CAIB 2 Chapter 2 Practice Exam 1 Already Graded A

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A 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 E&O losses Explain characteristics of the following construction classes: Fire Resistive, Non-combustable a) Fire resistive means that the building has achieved standard set in hours to remain structurally sound when attacked by fires b) Non-combustable means the building is slightly below standard of fire resistive structures What are five areas Insurers request additional information when buildings are over 25 years old? (WHORP) Wiring, heating, over-current protection, roof, and Plumbing What are five hazards common to commercial building? (HOPED) Heating, Occupancy, Protection, Electrical services, and Detachment What type of wiring provides the best protection? copper What type of over-current protection provides the best protection? Automatic Circuit Breakers (ACB) What is detachment? This is the distance of insured building (or property) to other commercially rated buildings Describe two types of protection i) Private Protection These are steps insured has taken within the buildings to reduce frequency and severity of losses such as sprinkler systems or fire extinguishers