CIC Commercial Multiline Tests Bundle Set

Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) CORRECT ANSWER-1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance a...

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. CORRECT ANSWER-Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others...

Reasons to have Umbrella CORRECT ANSWER-1. Provides additional limits that are excess over underlying limits of insurance 2. Provides primary coverage when an underlying policy does not respond because aggregate limit has been exhausted. 3. Provides broader coverage than existing underlying insura...

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 CORRECT ANSWER-Commercial Property policy does not cover: accounts, bills, currency, money, notes, food stamps ...

Learning Objective 1 - Using knowledge of inland marine describe general concepts. What property can be covered under marine (ocean, inland) policies? CORRECT ANSWER--Imports -Exports -Domestic Shipments -Instruments of Transportation and communication Bridges, tunnels, piers, wharfs, docks...

BR: Unique Coverage Challenges CORRECT ANSWER--Changing/increasing values and exposures -Insurable interests can vary as project develops -Property to be covered not located at the project site -Projects in the course of construction are more susceptible to loss BR: Purpose CORRECT ANSWER--N...

Identify the three primary Purposes of Excess liability & Umbrella liability policies. Excess Liab - LO1 CORRECT ANSWER 1. Provides additional limits that are excess over underlying limits of insurance. ie: Auto Loss 1.8M. 2. Provides primary coverage when underlying poliy does not respond beacu...