers to the right of the insurer to "step into the shoes" of the party whom it has compensated and sue any party whom the compensated party could have sued Warranty is a promise that the certain facts are as they are represented to be and that they will remain so. Material Fact a fact which if communicated to the Insurer would effect it ether to decline the insurance all together, or not accept it unless higher premium is paid Fraudulent to act wilfully and with specific intent to deceive or cheat Void contract is the one which has no "legal or binding force" and as such , "is incapable of being enforced by law" Fire Resistive building which has met minimum standards in terms of hours it will withstand a specific, carefully controlled fire Non-combustible all structural members including floors, roofs and their supports are constructed of steel, iron, concrete or other non-combustible materials Common Hazards conditions common to all building which influence their potential for loss Detachment refers to the proximity of the building insured or containing the property insured to other commercially rated buildings