Remojudytask

Which of the following is LEAST likely to be a factor when determining the eligibility of a person for property insurance? A.) The claims history showing when prior claims occurred and how much was paid to settle the claim. B.) The nature of the risk, such as the type of building and the number of families living in the building. C.) Existence of any hazards, such as nearby environmental risks D.) Whether the premium will be paid in full or billed to the insured. - CORRECT ANSWER-D.)...

Representing to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding An agent may not obtain principally for the purpose of writing "controlled business" which is defined as business written on themselves, their family members or employees of a firm that the agent controls. If an agent's total premium written duri...

warranty - CORRECT ANSWER-Agreement between insured and insurer that certain conditions will be met Vicarious Liability - CORRECT ANSWER-Legal responsibility placed on one person for the acts of another. Vacant - CORRECT ANSWER-The absence of both people and property from a premises. Unscheduled Coverage/ Blanket Insurance - CORRECT ANSWER-A single coverage amount that applies generally to personal property. UM - CORRECT ANSWER-Pays insured if the at fault driver has no insurance or ...

5 Qualifications for a General Lines License - CORRECT ANSWER-1. 18 years old 2. resident of FL or place of business in FL 3. 200-hour course or 1 yr experience in all lines 4. cannot be for writing controlled business 5. Exam waived for CPCU designation or college degree with 15 hours in insurance controlled business - CORRECT ANSWER-more than 50% of income from businesses applicant is involved in, such as family business Department of Financial Services - CORRECT ANSWER-does not mak...

PACKEGE DEAL FOR CAIB 2 WITH COMPLETE ACCURATE ANSWERS

Define "Endorsement" - CORRECT ANSWER-endorsements change the terms of existing policies Define "Rider" - CORRECT ANSWER-Riders add coverages to those already on the policy What values are insured on a Glass Rider - CORRECT ANSWER-1) Glass 2) Artwork on glass 3) Tape & Foil on glass When would tenants require Glass Riders? - CORRECT ANSWER-tenants may require glass riders when they have assumed responsibility for damage to glass in a lease What type of information is required by ...

Supporting Business - CORRECT ANSWER-Existence of other insurance policies the applicant has with the same insurer Accommodation Business - CORRECT ANSWER-Business which is marginal or substandard but which the insurer agrees to accept as a favour or accommodation to the broker Adverse Selection - CORRECT ANSWER-Occurs when the applicants for insurance are largely those most likely to suffer a loss (ex: flood) Hard Market - CORRECT ANSWER-Occurs when low profit margins force out some of...

Define endorsement - CORRECT ANSWER-Endorsements change terms of existing policies Define rider - CORRECT ANSWER-Riders add additional coverages to the 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 - CORRECT ANSWER--nc -nc -nc -nc -nc What values are insured on a glass rider? - CORRECT ANSWE...

Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - CORRECT ANSWER-Refers to policy used to insure building, stock, and equipment under a single limit of insurance All Property (Blanket) - CORRECT ANSWER-A policy under which all property owned by the insured is covered or blanketed by a single limit of insurance Tenants Improvements - CORRECT ANSWER-Building...

What is the insurer entitled to do when misrepresentation has been shown or has contributed to the loss - CORRECT ANSWER-The insurer is entitled to void the policy What is the major single cause of fire and one of the leading caused of death in Canada: - CORRECT ANSWER-Mechanical or electrical failure of equipment What is the exception to the coverage provided for in the peril of Impact by Aircraft, Spacecraft and Land Vehicle under the Fire and EC form insures: - CORRECT ANSWER-Damage to ...

3 conditions or obligations that insured owed before Replacement Cost Settlement payout is issued ( Payment after, Diligence ,Site ) - CORRECT ANSWER-1) payment is made after replacement work is completed 2) replacment work must be done in due diligence and dispatch 3) replacement must be at same site or adjacent site 6 insured duties during a crime loss ( n n 120 s oath securities ) - CORRECT ANSWER-1) notify authority 2) notify insurer 3) prepare proof of crime loss within 120 days of ...

identify the three leading causes of fires in canada - CORRECT ANSWER--failure or malfunction of mechanical or electrical equipment -arson, suspected arson and other set fires -misuse of source of ignition Identify what information is required by law to appear on all insurance policies - CORRECT ANSWER-names of parties to the contract policy periodloss payable or payee summary of insurance coverage rate and premium charged subject matter of insurance identify the 'policy period' ...

Three purposes of survey forms. - CORRECT ANSWER-1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. Three advantages of using a property checklist with clients. - CORRECT ANSWER-1) Alerts broker to possible loss exposures; 2) Ensures needed coverages are not overlooked; 2) Helps reduce potential for an E&O claim. The age a building has to be for an insurer to request...

identify three reasons why a bailee may have temporary custody of the personal property of another - CORRECT ANSWER-for repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - CORRECT ANSWER-small engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - CORRECT ANSWER-there is a legal duty on the bailee to take the same care of goods of others as wou...

1. An application 2. Additional verbal information 3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - CORRECT ANSWER-An application and a submission are not the same thing. Identify three items that a submission may include 1. Completion of survey 2. Search for interested insurers 3. Meet with prospect, discuss quotes and select insurer 4. Request binding coverage from elected insurer 5. Review policy an...

Provide four sources of Business Interruption losses and an example of each. - CORRECT ANSWER-i) Physical damage to business example: Fire destroys business and customers cannot make purchases ii) Failure of public utilities example: Ice storm damages power lines and power cannot be restored for several weeks. This results in sales at the business to plummet iii) Transportation related accidents example: Railcar containing hazardous gas overturns causing evacuation of town. As a result, o...

3 advantages of using a fact find or survey - CORRECT ANSWER-1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies 3 benefits of commercial property checklists - CORRECT ANSWER-1) Assists brokers when identifying potential losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing E&O losses Define "Fire Resisti...

identify three types of crime losses to real property - CORRECT ANSWER-vandalism malicious acts burglary and arson identify three reasons why some types of personal property become 'target items' - CORRECT ANSWER-convertibility (the ease with which property can be converted to cash) value portability identify eight methods used by criminals which can result in loss to real and personal property - CORRECT ANSWER--forced entry into building and protected enclosures -unforced...

replacement value - CORRECT ANSWER-Cost to repair, replace or rebuild the lost or damaged property without deduction for depreciation Scheduled Coverage - CORRECT ANSWER-Coverage for property specifically identified or scheduled on the insurance policy All Property - CORRECT ANSWER-All property owned by Insured is covered by a single limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment) Tenant's Improvements - CORRECT ANSWER-Building improvements, alterations...

Explain what it means to issue insurance on a scheduled basis - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-All property owned by the insured is insured under a single limit of insurance....