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Caib 2 - Commercial Property Questions And Answers With Verified Solutions 100% Correct!!!
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Caib 2 - Commercial Property Questions And Answers With Verified Solutions 100% Correct!!!
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Caib 2 - Commercial Property QuestionsAnd Answers With Verified Solutions
100% Correct!!!
What are 2 examples of temporary locations where property maybe located and
insured by temporary location coverage? - ANSWER✔✔1) When at customers
premises on a pre-sale trial basis
2) When at warehouse awaiting pickup by client
What are 3 coverages found in EDP Policies? - ANSWER✔✔1) Loss to data
processing systems and components (hardware)
2) Loss to data processing media and programs (software)
3) Extra Expenses
What are 2 key coverage advantages provided by section I of EDP Policies? -
ANSWER✔✔1) Broad water losses
2) Mechanical & Electrical breakdown
List 5 causes of mechanical and electrical breakdown insured by EDP Policies? -
ANSWER✔✔1) Error in machine programing
2) Processing
3) Short Circuit
4) Dampness or dryness or atmosphere
5) Extremes of temperature
What limit of coverage is available to insure Valuable Papers & Records while off
premises? - ANSWER✔✔10% of amount of insurance or $5000, whichever is less
,What type of electrical disturbance is insured by Valuable Papers & Records while
off premises? - ANSWER✔✔when it is caused by lightning
What 2 factors influence premiums to be charged on both Accounts Receivable
and Valuable Papers & Records coverage - ANSWER✔✔1) Availability of
duplicates
2) Quality of described receptacle
When can coverages be extended to insure Valuable Papers & Records while off
premises (2) - ANSWER✔✔1) When being transported outside premises
2) When at other premises on a temporary basis
What are 4 coverages provided by accounts receivable form and provide an
example of each - ANSWER✔✔1) Amounts which cannot be collected due to loss
of accounts receivable records (Ex: client doesn't remember entire list of customers
who owe)
2) Interest on loans your client needs to pay current liabilities (Ex: supplier must be
paid prior to settlement)
3) Extra costs in collection of accounts receivable (Ex: paying a collection
agencies or overtime to staff trying to collect accounts)
4) Expenses incurred in the reconstruction of records (Ex: hiring an accountant to
reconstruct AR list)
What are 4 coverages automatically included in commercial package policies -
ANSWER✔✔1) Property Insurance
2) Business Interruption
3) Liability Insurance
, 4) Crime Insurance
What are 5 considerations that may result in lower premiums - ANSWER✔✔1)
Building constructed after 1945
2) Sprinklered
3) Alarmed
4) Sole Occupant
5) Increased deductible
List 3 provisions found in the extension for personal property of officers and
employees - ANSWER✔✔1) Only applicable when the employee (The owner)
does not have the property insured or when the client is liable
2) coverage is limited to $250/employee or director
3)coverage applies at described location or any newly acquired location
Identify 2 crime coverages provided by building damage by theft extension -
ANSWER✔✔1) Theft or attempt thereat
2) Vandalism or malicious acts happening during same occurrence
What Perils are insured by commercial Broad form policies - ANSWER✔✔All
risk of direct physical loss or damage subject to policy conditions and exclusions
Identify 6 advantages of the broad form - ANSWER✔✔1) theft losses to stock &
equipment is insured
2) water damage from rupture of overhead water lines
3) impact of vehicles operated by insured or employees is covered
4) many types of collapse
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