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Examen
CIC Commercial Property - Inland Marine Coverage Exam Questions and Answers
What is Commercial Inland Marine? - Answer ️️Imports, Exports, Domestic Shipments, Instrumentalities for Transportation, Personal Property Floater and Commercial Floater Two types of property that can be included on the inland marine? - Answer ️️Tangible and Intangible Property
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Examen
CIC Commercial Casualty CGL Exam Questions and Answer
Popular6 Casualty exposures covered by CGL policy - Answer ️️Premises, Business operations, Products, Completed operations, Contractual, Contingent/vicarious Premises types in CGL - Answer ️️Any location owned, rented, leased, borrowed, or used for business Locations of business operations CGL - Answer ️️On premises or away from premises
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CIC Commercial Property Package with verified solutions.
CIC Commercial Property Package with verified solutions.
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Examen
CIC Commercial Multiline Section 3 Crime Exam Questions and Answers
Identify the reasons for purchasing commercial crime insurance based on the exclusions and limitations of the Building and Personal Property Coverage Form with Causes Of Loss- Special Form - Answer ️️Commercial Property policy does not coverage bills, currency, money, notes, accounts etc... limitations of the C.P.= -doesn't pay for mysterious disapperance -not covered for unathuorized property transfer -small limits ($2.5k)
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Examen
CIC Commercial Multi-line Exam Prep Questions Answers
Distinguish between Covered Property and Property Not Covered under the Business owners Coverage Form. - Answer ️️Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Installed computers (in vehicles etc)
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Examen
CIC Commercial Multi-Line Exam Questions and Answers
Describe how inland marine insurance started - Answer ️️-evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? - Answer ️️Yes, ex. Bridges, tunnels, piers, cell towers, pipelines.
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Examen
CIC Commercial Property Causes of loss forms chapter 2 Exam
2.1 Given a loss situation, determine whether or not a loss is covered by the Basic, Broad, or Special Causes of Loss Forms and give reasons for your answer Answer ️️Basic Form CP1010 Broad Form* (FLEWSARV LSV)Fire* Lightning* Explosion* Windstorm or Hail* Smoke* Aircraft or Vehicles* Riot or Civil Commotion* Vandalism* Sprinkler Leakage* Sinkhole Collapse* Volcanic Action
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Examen
CIC Commercial Property Exam Questions with Complete Solutions
Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium
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Examen
CIC - Commercial Casualty Institute Exam Questions and Answers
Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) - Ans ️️1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium
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Examen
Cic Commercial Property Exam Questions & Answers
What are commercial property loss exposures - Answer ️️Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - Answer ️️Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - Answer ️️potential for loss and probable maximum loss.
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Examen
CIC Commercial Property II Causes of Loss Exam Questions and Answers
Peril - Ans ️️Synonymous with "Causes of Loss" Burden of proof in Open Causes of Loss Form - Ans ️️Burden falls on insurer Burden of proof in Named Causes of Loss form - Ans ️️Insured has burden of proof
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Examen
CIC Commercial Property Exam Prep Questions with Complete Answers
Endorsements used to modify coverage extensions (6) - Answer ️️1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants
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Examen
CIC Commercial Property Exam Questions with 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
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