CAIB 2 Chapter 1 Practice exam 1 2025
Questions and Answers
Explain what it means to issue insurance on a scheduled basis - ANSWER✔✔-Only the property
listed or scheduled on the policy is insured
Explain what is meant to issue insurance on the basis of Property of Every Description -
ANSWER✔✔-Building, stock and equipment are insured under a single limit of insurance
Explain what it means to issue insurance on an all property (blanket) basis - ANSWER✔✔-All
property owned by the insured is insured under a single limit of insurance. All property blanket may
insure property at more than one location
In commercial property policies, identify six components used to define a building - ANSWER✔✔-
1) Building described on the declaration page
2) Fixed structures pertaining to the building and located on the premises
3) Additions and extensions communicating and in contact with the building
5) Materials, equipment and supplies on the premises for maintenance of, and normal repairs and
minor alterations to the building or for building services
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
Questions and Answers
Explain what it means to issue insurance on a scheduled basis - ANSWER✔✔-Only the property
listed or scheduled on the policy is insured
Explain what is meant to issue insurance on the basis of Property of Every Description -
ANSWER✔✔-Building, stock and equipment are insured under a single limit of insurance
Explain what it means to issue insurance on an all property (blanket) basis - ANSWER✔✔-All
property owned by the insured is insured under a single limit of insurance. All property blanket may
insure property at more than one location
In commercial property policies, identify six components used to define a building - ANSWER✔✔-
1) Building described on the declaration page
2) Fixed structures pertaining to the building and located on the premises
3) Additions and extensions communicating and in contact with the building
5) Materials, equipment and supplies on the premises for maintenance of, and normal repairs and
minor alterations to the building or for building services
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
