CAIB 2 Study guides, Class notes & Summaries

CAIB 2 Exam – Questions & Verified Answers

CAIB 2 Mock Midterm Exam – Questions & Answers

CAIB 2 - CHAPTER 2 UPDATED Exam Questions and CORRECT Answers A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). - Correct ANSWER- "Submission." 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting inf...

CAIB 2 UPDATED Exam Questions and CORRECT Answers Scheduled Coverage - Correct ANSWER- refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Correct ANSWER- refers to policy used to insure building, stock and equipment under 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 occ...

CAIB 2 PASSED Exam Questions and CORRECT Answers Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - Correct ANSWER- B. Equipment

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 pur...

Scheduled Coverage refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not actual owner of such building ...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: Residential (ex. home) Non-mercantile (ex. hospitals, nursing h...

4 sources of business interruption & provide an example of each 1) physical damage to business; fire destroys business 2) failure of public utilities; ice storm damages power lines 3) transportation related accidents; rail car derailment 4) physical damage to neighbouring premises; anchor store burns down 3 sources of funding available to businesses when their operations are interrupted 1) reduce their capital reserves 2) take out a bank loan 3) purchase adequate amounts of business interr...

3 Considerations that make some property items "Target Items" and provide an explanation for each 1) Convertibility; the ease at which property can be sold and converted to cash 2) Value; higher valued articles are more attractive to thieves 3) Portability; the ease at which property can be transported 4 methods used by thieves which may cause loss to insured property & provide an example 1) Forceable entry into building; entry by breaking a window 2) Unforced entry into building; thief ...

Submission." A proposal for insurance that's presented to the underwriter for consideration. It can include an application, and additional verbal and written information (i.e., previous policy premium, loss details and history, financial statements and photos). Three purposes of survey forms. 1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. Three advantages of using ...