CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
1. Distinguish be- Covered:
tween Covered Buildings:
Property and Includes PP of landlord (common areas, furnished)
Property Not Cov- Covers Bridges, Retaining Walls, Wharves, Docks
ered under the Replacement Cost
Businessowners BPP:
Coverage Form. Includes Property of Others (in CCC)
Exterior Building Glass
Replacement Cost
Not Covered:
Money/Securities
Fences, radios, antennas, towers, signs (detached) plants
Installed computers (in vehicles etc)
Electronic Data
2. Identify and de- Additional Coverages:
scribe the Addi- Fire Department ($2.5k)
tional Coverages,
Coverage Exten- B.I.- 12 mo ALS, 72 hr Waiting period payroll 60 days covers normal operating
sions, and Limits expenses triggered by suspension (slowdown, cessation, premises is untenable)
Of by covered loss
Insurance of
Extra Expense- No waiting period, 12 mo. pays additional cost while operations are
the Businessown-
disrupted
ers Policy.
Civil Authority- if authority shuts you down- 4 wks 72 hr waiting (BI/EE)
Money Orders & Conterfit money: $1k
Forgery or Alterations
Increased Cost of Construction
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
BI from dependent properties
Fire Extingushers
Electronic Data
Interruption of Computer Operations
COVERAGE EXTENSIONS
Newly acquired or construction property (30 days to tell)
Personal Property Off Premises ($10k in transit, no money)
Outdoor Property (2.5k plants, fence, sign FLARE Perils only)
Personal Effects
Valuable Papers
Accts Recivables
BPP in Temp storage units
LIMITS of insurance
attached sign- $1k
Inflation Guard- AUtomatic building increase
BPP Seasonal Increase (25%)
3. Identify and de- Outdoor Signs: $1k attached, $2.5k Detached
scribe the prop-
erty Optional Money & Securities: Theft, disappearance or destruction
Coverages avail-
Employee Dishonesty
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
able in the BOP
that must be acti- Equipment Breakdown
vated in order for
MUST BE ACTIVATED FOR COVERAGE TO APPLY BY X ON DEC PAGE
coverage to ap-
ple
4. Identify the two 1.) Insurer agrees to pay the sums of BI/PD that the insured is legally liable to pay
promises the in-
surer makes in 2.) Insurer has the right and duty to defend the insured in the event of a loss
the Business Li-
ability insuring
agreement and
state the require-
ments that must
be met for cover-
age to apply
5. Summarize the Advantages:
advantages and -No Coinsurance
disadvantages of -Replacement Cost Building + BPP
the BOP -Automatic Building Increase (inflation)
-Automatic Seasonal Increase BPP
-BI, 12 mo ALS
-Slot Rating
Disadvantages:
-Limited Eligibilty
-inflexible for uncommon situations
-Small and midsized accounts only
-Can create E&O exposures
6. Differentiate be- Filed:
tween filed and -uniformity in exposures
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
non-filed inland -agreement by insurance industry concerning rates and coverages
marine cover- -Inflexibility in terms+ conditions
ages -Rates are filed
Unfiled:
-not uniform with industry
-exposures are unique and diverse
-negotiable ratings
-rates are not filed
-coverage forms not filed
7. Describe the el- Bailment- one person accepts PP from another for a particular purpose AND
ements of bail- promises to return PP in same or better condition
ment, including
the relationship Bailor- Owner of PP gives to other party
of the parties
Bailee- Receiver or PP, accepts the property for processing
involved in the
transaction
3 types of bailment:
1.)Gratuitous bailment for Bailor- Restaurant coatcheck; low duty
2.)Gratuitios Bailment for benefit of Bailee- Borrows tools at jobsite; high duty
3.)Mutual Benefit-Dry Cleaning/repair shop- resonable duty
8. Identify and ap- Covered Property:
ply Covered Prop- Customers Property in NI CCC
erty, Covered has to be in CCC for processing (finishing, repairing, restoring, etc)
Locations, and
Property Not Cov- Covered locations;
ered under a -described premises
Bailee Policy -on premises of others for servicing or processing
-Anywhere in covered area while in transit
--Between NI premises branches
Study online at https://quizlet.com/_gvz9xj
1. Distinguish be- Covered:
tween Covered Buildings:
Property and Includes PP of landlord (common areas, furnished)
Property Not Cov- Covers Bridges, Retaining Walls, Wharves, Docks
ered under the Replacement Cost
Businessowners BPP:
Coverage Form. Includes Property of Others (in CCC)
Exterior Building Glass
Replacement Cost
Not Covered:
Money/Securities
Fences, radios, antennas, towers, signs (detached) plants
Installed computers (in vehicles etc)
Electronic Data
2. Identify and de- Additional Coverages:
scribe the Addi- Fire Department ($2.5k)
tional Coverages,
Coverage Exten- B.I.- 12 mo ALS, 72 hr Waiting period payroll 60 days covers normal operating
sions, and Limits expenses triggered by suspension (slowdown, cessation, premises is untenable)
Of by covered loss
Insurance of
Extra Expense- No waiting period, 12 mo. pays additional cost while operations are
the Businessown-
disrupted
ers Policy.
Civil Authority- if authority shuts you down- 4 wks 72 hr waiting (BI/EE)
Money Orders & Conterfit money: $1k
Forgery or Alterations
Increased Cost of Construction
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
BI from dependent properties
Fire Extingushers
Electronic Data
Interruption of Computer Operations
COVERAGE EXTENSIONS
Newly acquired or construction property (30 days to tell)
Personal Property Off Premises ($10k in transit, no money)
Outdoor Property (2.5k plants, fence, sign FLARE Perils only)
Personal Effects
Valuable Papers
Accts Recivables
BPP in Temp storage units
LIMITS of insurance
attached sign- $1k
Inflation Guard- AUtomatic building increase
BPP Seasonal Increase (25%)
3. Identify and de- Outdoor Signs: $1k attached, $2.5k Detached
scribe the prop-
erty Optional Money & Securities: Theft, disappearance or destruction
Coverages avail-
Employee Dishonesty
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
able in the BOP
that must be acti- Equipment Breakdown
vated in order for
MUST BE ACTIVATED FOR COVERAGE TO APPLY BY X ON DEC PAGE
coverage to ap-
ple
4. Identify the two 1.) Insurer agrees to pay the sums of BI/PD that the insured is legally liable to pay
promises the in-
surer makes in 2.) Insurer has the right and duty to defend the insured in the event of a loss
the Business Li-
ability insuring
agreement and
state the require-
ments that must
be met for cover-
age to apply
5. Summarize the Advantages:
advantages and -No Coinsurance
disadvantages of -Replacement Cost Building + BPP
the BOP -Automatic Building Increase (inflation)
-Automatic Seasonal Increase BPP
-BI, 12 mo ALS
-Slot Rating
Disadvantages:
-Limited Eligibilty
-inflexible for uncommon situations
-Small and midsized accounts only
-Can create E&O exposures
6. Differentiate be- Filed:
tween filed and -uniformity in exposures
, CIC Commercial Multi-line Exam Prep
Study online at https://quizlet.com/_gvz9xj
non-filed inland -agreement by insurance industry concerning rates and coverages
marine cover- -Inflexibility in terms+ conditions
ages -Rates are filed
Unfiled:
-not uniform with industry
-exposures are unique and diverse
-negotiable ratings
-rates are not filed
-coverage forms not filed
7. Describe the el- Bailment- one person accepts PP from another for a particular purpose AND
ements of bail- promises to return PP in same or better condition
ment, including
the relationship Bailor- Owner of PP gives to other party
of the parties
Bailee- Receiver or PP, accepts the property for processing
involved in the
transaction
3 types of bailment:
1.)Gratuitous bailment for Bailor- Restaurant coatcheck; low duty
2.)Gratuitios Bailment for benefit of Bailee- Borrows tools at jobsite; high duty
3.)Mutual Benefit-Dry Cleaning/repair shop- resonable duty
8. Identify and ap- Covered Property:
ply Covered Prop- Customers Property in NI CCC
erty, Covered has to be in CCC for processing (finishing, repairing, restoring, etc)
Locations, and
Property Not Cov- Covered locations;
ered under a -described premises
Bailee Policy -on premises of others for servicing or processing
-Anywhere in covered area while in transit
--Between NI premises branches
