CIC Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Coinsurance
Answer:
a rating and underwriting concept that is designed to encourage an insured to
purchase an amount of insurance nearly equal to or equal to the full value of the
property
being insured
Q: Demand surge
Answer:
increased costs of rebuilding following a disaster
Q: Final premium
Answer:
determined at the end of the policy year based on average reports of valued
submitted by the insured
, CIC Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Inflation Guard
Answer:
a feature that increases the amount of an insurance benefit by a fixed
percentage automatically every year, to adjust for inflation
Q: Insurable interest
Answer:
the existence of potential financial loss, or having a legal or financial
relationship in the value of the subject of insurance, on the part of the policy owner
and/or
beneficiary in the event of a payable Covered Cause of Loss
Q: Named Insured
Answer:
a person or entity specifically named and listed on an insurance policy
Declarations under the Named Insured section
Solutions | Latest 2026 Update
Q: Coinsurance
Answer:
a rating and underwriting concept that is designed to encourage an insured to
purchase an amount of insurance nearly equal to or equal to the full value of the
property
being insured
Q: Demand surge
Answer:
increased costs of rebuilding following a disaster
Q: Final premium
Answer:
determined at the end of the policy year based on average reports of valued
submitted by the insured
, CIC Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Inflation Guard
Answer:
a feature that increases the amount of an insurance benefit by a fixed
percentage automatically every year, to adjust for inflation
Q: Insurable interest
Answer:
the existence of potential financial loss, or having a legal or financial
relationship in the value of the subject of insurance, on the part of the policy owner
and/or
beneficiary in the event of a payable Covered Cause of Loss
Q: Named Insured
Answer:
a person or entity specifically named and listed on an insurance policy
Declarations under the Named Insured section
