CAIB 2 EXAM ACTUAL EXAM 2026 | ALL QUESTIONS AND
CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSION |
BRAND NEW VERSION!
The three amounts to be considered when calculating the1) the value of the lost or damaged property (ACV) amount of
payment as outlined in the Indemnity
Agreement are:2) the interest of the insured in the property (ex. financial interest, home, mortgage)
3) the amount of
insurance specified on
the "Declarations
Page" for the loss or
damaged property (least amount|)
Identify the four categories that buildings may fall into:Residential (ex. home)
Non-mercantile (ex.
hospitals, nursing
homes)
Mercantile (ex.
drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Hide definitions
Terms in this set (371)
Three classes of property commercially insured are: building, stock, equipment
Identify the two bases that coverage can be provided on:Scheduled
All property
Property of every
description
Identify and give an example of each of the five types of1) Growing plants, trees, shrubs INSIDE the building used for decorative purposes property
contained in the definition of Building found inonly when insured is the owner of the building (ex. cactus) the IBC Commercial Property Broad Form
2) Materials and
equipment supplies
ON the premises for
maintenance
(ex.lumbar, glass)
3) Additions and
extensions IN
CONTACT with the
building (enclosed
walk-waybetween
buildings)
4) Permanent
fittings and fixtures
, ATTACHED and FORMING part of the building.
(ex. light fixtures, carpeting)
5) Fixed structures PERTAINING to building and located on the premises (ex.fence)
[GMAPF]
Identify the three conditions pertaining to the coverage- such property was INSIDE the building
for growing plants, trees, etc.- was being used for decorative purposes
- insured was the owner of the building
Identify and give an example of the three types of1) packing, wrapping and advertising materials (ex. bubble plastic, Styrofoam) property contained
in the definition of Stock found in the
IBC Commercial Property Broad Form:2) merchandise of every description USUAL to insureds business (ex. goods for
sale for business)
3) similar property
belonging to others
which the insured is
under obligation to
keep insured or for which he is legally liable for (appliance if appliance store. [PMS]
Identify the three conditions that need to be present1) must be similar to that insured by the policy before 'similar property belonging to
others' will be2) the insured must have had an obligation to keep the property insured insured under the definition of Stock:3) the insured
must be legally liable for it.
Identify and give an example of each of the three types1) generally all contents USUAL to insureds business, other than building or stock of
property contained in the definition of Equipment(ex. furniture) found in the IBC Commercial Property Broad Form:2) similar property belonging to
others which the insured is under obligation to
keep insured or for
which he is legally
liable for (ex. shaw
cable box)
3) tenants
improvements (ex. space rented out or leased, malls)
[GST]
Identify the three ways in which property may be valued:Actual Cash Value (ACV)
Replacement Value
Book Value
Which way is NOT an appropriate means of valuingBook Value property for
insurance purposes?
Identify the one word that can summarize the
differencedepreciation between Actual Cash Value and Replacement Cost:
CORRECT ANSWERS | VERIFIED ANSWERS | UPDATED VERSION |
BRAND NEW VERSION!
The three amounts to be considered when calculating the1) the value of the lost or damaged property (ACV) amount of
payment as outlined in the Indemnity
Agreement are:2) the interest of the insured in the property (ex. financial interest, home, mortgage)
3) the amount of
insurance specified on
the "Declarations
Page" for the loss or
damaged property (least amount|)
Identify the four categories that buildings may fall into:Residential (ex. home)
Non-mercantile (ex.
hospitals, nursing
homes)
Mercantile (ex.
drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Hide definitions
Terms in this set (371)
Three classes of property commercially insured are: building, stock, equipment
Identify the two bases that coverage can be provided on:Scheduled
All property
Property of every
description
Identify and give an example of each of the five types of1) Growing plants, trees, shrubs INSIDE the building used for decorative purposes property
contained in the definition of Building found inonly when insured is the owner of the building (ex. cactus) the IBC Commercial Property Broad Form
2) Materials and
equipment supplies
ON the premises for
maintenance
(ex.lumbar, glass)
3) Additions and
extensions IN
CONTACT with the
building (enclosed
walk-waybetween
buildings)
4) Permanent
fittings and fixtures
, ATTACHED and FORMING part of the building.
(ex. light fixtures, carpeting)
5) Fixed structures PERTAINING to building and located on the premises (ex.fence)
[GMAPF]
Identify the three conditions pertaining to the coverage- such property was INSIDE the building
for growing plants, trees, etc.- was being used for decorative purposes
- insured was the owner of the building
Identify and give an example of the three types of1) packing, wrapping and advertising materials (ex. bubble plastic, Styrofoam) property contained
in the definition of Stock found in the
IBC Commercial Property Broad Form:2) merchandise of every description USUAL to insureds business (ex. goods for
sale for business)
3) similar property
belonging to others
which the insured is
under obligation to
keep insured or for which he is legally liable for (appliance if appliance store. [PMS]
Identify the three conditions that need to be present1) must be similar to that insured by the policy before 'similar property belonging to
others' will be2) the insured must have had an obligation to keep the property insured insured under the definition of Stock:3) the insured
must be legally liable for it.
Identify and give an example of each of the three types1) generally all contents USUAL to insureds business, other than building or stock of
property contained in the definition of Equipment(ex. furniture) found in the IBC Commercial Property Broad Form:2) similar property belonging to
others which the insured is under obligation to
keep insured or for
which he is legally
liable for (ex. shaw
cable box)
3) tenants
improvements (ex. space rented out or leased, malls)
[GST]
Identify the three ways in which property may be valued:Actual Cash Value (ACV)
Replacement Value
Book Value
Which way is NOT an appropriate means of valuingBook Value property for
insurance purposes?
Identify the one word that can summarize the
differencedepreciation between Actual Cash Value and Replacement Cost:
