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CAIB 2 - CHAPTER 1 (from IBABC) questions with 100- correct answers(latest update).
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CAIB 2 - CHAPTER 1 (from IBABC) questions with 100- correct answers(latest update).
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CAIB 2 - CHAPTER 1 (fromIBABC) questions with 100%
correct answers(latest
update)
Only the property specifically listed or scheduled on the policy is insured. -
answer Scheduled coverage.
Building, Stock and Equipment are insured under a single limit of
insurance. - answer Property of Every Description (POED) coverage.
All property owned by the insured is covered or "blanketed" by a single
limit of insurance. (May insure property at more than one location.) -
answer All Property (Blanket) coverage.
1) Building
2) Equipment
3) Stock. - answer The three classes of property insured by commercial
property insurance policies.
It sets the stock coverage to items that are USUAL to the insured's
business. - answer Regarding stock coverage, why it's important to
provide a proper description of the business to the insurer.
- The lost or damaged property is similar to that insured by the policy;
- The insured was under an obligation to insure that property;
- The insured was legally liable for it. - answer "Similar property
belonging to others" is automatically covered under the amounts of
insurance for stock and equipment if...
, 1) Fixed structures located on the premises;
2) Additions and extensions communicating and in contact with the
building;
3) Permanent fitting and fixtures attached to and forming part of the
building;
4) Materials, equipment and supplies on the premises for maintenance of,
and normal repairs and minor alterations to the building, or for building
services;
5) Growing plants, trees, shrubs or flowers inside the building used for
decorative purposes, when the insured owns the building. - answer The
five components found in the definition of "building" in commercial
property policies.
The entire area within the property lines and areas and areas under
adjoining sidewalks and driveways at the location described on the
Declarations Page, and in or on vehicles within 100 meters (328 feet) of
such locations. - answer "Premises."
1) Merchandise of every description usual to the insured's business;
2) Packing, wrapping and advertising materials;
3) Similar property belonging to others which the insured is under
obligation to keep insured or for which he is legally liable. - answer The
three components found in the definition of "stock" in commercial policies.
1) All contents usual to the insured's business (including furniture,
fittings, fixtures, machinery, tools, etc.) other than "building" or "stock";
2) Similar property belonging to others which the insured is under
obligation to keep insured or for which he is legally liable;
3) Tenant's improvements, which are defined as building improvements,
alterations, and betterments made at the expense of the insured to a
"building" occupied but not owned by the insured, and which are not
otherwise insured. - answer The three components of "equipment" found
in commercial policies.
1) Actual Cash Value
2) Replacement Value
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