CAIB 2 - Chapter 1 exam with complete solutions

CAIB 2 - Chapter 1 exam with complete solutio ns - nncorrect nnanswer - The nnthree nnamounts nnto nnbe nnconsidered nnwhen nncalculating nnthe nnamount nnof nnpayment nnas nnoutlined nnin nnthe nnIndemnity nnAgreement nnare: nn- nncorrect nnanswer -1) nnthe nnvalue nnof nnthe nnlost nnor nndamaged nnproperty nn(ACV) 2) nnthe nninterest nnof nnthe nninsured nnin nnthe nnproperty nn(ex. nnfinancial nninterest, nnhome, nnmortgage) 3) nnthe nnamount nnof nninsurance nnspecified nnon nnthe nn"Declarations nnPage" nnfor nnthe nnloss nnor nndamaged nnproperty nn(least nnamount|) Identify nnthe nnfour nncategories nnthat nnbuildings nnmay nnfall nninto: nn- nncorrect nnanswer -Residential nn(ex. nnhome) Non -mercantile nn(ex. nnhospitals, nnnursing nnhomes) Mercantile nn(ex. nndrycleaners, nnbakeries) Manufacturing/Industrial nn(ex. nnautobody nnshops) Three nnclasses nnof nnproperty nncommercially nninsured nnare: nn- nncorrect nnanswer -building, nnstock, nnequipment Identify nnthe nntwo nnbases nnthat nncoverage nncan nnbe nnprovided nnon: nn- nncorrect nnanswer -Scheduled All nnproperty Property nnof nnevery nndescription Identify nnand nngive nnan nnexample nnof nneach nnof nnthe nnfive nntypes nnof nnproperty nncontained nnin nnthe nndefinition nnof nnBuilding nnfound nnin nnthe nnIBC nnCommercial nnProperty nnBroad nnForm nn- nncorrect nnanswer -1) nnGrowing nnplants, nntrees, nnshrubs nnINSIDE nnthe nnbuilding nnused nnfor nndecorative nnpurposes nnonly nnwhen nninsured nnis nnthe nnowner nnof nnthe nnbuilding nn(ex. nncactus) 2) nnMaterials nnand nnequipment nnsupplies nnON nnthe nnpremises nnfor nnmaintenance nn(ex. nnlumbar, nnglass) 3) nnAdditions nnand nnextensions nnIN nnCONTACT nnwith nnthe nnbuilding nn(enclosed nnwalk -way nnbetween nnbuildings) 4) nnPermanent nnfittings nnand nnfixtures nnATTACHED nnand nnFORMING nnpart nnof nnthe nnbuilding. nn(ex. nnlight nnfixtures, nncarpeting) 5) nnFixed nnstructures nnPERTAINING nnto nnbuilding nnand nnlocated nnon nnthe nnpremises nn(ex. nnfence) [GMAPF] Identify nnthe nnthree nnconditions nnpertaining nnto nnthe nncoverage nnfor nngrowing nnplants, nntrees, nnetc. nn- nncorrect nnanswer -- nnsuch nnproperty nnwas nnINSIDE nnthe nnbuilding - nnwas nnbeing nnused nnfor nndecorative nnpurposes - nninsured nnwas nnthe nnowner nnof nnthe nnbuilding Identify nnand nngive nnan nnexample nnof nnthe nnthree nntypes nnof nnproperty nncontained nnin nnthe nndefinition nnof nnStock nnfound nnin nnthe nnIBC nnCommercial nnProperty nnBroad nnForm: nn- nncorrect nnanswer -1) nnpacking, nnwrapping nnand nnadvertising nnmaterials nn(ex. nnbubble nnplastic, nnStyrofoam) 2) nnmerchandise nnof nnevery nndescription nnUSUAL nnto nninsureds nnbusiness nn(ex. nngoods nnfor nnsale nnfor nnbusiness) 3) nnsimilar nnproperty nnbelonging nnto nnothers nnwhich nnthe nninsured nnis nnunder nnobligation nnto nnkeep nninsured nnor nnfor nnwhich nnhe nnis nnlegally nnliable nnfor nn(appliance nnif nnappliance nnstore.