CIC Commercial Property Exam

Learning Objective 1A - Rights and Duties of the first Named Insured - ANSWER-1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - ANSWER-Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss = Recovery - Deductible Components of "Common Policy Dec" IL DS 00 09 08 - ANSWER-1. Named Insured 2. Mailing Address 3. Policy Period 4. Biz Description 5. Premium for Coverage Parts 6. Forms Applicable Components of "Common Policy Conditions" IL - ANSWER-1. Cancellation 2. Changes 3. Examination of your Books 4. Inspections & Surveys 5. Premiums 6. Transfer of Your Rights and Duties Components of "Commercial Property Dec" CP DS 00 10 00 - ANSWER-1. Effective Date 2. Named Insured 3. Description of Premises 4. Coverages Provided Components of "Commercial Property Conditions" CP - ANSWER-A. Concealment, Misrepresentation, or Fraud B. Control of Property C. Insurance Under 2 or More Coverages D. Legal Action Against Us (within 2 years, only if all terms met) E. Liberalization (if coverage is broadened on newly issued policies, those policies already in force will have the benefit of the broadened coverage) F. No Benefit to Bailee (protects named Insured, not Bailee) G. Other Insurance (pro rata if other insurance) H. Policy Period, Coverage Territory (US, its territories, PR, and Canada)