CIC Property

COMMERCIAL PROPERTY CIC CLASS: SECTION #3 PART #1 TEST GUIDE QUESTIONS WITH CORRECT ANSWERS

Learning objective 1 List the specific rights and duties of the first named insured. - ANSWER-1. Cx - to cx and to rcv NOC 2. Changes - to make chgs 3. Audits - Examination of Books and Records 4. Inspections and Surveys 5. Premiums - pymt and return 6. Transfer of rights and duties Learning objective 2 List the circumstances under which an insured may waive rights of recovery against others. - ANSWER-1. In writing prior to a loss 2. After a loss only if the party is one of the follow...

CIC PROPERTY EXAM QUESTIONS WITH COMPLETE ANSWERS

CIC PROPERTY REVIEW EXAM QUESTIONS AND ANSWERS Leased Property (CP 14 60) - Answer-Used when the insured doesn't have a contractual obligation to insure leased equipment but the lease requires the insured to pay a specified amount if the property is totally destroyed. Inflation Guard Optional Coverage - Answer-Optional coverage in the building and personal property coverage; choose a 4, 6, 8, 10 or 12% factor and the limit is increased that percentage over the course of the year. Va...

CIC PROPERTY SECTION #1 COMMERCIAL PROPERTY COVERAGE FORMS & ENDORSEMENTS QUESTIONS WITH CORRECT ANSWERS

CIC PROPERTY SECTION #4 TIME ELEMENT COVERAGES & ENDORSEMENTS EXAM QUESTIONS AND ANSWERS

CIC- COMMERCIAL PROPERTY EXAM QUESTIONS WITH COMPLETE ANSWERS What are the types of property not covered - Answer-1. Some excluded because it is customarily insured under another policy 2. Some excluded because it is relatively unsusceptible to loss 3. Some excluded because it's susceptible to loss 4. Exceptions made for certain types of property held for sale by named insured 5. Restricted coverage for certain types of property Additional covered property endorsement - Answer-Exp...

CIC PROPERTY COVERAGE EXTENSIONS EXAM QUESTIONS AND ANSWERS

CIC CLASS - COMMERCIAL PROPERTY EXAM QUESTIONS AND ANSWERS 5 Things that are Building - Answer--Completed additions -Fixtures, including outdoor fixtures -permanently installed machinery & equipment -Personal property used to service the building/premises -If NOT COVERED BY OTHER INSURANCE 7 Things that Are Business Personal Property - Answer-1. Furniture & Fixtures 2. Machinery & Equipment 3. Stock 4. All Other personal property owned & used in business 5. Labor, materials, servi...