CAIB 2 Chapter 4 Study Guide Questions with Answers

CAIB 2 Chapter 4 Study Guide Questions with
Answers
1) Endorsement;
2) Rider;

3) Separate policy. - ✔✔The three ways a change to a commercial property policy can be made.



Changes the terms or conditions of the policy. - ✔✔"Endorsement."



Adds coverages to the policy. - ✔✔"Rider."



The materials, including disks, tapes and punch cards on which data is stored. - ✔✔"Media."



The information stored on media. - ✔✔"Data."


1) At any location specified in the policy;
2) In transit;

3) At any location owned, rented or wholly or partly controlled by the insured. - ✔✔Three
instances in which insured property is not deemed to be at a temporary location.


Automatic coverage up to 30 days for equipment and stock at any newly-acquired location
owned, rented or wholly or partly controlled by the insured.

Also covers property in or on vehicles within 100 metres of such location. - ✔✔The off-premises
coverage provided by the Newly Acquired Location optional coverage extension.


1) Coverage cost is less;

2) Claims service is faster. - ✔✔Two reasons why businesses that use Canada Post to send stock
orders should consider insuring under Property in Transit coverage.