Caib 2 latest exam review 2024
Scheduled Coverage - Refer to policy on which coverage is provided only on that
property which is specifically identified or scheduled
Property of Every Description - Refers to policy used to insure buildings, stock and
equipment under a single limit of insurance
All Property (Blanket) - A policy which under all property owned by the insured is
covered or "blanketed" by a single limit of insurance
Tenant Improvement - Building improvement, alteration and betterment made at
the expense of or purchased by the insured to a building occupied by the insured
and which are
not otherwise insured, providing the insured is not the actual owner of the
building
Actual Cash Value - The replacement or repair cost less depreciation
Replacement Value - Represents the cost to repair, replace or rebuild the lost of
damaged property without deduction for depreciation ( KEY DIFFERENCE -
DEDUCTION WITHOUT
DEPRECIATION)
, Caib 2 latest exam review 2024
Reinsurance - involves the insurer ceding of part of the risk it has assumed to one
or more other insurers (insurers sharing of the policy betw insurers)
Subscription - An insurance policy under which a group of insurers has agreed to
participate
in providing policy insurance coverage (brokers sharing the policy among in
insurers
Conditions - Something imposed by the insurer which requires the insured to do
or not do
something
Subrogation - Refers to the right of the insurer to "step into the shoes" of the
party whom it has compensated and sue any party whom the compensated party
could have sued
Warranty - A promise that a certain fact areas they are represented to be and that
they will
remain so (promise represented to be and remain so)
Scheduled Coverage - Refer to policy on which coverage is provided only on that
property which is specifically identified or scheduled
Property of Every Description - Refers to policy used to insure buildings, stock and
equipment under a single limit of insurance
All Property (Blanket) - A policy which under all property owned by the insured is
covered or "blanketed" by a single limit of insurance
Tenant Improvement - Building improvement, alteration and betterment made at
the expense of or purchased by the insured to a building occupied by the insured
and which are
not otherwise insured, providing the insured is not the actual owner of the
building
Actual Cash Value - The replacement or repair cost less depreciation
Replacement Value - Represents the cost to repair, replace or rebuild the lost of
damaged property without deduction for depreciation ( KEY DIFFERENCE -
DEDUCTION WITHOUT
DEPRECIATION)
, Caib 2 latest exam review 2024
Reinsurance - involves the insurer ceding of part of the risk it has assumed to one
or more other insurers (insurers sharing of the policy betw insurers)
Subscription - An insurance policy under which a group of insurers has agreed to
participate
in providing policy insurance coverage (brokers sharing the policy among in
insurers
Conditions - Something imposed by the insurer which requires the insured to do
or not do
something
Subrogation - Refers to the right of the insurer to "step into the shoes" of the
party whom it has compensated and sue any party whom the compensated party
could have sued
Warranty - A promise that a certain fact areas they are represented to be and that
they will
remain so (promise represented to be and remain so)
