- Study guides, Class notes & Summaries

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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3 pages

Written in 2023/2024

Grade A+

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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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9 pages

Written in 2023/2024

Grade A+

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CIC Commercial Property Package with verified solutions.

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12 items

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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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38 pages

Written in 2023/2024

Grade A+

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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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19 pages

Written in 2023/2024

Grade A+

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6 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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10 pages

Written in 2023/2024

Grade A+

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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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5 pages

Written in 2023/2024

Grade A+

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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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23 pages

Written in 2023/2024

Grade A+

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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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21 pages

Written in 2023/2024

Grade A+

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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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3 pages

Written in 2023/2024

Grade A+

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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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8 pages

Written in 2023/2024

Grade A+

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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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5 pages

Written in 2023/2024

Grade A+

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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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5 pages

Written in 2023/2024

Grade A+

UndisputedPundit28