CAIB 2 Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about CAIB 2? On this page you'll find 191 study documents about CAIB 2.
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CAIB 2 - CHAPTER 1 QUESTIONS AND ANSWERS ALREADY PASSED
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Scheduled coverage. Only the property specifically listed or scheduled on the policy is 
insured. 
Property of Every Description (POED) coverage. Building, Stock and Equipment are insured 
under a single limit of insurance. 
All Property (Blanket) coverage. All property owned by the insured is covered or 
"blanketed" by a single limit of insurance. (May insure property at more than one location.)
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CAIB 2 Questions and Answers Already Passed
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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...
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CAIB 2 Practice Exam Questions with Verified Answers
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Waivers of Co-insurance clause are common on commercial property policies. What types of 
losses are applicable to this waiver of co-insurance? 
Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) 
Identify 3 reasons why exclusions exist on commercial property policy. 
losses which are generally considered by insurers to be commercially insurable: 
1. Deliberate acts of violence -war, rebellion 
2. losses which are considered catastrophic, Earthquake, snow slides,...
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CAIB 2 Latest Version with Certified Answers
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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 
...
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CAIB 2 Chapter 7 Practice Test 1 Graded A+
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Provide four sources of Business Interruption losses and an example of each. i) Physical 
damage to business 
example: Fire destroys business and customers cannot make purchases 
ii) Failure of public utilities 
example: Ice storm damages power lines and power cannot be restored for several 
weeks. This results in sales at the business to plummet 
iii) Transportation related accidents 
example: Railcar containing hazardous gas overturns causing evacuation of town. 
As a result, of this railcar a...
And that's how you make extra money
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CAIB 2 CHAPTER 4 QUESTIONS AND ANSWERS RATED A+
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Breifly explain the fuctions or endorsements, riders, and separate policies 1. Endorsements; 
changes the terms or conditions of the insureds policy 
2. Riders; adds additional coverage to those already in place 
3. Separate policies; equipment breakdown insurance, computer crime, other specialized 
coverages often purchased separately but can be added to existing policy 
Identify the endorsement, rider or policy to respond to the following exclusions, restrictions, or 
limitations found in the ...
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CAIB 2 Chapter 2 Practice Exam 1 Already Graded A
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What are three advantages using a fact find or survey? i) Assists brokers when identifying 
potential losses 
ii) Assists brokers not to sell coverages client does not need 
iii) Assists brokers in collecting information needed by insurance companies 
What are three benefits of commercial property checklists and which is most important to 
brokers? i) Assists brokers when identifying potential losses 
ii) Assists brokers to make sure coverages are not overlooked 
iii) Assists brokers in reducing...
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CAIB 2 Chapter 1 Practice Exam 1 Latest Update Graded A+
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Explain what it means to issue insurance on a scheduled basis Only the property listed or 
scheduled on the policy is insured 
Explain what is meant to issue insurance on the basis of Property of Every Description 
Building, stock and equipment are insured under a single limit of insurance 
Explain what it means to issue insurance on an all property (blanket) basis All property 
owned by the insured is insured under a single limit of insurance. All property blanket may 
insure property at more t...
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CAIB 2 -Terms and Definitions Questions and Answers
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CAIB 2 -Terms and Definitions 
Questions and Answers 
Scheduled Coverage - Answer- refers to policy on which coverage is provided only on 
that property which is specifically identified or scheduled 
All Property - Answer- refers to policy used to insure building, equipment and stock 
under a single limit of Insurance 
Tenants Improvement - Answer- building improvements, alteration and betterments 
made at expense of or purchased by the insured to a building occupied by the insured 
and which ar...
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CAIB 2 - Chapter 1 Questions and Answers 100% Pass
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CAIB 2 - Chapter 1 Questions and Answers 100% Pass 
The three amounts to be considered when calculating the amount of payment as 
outlined in the Indemnity Agreement are: - Answer- 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: -...
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