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Caib 2 Study Notes; Chapter 1 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 Study Notes; Chapter 1 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 Study Notes; Chapter 1Questions And Answers With Verified
Solutions Already Passed!!!
1. Residential (homes)
2. Mercantile (hospital)
3. Non-mercantile (stores)
4. Manufacturing/industrial (manufacturing plants) - ANSWER✔✔Identify 4
categories that buildings may fall into and give an example of each
1. Scheduled basis
2. All property basis - ANSWER✔✔Identify two bases that coverage can be
provided
1. Scheduled basis - only property which is specifically identified or scheduled on
the policy is insured
2. All property - All property owned by the insured is covered by a single limit of
insurance. Usually subject to a minimum 90% co-insurance clause -
ANSWER✔✔Briefly explain how the scheduled basis and all property is identified
1. Fixed structures; pertaining to the business and located on the property (fencing,
yard signs, lights)
2. Additions and extensions; in contact with the building (enclosed walkways,
lean-to storage)
3. Permanent fittings & fixtures attached to or forming part of the building
(heating, plumbing, carpeting)
4. Materials, equipment, supplies used for maintenance
5. Growing plants, trees, shrubs, flowers; inside the insureds building for
decorative purposes when insured is owner - ANSWER✔✔Identify and give an
, example of each of the five types of property contained in the definition of
building found in the IBC Commercial Property Broad Form
1. Such property was inside the building
2. It was being used for decorative purposes
3. The insured was the owner of the building - ANSWER✔✔Identify the three
conditions pertaining to the coverage of growing plants, trees, etc
1. Merchandise of every description usual to the insureds business; goods held for
sale
2. Packing, wrapping, & advertising materials; bubble wrap, flyers or catalogues
3. Similar property belonging to others which the insured is under obligation to
keep insured or which he is legally liable; consignment goods or tv repair shop -
ANSWER✔✔Identify and give an example of each of the three types of property
contained in the definition of Stock found in the IBC Commercial Property Broad
Form
1. Property lost or damaged must be similar that insured is insured by the policy
2. The insured must have had an obligation to keep the property insured
3. The insured must have been legally liable for it - ANSWER✔✔Identify three
conditions that need to be present before "similar property belongings to others"
will be insured under the definition of stock
1. All contents usual to insureds business including furniture, furnishings, fittings
other than building or stock
2. Similar property belonging to others insured under obligation to keep insured for
legally liable
3. Tenants improvements made at the expense of the insured, not otherwise
insured, provided insured is not the owner of the building - ANSWER✔✔Identify
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