CIC Commercial Property Tests Bundle Set

CIC Commercial Property Exam Prep questions with correct answers

The federal ___________ law prohibits anyone (a person or corporate entity) from intentionally soliciting or receiving remuneration (anything of value such as bribes, rebates, Cash, etc.), directly or indirectly, to get Patient referrals and/or additional business reimbursed under federal healthcare...

What are commercial property loss exposures CORRECT ANSWER-Buildings, personal property of owner, others and off premises, business income. What are some causes of loss CORRECT ANSWER-Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts CORRE...

Endorsements used to modify coverage extensions (6) CORRECT 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 Explain ...

How many causes of Loss are on Basic Form (10 10) CORRECT ANSWER-11 How many causes of Loss are on the Broad Form (10 20) CORRECT ANSWER-14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) CORRECT ANSWER-Theft When loss occurs on a basic or bro...

Cancellation CORRECT ANSWER-First NI: -may cancel this policy by mailing or delivering to us advance written notice of cancellation -delivering written notice of the cancellation to First NI Named Insured CORRECT ANSWER-Is the person who is authorized to make changes to the terms of the policy ...

List and explain the specific rights and duties of the first Named Insured as stated in the Common Policy Conditions. CORRECT ANSWER-1. Authorized To Cancel 2. Receive Notice Of Cancellation 3. Make Changes With Insurer Consent 4. Responsible For Payment Of All Premiums 5. Payee For Return Premi...

Coinsurance CORRECT ANSWER-Insurer agrees to a reduced rate if insured carries a specific percentage of insurance to the value of the property Coinsurance penalizes the insured in the event of partial loss Coinsurance formula CORRECT ANSWER-Limit of loss carried/Value of property at time of lo...