Caib 2 e Study guides, Study notes & Summaries

CAIB 2 Exam – Questions & Verified 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 While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to...

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 answersB. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to cer...

warranty correct answersA promise that certain facts are as they are represented to be and that they will remain so hazard correct answersA condition which may cause a peril to occur Latent defect correct answersA hidden or concealed defect, which cannot be discovered by reasonable and customary inspection Endorsement correct answersChanges the terms or conditions of the insured's policy Messenger correct answersThe insured or a partner of the insured or any employee who is duly aut...

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 - correct answer Breifly explain the fuctions or endorsements, riders, and separate policies 1. Exterior signs; sign form 2. Exterior glass; glass rider 3. Vacant property; vacant property 4. ...

CAIB 2 Exam | 78 Questions And Answers with Complete Solutions

Scheduled Coverage - correct answer Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - correct answer Refers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - correct answer A policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance Tenant Improvement - correct answer ...

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, equipment and stock under a single limit of Insurance Tenants Improvement - correct answer 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, pr...

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 Brainpower Read More 0:02 / 0:15 All Property (Blanket) A policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance

3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) correct answers1) payment is made after replacement work is completed 2) replacment work must be done in due diligence and dispatch 3) replacement must be at same site or adjacent site 6 insured duties during a crime loss ( n n 120 s oath securities ) correct answers1) notify authority 2) notify insurer 3) prepare proof of crime loss within 120 days of disc...