Study guides, Class notes & Summaries

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. CORRECT ANSWER-Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: 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...

Describe how inland marine insurance started CORRECT ANSWER--evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? CORRECT ANSWER-Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? CORRECT ANSWER-Property in a fixed location is not eligible for marine insurance Lost 4 types...

CIC Commercial Multiline Actual test Questions With Answers Identify the three primary Purposes of Excess liability & Umbrella liability policies. Excess Liab - LO1 - ANSWER 1. Provides additional limits that are excess over underlying limits of insurance. ie: Auto Loss 1.8M. 2. Provides primary coverage when underlying poliy does not respond beacuse its aggregate limits of insurance are exhausted. ie: 2 GL claims 500k each; 3rd claim of $300k w/b paid by EL. It would drop down ...

CIC Commercial Multiline Exam Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - ANSWER 1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy - ANSWER 1...

CIC Commercial Multi-line Exam Prep-Solved

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. correct answers Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: 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) Electroni...