RMIN 5100S exam 2 study guide 2024 with complete solution

RMIN 5100S exam 2 study guide 2024 with complete solution categories of commercial loss exposures property, personnel, liability, net income loss property loss - tangible: personal property, real estate -intangible: patent, copyright personnel loss death, disability, injury, retirement liability loss your responsibility to someone else for property damage, bodily injury, or net income loss net income loss reduction in income due to a direct loss commercial property loss exposures - types of property - COL to property - financial consequences of property losses types of property - real: building and land, anything permanently attached to the building; HVAC, wiring and plumbing; underground pipes, driveways, sidewalks - personal: contents (BPP, property of others), floating property, property in transit, property of others financial consequences of property loss - cost to repair/replace damaged property - loss of business income while property being repaired/replaces - extra expenses to resume operations CPP common declarations, common conditions, 2 or more coverage parts coverage part commercial property declarations, commercial property coverage forms, COL forms, endorsements, commercial property conditions commercial property declarations info specific to the property being insured - location of property/description of the property - list of mortgagees - list of endorsements/coverage forms - coinsurance % - deductibles - property coverages and limits of insurance - any optional coverages - covered COL's commercial property coverage forms - ISO's CPP has several different commercial property coverage forms - this form tells you what property is covered - insuring agreement - definitions