CIC COMMERCIAL PROPERTY EXAM
(ACTUAL EXAM) QUESTIONS WITH VERY
ELABORATED ANSWERS CORRECTRY WELL
ORGANIZED LATEST 2024 – 2025 ALREADY
GRADED A+
Net Profit - ANSWERS-Gross Sales - COGS = Gross Profit
Gross Profit - Operating Expenses = Net Profit (EBIT)
Business Income - ANSWERS-NICE. Net Income + Continuing Operating Expenses
(including payroll)
1. Actual loss sustained
2. Necessary "suspension" (slowdown) of 'operations"
3. Caused during "period of restoration"
--BI...72 hrs after direct physical loss.
--EE immediately post loss
,Dependent Properties Exposure - ANSWERS-BI from Dependent Properties (Basic)
CP 15 09 or 15 08 (Broad)
1. Contributing Locations
2. Recepient Locations
3. Manufacturing Locations
.4 Leader Locations
Components of "Common Policy Dec" IL DS 00 09 08 - ANSWERS-1. Named
Insured
2. Mailing Address
3. Policy Period
4. Biz Description
5. Premium for Coverage Parts
6. Forms Applicable
Components of "Common Policy Conditions" IL 00 07 11 98 - ANSWERS-1.
Cancellation
2. Changes
3. Examination of your Books
4. Inspections & Surveys
5. Premiums
6. Transfer of Your Rights and Duties
, Components of "Commercial Property Dec" CP DS 00 10 00 - ANSWERS-1.
Effective Date
2. Named Insured
3. Description of Premises
4. Coverages Provided
Learning Objective 1A - Rights and Duties of the first Named Insured - ANSWERS-
1. Authorization to Cancel
2. Receive Cancellation
3. Make Changes with Insurer Consent
4. Responsible for Payment of Premium
5. Payee (Receiver) for Return Premium
Learning Objective 1B - How does Coinsurance apply? - ANSWERS-Amount
Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or
"Did Have"/"Should Have" x Loss = Recovery - Deductible
Components of "Commercial Property Conditions" CP 00 90 07 08 - ANSWERS-A.
Concealment, Misrepresentation, or Fraud
B. Control of Property
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