CAIB 2 (Vocabulary Chapters 1 & 2)
Exam Questions & Answers Scored A+
Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is
provided only on that property which is specifically identified or scheduled
Property of Every Description - CORRECT ANSWER-Refers to policy used to insure
building, stock, and equipment under a single limit of insurance
All Property (Blanket) - CORRECT ANSWER-A policy under which all property owned
by the insured is covered or blanketed by a single limit of insurance
Tenants Improvements - CORRECT ANSWER-Building improvements, alterations and
betterments 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 - CORRECT ANSWER-The replacement or repair costs less
depreciation
Replacement Value - CORRECT ANSWER-Represents the cost to repair, replace or
rebuild the lost or damaged property without depreciation
Reinsurance - CORRECT ANSWER-Involves an Insurer ceding part of the risk it has
assumed to one or more other Insurers
Subscription - CORRECT ANSWER-An Insurance policy under which a group of
Insurers has agreed to participate in providing policy Insurance coverage.
Condition - CORRECT ANSWER-Something imposed by the Insurer which requires the
Insured to do or not to dosomething
Exam Questions & Answers Scored A+
Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is
provided only on that property which is specifically identified or scheduled
Property of Every Description - CORRECT ANSWER-Refers to policy used to insure
building, stock, and equipment under a single limit of insurance
All Property (Blanket) - CORRECT ANSWER-A policy under which all property owned
by the insured is covered or blanketed by a single limit of insurance
Tenants Improvements - CORRECT ANSWER-Building improvements, alterations and
betterments 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 - CORRECT ANSWER-The replacement or repair costs less
depreciation
Replacement Value - CORRECT ANSWER-Represents the cost to repair, replace or
rebuild the lost or damaged property without depreciation
Reinsurance - CORRECT ANSWER-Involves an Insurer ceding part of the risk it has
assumed to one or more other Insurers
Subscription - CORRECT ANSWER-An Insurance policy under which a group of
Insurers has agreed to participate in providing policy Insurance coverage.
Condition - CORRECT ANSWER-Something imposed by the Insurer which requires the
Insured to do or not to dosomething
