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CIC COMMERCIAL PROPERTY ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS
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---8September 20252025/2026A+
- CIC COMMERCIAL PROPERTY 
ACTUAL 2025/2026 QUESTIONS 
AND 100% CORRECT ANSWERS 
Actual Cash Value (ACV) - Answer -replacement cost less an allowance 
for insurance depreciation, wear and tear, or obsolescence 
Advance premium - Answer -initial premium paid to begin coverage on 
a policy 
Agreed Value - Answer -a limit agreed upon by the underwriter and 
Named Insured that is deemed adequate, therefore, suspending the 
coinsurance clause 
Bailee - Answer -person or organ
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