CAIB 2 EXAM PREP/COMPREHENSIVE GUIDE
(NEWEST VERSION) | ALL QUESTIONS AND CORRECT
ANSWERS (DETAILED ANSWERS) | GRADED A+ |
VERIFIED ANSWERS | LATEST EXAM
6 compenents of building - (ANSWER)1. building described
2.fixed structures pertaining to building
3.additionds and extensions in contact with building
4. permanent fittings and fixtures attached to building
5.material,equipment and supplies on premises for maintenance
6. growing plants trees shrubs
3 components of stock - (ANSWER)1. merchandise or every description usual to
insureds business
2. packing, wrapping and adverting materials
3. similar property belonging to others insured is obligated to keep insured
3 components of equipment - (ANSWER)1. generally all contents usual to
insureds business
2. similar property belonging to others insured is obligated to keep insured
3. tenants improvements defined as building improvements made at expense of
insureds building
3 considerations determining amount of indemnity - (ANSWER)1. acv of property
as it existed prior to the loss
,2. interest of insured in property
3. amount of insurance as shown on policy
5 reasons for exclusions - (ANSWER)1. commercially uninsurable
2. may be catastrophic
3. other forms of insurance
4. may be expected by insured
5. not exposures common to insureds
3 requirements placed upon clients by property protection system clauses -
(ANSWER)1 insured must notify insurer forthwith any interruption, flaw or defect
2. insured must notify insurer any lapse or non-renewal
3. insured must notify insurer forthwith when notification of suspension of police
service
4 elements of locked vehicle warranties - (ANSWER)1. all property must be in
vehicle or fully enclosed mental compartment
2. all doors and windows of vehicle containing property are closed and locked
3.force was used to gain access to vehicle containing the property insured
4. visible signs of force are present on the vehicle containing the property insured
what are 4 facts which are material concerning the personal information of clients
- (ANSWER)1. previous claims
, 2. number of loss payables
3. previous declinations or cancellations from other insurers
4. fear of persons harboring ill will
what are 3 advantages of using the fact-finding survey - (ANSWER)1. assists
brokers when identifying potential losses
2. assist brokers not to sell coverage client does not need
3. assist brokers in collecting information needed by insurance companies
what are 3 benefits of commercial property checklists and which is most
important to brokers - (ANSWER)1. assist brokers identifying potential losses
2.assits brokers to make sure coverages are not overlooked
3. assist brokers in reducing E&O claims
what are 5 hazards common to commercial buildings - (ANSWER)1. heating
2.occupancy
3. protection
4. electrical service
5. detachment
describe 2 types of protection - (ANSWER)1. private protection
- these are steps insured has taken w/in building to reduce frequency and severity
of losses as sprinklers
(NEWEST VERSION) | ALL QUESTIONS AND CORRECT
ANSWERS (DETAILED ANSWERS) | GRADED A+ |
VERIFIED ANSWERS | LATEST EXAM
6 compenents of building - (ANSWER)1. building described
2.fixed structures pertaining to building
3.additionds and extensions in contact with building
4. permanent fittings and fixtures attached to building
5.material,equipment and supplies on premises for maintenance
6. growing plants trees shrubs
3 components of stock - (ANSWER)1. merchandise or every description usual to
insureds business
2. packing, wrapping and adverting materials
3. similar property belonging to others insured is obligated to keep insured
3 components of equipment - (ANSWER)1. generally all contents usual to
insureds business
2. similar property belonging to others insured is obligated to keep insured
3. tenants improvements defined as building improvements made at expense of
insureds building
3 considerations determining amount of indemnity - (ANSWER)1. acv of property
as it existed prior to the loss
,2. interest of insured in property
3. amount of insurance as shown on policy
5 reasons for exclusions - (ANSWER)1. commercially uninsurable
2. may be catastrophic
3. other forms of insurance
4. may be expected by insured
5. not exposures common to insureds
3 requirements placed upon clients by property protection system clauses -
(ANSWER)1 insured must notify insurer forthwith any interruption, flaw or defect
2. insured must notify insurer any lapse or non-renewal
3. insured must notify insurer forthwith when notification of suspension of police
service
4 elements of locked vehicle warranties - (ANSWER)1. all property must be in
vehicle or fully enclosed mental compartment
2. all doors and windows of vehicle containing property are closed and locked
3.force was used to gain access to vehicle containing the property insured
4. visible signs of force are present on the vehicle containing the property insured
what are 4 facts which are material concerning the personal information of clients
- (ANSWER)1. previous claims
, 2. number of loss payables
3. previous declinations or cancellations from other insurers
4. fear of persons harboring ill will
what are 3 advantages of using the fact-finding survey - (ANSWER)1. assists
brokers when identifying potential losses
2. assist brokers not to sell coverage client does not need
3. assist brokers in collecting information needed by insurance companies
what are 3 benefits of commercial property checklists and which is most
important to brokers - (ANSWER)1. assist brokers identifying potential losses
2.assits brokers to make sure coverages are not overlooked
3. assist brokers in reducing E&O claims
what are 5 hazards common to commercial buildings - (ANSWER)1. heating
2.occupancy
3. protection
4. electrical service
5. detachment
describe 2 types of protection - (ANSWER)1. private protection
- these are steps insured has taken w/in building to reduce frequency and severity
of losses as sprinklers
