CAIB 2 Chapter 4 Practice Test 1 Latest Update 2023

Define Endorsement. - ANSWERSEndorsements change terms of existing policies Define Rider. - ANSWERSRiders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - ANSWERSa) NC mechanical breakdown b) NC damage caused by power surge c) NC damage caused when dropped during installation d) NC damage caused by freezing e) NC damage caused by striking employees What values are insured on a Glass Rider? - ANSWERSi) Glass ii) Artwork on glass iii) Tape and foil on glass When would tenants require Glass Riders? - ANSWERSTenants may require glass coverage when tenants have assumed responsibility for damage to glass in a lease What type of information is required by underwriters when insuring glass on a scheduled basis? - ANSWERSi) Type, size and number of glass units ii) Location of glass iii) Information of any lettering, tape, foil or ornamentation What are two factors, relating to location, which may influence Glass Rider premiums? - ANSWERSi) Interior or exterior