PACKEGE DEAL FOR CAIB 2 WITH COMPLETE ACCURATE ANSWERS

Only the property specifically listed or scheduled on the policy is insured. - CORRECT ANSWER-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - CORRECT ANSWER-Property of Every Description (POED) coverage. All property owned by the insured is co...

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 s...

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 propert...

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) va...

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 checklis...

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 ...

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...

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 dr...

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 ANS...

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 - CORREC...

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 ...

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 fa...

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 ...

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 d...

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 Selecti...

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 Whe...