CISR - Commercial Property Exam With 100% Solved Correct Answers A+ Pass

CISR - Commercial Property Exam With 100% Solved Correct Answers A+ Pass List the 3 Covered Causes of Loss Forms - Answer - Basic Broad Special Basic and Broad Forms operate on what peril basis? - Answer - Named Perils - Insured must prove that a covered cause of loss occurred What peril basis does a Special Form operate on? - Answer - Open Peril - Insurer must prove that an exclusion apples Basic Form (CP 10 10 ) - Answer - -Covers losses arising from eleven named perils plus the Additional Coverage - Limited Coverage for Fungus, Wet Rot, Dry Rot, and Bacteria -Insured must show the loss was caused by a peril as defined and limited in coverage form -Damage caused by wind, hail, vandalism, or sprinkler leakage may be excluded by endorsement Basic does not include: - Answer - -falling objects -weight of snow, ice, or sleet -water damage -additional coverage -direct physical loss Broad does not include: - Answer - Direct Physical Loss Special form coverage - Answer - Property insurance coverage covering all causes of loss not specifically excluded. List the Exclusions Common to All Forms - Answer - Ordinance or Law Earth Movement Governmental Action Nuclear Hazard Utility Services War & Military Action Water Fungus, Wet/Dry Rot, and Bacteria Ordinance or Law - Answer - Exposure : -value of undamaged part of building -cost to demolish the undamaged part of building and remove debris -the increased costs to rebuild to satisfy current codes Solution : Ordinance or Law Coverage EndorsEment (CP 04 05) Describe the 3 possible losses a business faces with ordinance or law exposures: - Answer - - Value of undamaged part of building because no longer habitable - Cost to demolish undamaged portion and debris rem. - Increased cost to rebuild the structure to satisfy current codes Earth Movement - Answer - - Damage not paid for movement of earth - fire/explosion following an earthquake is covered -earthquake provided by endorsement (CP 10 40) Governmental Action - Answer - If the government seizes your property, the loss is not covered Nuclear Hazard - Answer - -caused by nuclear incident is not covered -caused by a resulting fire is covered Utility Services - Answer - Failure of power, communication, water, or other damage War and Military Action - Answer - undeclared war, civil war, and other warlike actions by military force