K
C
LO
YC
D
CAIB 2 EXAM QUESTIONS
U
WITH CORRECT ANSWERS
ST
ALL VERIFIED BY AN EXPERT
A+ GRADED (LATEST UPDATE)
, Explain what a submission is and identify three types of information - ANS A proposal for
insurance which is presented to an underwriter for consideration. It can include an application,
additional verbal info, additional written info.
Identify three purposes served by survey forms - ANS Assists to indenting loss exposures,
helps eliminate the purchases of coverages the business doesn't need, assists in the
development of underwriting information needed by insurers.
State three advantages of using a property checklist with your client - ANS Alerts brokers to
possible loss exposures, ensures that needed coverages are not forgotten/ignored, helps
K
reduce the potential for an errors or omissions claims
When determining eligibility for coverage, the insurer will request certain information. There are
C
5 types of building construction used in buildings having commercial occupancy. Which is the
likely to produce the highest rate? Which is likely to produce the lowest rate? - ANS
Frame-highest rate
LO
Fire resistive-lowest rate
When the building to be insured exceeds a certain age, the insurer will request information
concerning recent renovations or upgrading
A) approximately how old does a building have to be for the insurer to request this additional
YC
information?
B) identify 5 kinds of upgrades to the building likely to be of most interest to insurers? - ANS
A) 25 years old
B) roof, wiring, plumbing, cover current protection, heating
Identify 5 hazards common to the majority of commercial risks. - ANS Heating, electrical
D
services, detachment, protection, occupancy
Why is the distance or detachment from other commercial risks an important rating
U
consideration for insurers? - ANS Detachment is important to note because the proximity to
other commercial buildings can increase the risk (ex bakery)
ST
Identify the 2 kinds of protection which insurers consider when establishing the rate or premium
charged. - ANS Private protection- what the insured has done internally to prevent or reduce
loss
Public protection- refers to the external protection provided to insured property (ex availability of
fire fighting services)
Fire resistive - ANS Building which has met minimum standards in terms of hours it will
withstand a specific, carefully controlled test fire.
Non-combustible - ANS All structural members including floors, roofs, and their supports are
constructed of steel, iron, concrete or other non-combustible constructible materials. Exterior
C
LO
YC
D
CAIB 2 EXAM QUESTIONS
U
WITH CORRECT ANSWERS
ST
ALL VERIFIED BY AN EXPERT
A+ GRADED (LATEST UPDATE)
, Explain what a submission is and identify three types of information - ANS A proposal for
insurance which is presented to an underwriter for consideration. It can include an application,
additional verbal info, additional written info.
Identify three purposes served by survey forms - ANS Assists to indenting loss exposures,
helps eliminate the purchases of coverages the business doesn't need, assists in the
development of underwriting information needed by insurers.
State three advantages of using a property checklist with your client - ANS Alerts brokers to
possible loss exposures, ensures that needed coverages are not forgotten/ignored, helps
K
reduce the potential for an errors or omissions claims
When determining eligibility for coverage, the insurer will request certain information. There are
C
5 types of building construction used in buildings having commercial occupancy. Which is the
likely to produce the highest rate? Which is likely to produce the lowest rate? - ANS
Frame-highest rate
LO
Fire resistive-lowest rate
When the building to be insured exceeds a certain age, the insurer will request information
concerning recent renovations or upgrading
A) approximately how old does a building have to be for the insurer to request this additional
YC
information?
B) identify 5 kinds of upgrades to the building likely to be of most interest to insurers? - ANS
A) 25 years old
B) roof, wiring, plumbing, cover current protection, heating
Identify 5 hazards common to the majority of commercial risks. - ANS Heating, electrical
D
services, detachment, protection, occupancy
Why is the distance or detachment from other commercial risks an important rating
U
consideration for insurers? - ANS Detachment is important to note because the proximity to
other commercial buildings can increase the risk (ex bakery)
ST
Identify the 2 kinds of protection which insurers consider when establishing the rate or premium
charged. - ANS Private protection- what the insured has done internally to prevent or reduce
loss
Public protection- refers to the external protection provided to insured property (ex availability of
fire fighting services)
Fire resistive - ANS Building which has met minimum standards in terms of hours it will
withstand a specific, carefully controlled test fire.
Non-combustible - ANS All structural members including floors, roofs, and their supports are
constructed of steel, iron, concrete or other non-combustible constructible materials. Exterior
