CAIB 2- Chapter 2 Exam Questions With
100% Accurate Solution Scored A+
An application and a submission are not the same thing. Identify three items that a
submission may include: - CORRECT ANSWER--an application
-additional verbal information
-additional written information, including previous policy premium, loss history and
details of loses, financial statements, photographs
Identify five steps of the broker's role in the underwriting process: - CORRECT
ANSWER--completion of survey
-search for interested insurer
-meet with client, discuss quotes and select insurer
-request binding coverage from the selected insurer
-review policy and deliver to client
[MR. CSR]
Identify three things that a Survey does * - CORRECT ANSWER--assist in identification
of loss exposures
-helps to determine the coverages needed
-develops other underwriting information needed by the insurer
Identify three reasons for a broker to use a Commercial Property Check list - CORRECT
ANSWER--alerts brokers to possible loss exposures
-ensures that needed coverages are not forgotten or ignored
, -helps to reduce the potential for an errors and omissions claims
Identify five classes of Building Construction as identified by the IAO and briefly explain
any three. - CORRECT ANSWER-1) fire resistive - building is one which has met
minimum standards in terms of hours it will withstand a specific, carefully controlled test
fire. (blocked doors)
2) non-combustive - is when all structural members, including floors, roofs, and their
supports are CONSTRUCTED of STEEL, IRON, concrete or other non-combustible
materials. Falls just short of fire resistive. (bricks)
3) heavy timber - is quite rare and only found in existing old buildings. Floor and roof
construction is wood such as a log house. (log house)
4) ordinary (concrete, wood, steel)
5) frame (wood)
[hoffon
Identify five areas of information that may be required when a building is over 25 years
of age: - CORRECT ANSWER-- roof
- wiring
- over-current protection (circuit breakers, fuses)
- plumbing
- heating
Identify five hazards common to all commercial buildings which may influence their
potential for loss: - CORRECT ANSWER-- heating
- electrical services
- detachment
- protection
100% Accurate Solution Scored A+
An application and a submission are not the same thing. Identify three items that a
submission may include: - CORRECT ANSWER--an application
-additional verbal information
-additional written information, including previous policy premium, loss history and
details of loses, financial statements, photographs
Identify five steps of the broker's role in the underwriting process: - CORRECT
ANSWER--completion of survey
-search for interested insurer
-meet with client, discuss quotes and select insurer
-request binding coverage from the selected insurer
-review policy and deliver to client
[MR. CSR]
Identify three things that a Survey does * - CORRECT ANSWER--assist in identification
of loss exposures
-helps to determine the coverages needed
-develops other underwriting information needed by the insurer
Identify three reasons for a broker to use a Commercial Property Check list - CORRECT
ANSWER--alerts brokers to possible loss exposures
-ensures that needed coverages are not forgotten or ignored
, -helps to reduce the potential for an errors and omissions claims
Identify five classes of Building Construction as identified by the IAO and briefly explain
any three. - CORRECT ANSWER-1) fire resistive - building is one which has met
minimum standards in terms of hours it will withstand a specific, carefully controlled test
fire. (blocked doors)
2) non-combustive - is when all structural members, including floors, roofs, and their
supports are CONSTRUCTED of STEEL, IRON, concrete or other non-combustible
materials. Falls just short of fire resistive. (bricks)
3) heavy timber - is quite rare and only found in existing old buildings. Floor and roof
construction is wood such as a log house. (log house)
4) ordinary (concrete, wood, steel)
5) frame (wood)
[hoffon
Identify five areas of information that may be required when a building is over 25 years
of age: - CORRECT ANSWER-- roof
- wiring
- over-current protection (circuit breakers, fuses)
- plumbing
- heating
Identify five hazards common to all commercial buildings which may influence their
potential for loss: - CORRECT ANSWER-- heating
- electrical services
- detachment
- protection
