Social Science Business Insurance
Level 2 - General Insurance Exam
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C16 - Study 1: The Insurance Industry... Study 1-3 General insurance essentials study ... CAIB 3
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According to the terms of the SPF 1 owners the policy is endorsed with an appropriate "permission" endorsement
policy, an insured is permitted to carry
explosives in the described automobile
provided that
outstanding amounts that cannot be collected because of the inability to identify
Accounts receivable insurance provides the debtor, outstanding amounts that cannot be collected because of the inability to
coverage for identify
the correct amount of the debt, increased collection costs over normal costs
After obtaining your CIP designation, it is It is the same designation as ACIP
highly respected to have an FCIP
designation. Mark the incorrect statement
about FCIP designation
An agent issued a fire policy on the The Insured's claim was paid out up the policy limits stated on the policy
Insured's house but collected only half the
premium with the balance promised
30 days later. The Insured's house was
destroyed 90 days later and the agent had
still not received the other half
of the premium. Which of the following is
TRUE?
, All commercial property policies and some Up to the Insured's financial interest in the property but not exceeding the
personal property (habitational) policies applicable limit of insurance
contain a statement which
indicates Basis of Claims Payment. This is
also called Indemnity Agreement which
states that the Insurer will
pay?
All of the following, except one, have a The contract purchaser, the title holder, the mortgagee
bona fide "insurable interest" in the
property insured:
As an insurance enterprise, an agency Alberta Insurance Council
operation is regulated by the authority
provided within the Insurance Act of each
province. In the province of Alberta, laws
relating to licensing and regulation of
intermediaries are the responsibility of the
As part of the policy definition of Similar property belonging to others which the insured is under obligation to keep
Commercial Property wordings, whether insured and for which they are legally liable
Named Perils or Broad form, which
description is common between Stock and
Equipment but not covered under the
definition of Building?
Automobiles are an exclusion under the The business should have an SPF#1 or SPF#4 depending on their business operations
CGL because:
the commercial general liability policy excludes property in the care, custody, or
Bailees require separate insurance for loss control of the insured, bailees may owe a contractual duty of care to their customers,
or damage to customers' property because bailees can be held legally liable for loss or damage to customer's property due
to negligence
Bankruptcy or insolvency of a policy holder Has no bearing upon the insurance contract
affects the Insurer's liability as described in
one of the following:
Based on an application for insurance for Surcharges, Limitations, Substantial deductibles
the average risk, insurers will offer standard
terms and conditions. When the risk of loss
is higher than average, insurers will
modify policy terms, conditions, and/or
premiums to make the risk acceptable. They
may also apply which of the following?
Becky Andrews has opened a spa in a strip would be covered under the "equipment" section of the policy
mall. She does not own the building,
but she leases space. Before moving in, she
had significant improvements completed
to the space that made it appropriate for
her business operations. Becky has a
Commercial Building, Equipment, and
Stock Broad form policy in place. The
tenant's
improvements she has made
Before an Insurer or client can recover The broker must have made an error or omission causing loss to either the client or
from the broker: company
Level 2 - General Insurance Exam
Save
Students also studied
Flashcard sets Study guides Practice tests
C16 - Study 1: The Insurance Industry... Study 1-3 General insurance essentials study ... CAIB 3
21 terms 57 terms 32 terms 44 terms
ConRandal Preview RedFlamingo92539 Preview cassie_riles Preview Litt
According to the terms of the SPF 1 owners the policy is endorsed with an appropriate "permission" endorsement
policy, an insured is permitted to carry
explosives in the described automobile
provided that
outstanding amounts that cannot be collected because of the inability to identify
Accounts receivable insurance provides the debtor, outstanding amounts that cannot be collected because of the inability to
coverage for identify
the correct amount of the debt, increased collection costs over normal costs
After obtaining your CIP designation, it is It is the same designation as ACIP
highly respected to have an FCIP
designation. Mark the incorrect statement
about FCIP designation
An agent issued a fire policy on the The Insured's claim was paid out up the policy limits stated on the policy
Insured's house but collected only half the
premium with the balance promised
30 days later. The Insured's house was
destroyed 90 days later and the agent had
still not received the other half
of the premium. Which of the following is
TRUE?
, All commercial property policies and some Up to the Insured's financial interest in the property but not exceeding the
personal property (habitational) policies applicable limit of insurance
contain a statement which
indicates Basis of Claims Payment. This is
also called Indemnity Agreement which
states that the Insurer will
pay?
All of the following, except one, have a The contract purchaser, the title holder, the mortgagee
bona fide "insurable interest" in the
property insured:
As an insurance enterprise, an agency Alberta Insurance Council
operation is regulated by the authority
provided within the Insurance Act of each
province. In the province of Alberta, laws
relating to licensing and regulation of
intermediaries are the responsibility of the
As part of the policy definition of Similar property belonging to others which the insured is under obligation to keep
Commercial Property wordings, whether insured and for which they are legally liable
Named Perils or Broad form, which
description is common between Stock and
Equipment but not covered under the
definition of Building?
Automobiles are an exclusion under the The business should have an SPF#1 or SPF#4 depending on their business operations
CGL because:
the commercial general liability policy excludes property in the care, custody, or
Bailees require separate insurance for loss control of the insured, bailees may owe a contractual duty of care to their customers,
or damage to customers' property because bailees can be held legally liable for loss or damage to customer's property due
to negligence
Bankruptcy or insolvency of a policy holder Has no bearing upon the insurance contract
affects the Insurer's liability as described in
one of the following:
Based on an application for insurance for Surcharges, Limitations, Substantial deductibles
the average risk, insurers will offer standard
terms and conditions. When the risk of loss
is higher than average, insurers will
modify policy terms, conditions, and/or
premiums to make the risk acceptable. They
may also apply which of the following?
Becky Andrews has opened a spa in a strip would be covered under the "equipment" section of the policy
mall. She does not own the building,
but she leases space. Before moving in, she
had significant improvements completed
to the space that made it appropriate for
her business operations. Becky has a
Commercial Building, Equipment, and
Stock Broad form policy in place. The
tenant's
improvements she has made
Before an Insurer or client can recover The broker must have made an error or omission causing loss to either the client or
from the broker: company
