1. An application
2. Additional verbal information
3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - ANSWERAn application and a submission are not the same thing. Identify three items that a submission may include...
CAIB 2 STUDY NOTES;
CHAPTER 2 CORRECT 100%
1. An application
2. Additional verbal information
3. Additional written information, including: previous policy premium, loss history and details,
photos, and financial statements - ANSWERAn application and a submission are not the same thing.
Identify three items that a submission may include
1. Completion of survey
2. Search for interested insurers
3. Meet with prospect, discuss quotes and select insurer
4. Request binding coverage from elected insurer
5. Review policy and deliver to client - ANSWERIdentify five steps of the brokers role in the
underwriting process
1. Assists in identification of loss exposures
2. Helps to determine coverage needed
3.develops other underwriting information needed by the insurer - ANSWERIdentify three things that
a survey does
1. Alerts brokers to possible loss exposures
2. Ensures that needed coverages are not forgotten or ignored
3. Helps to reduce the potential for an error and omissions claim - ANSWERIdentify three reasons fo
a broker to use a commercial property check list
1. Fire resistive
2. Non-combustive
3. Heavy timber
4. Ordinary
, 5. Frame - ANSWERIdentify five classes of building constructions as identified by the IAO
1. Fire resistive - one which has met minimum standards in terms of hours it will withstand a specific,
carefully controlled test fire
2. Frame - supporting walls, exterior wood, plaster, metal and masonry veneers
3. Heavy timber - old buildings, rare - ANSWERIdentify three of the following: Fire resistive, non-
combustible, heavy timber, ordinary and frame
1. Roof
2. Wiring
3. Over-current protection (breakers/fuses)
4. Plumbing
5. Heating - ANSWERIdentify five areas of information that may be required when a building is over
25 years or age
1. Heating
2. Electrical services
3. Detachment
4. Protection
5. Occupancy - ANSWERIdentify five hazards common to all commercial buildings which may
influence their potential for loss
1. Copper wiring; superior over aluminum. All wiring enclosed within metallic casing or conduit to
protect from damage, decay, or breakdown
2. Non-interchangeable circuit breakers; they are virtually fool proof - once installed, they can be
reset whenever they trip by pressing reset button
3. Identify the two types of protection available for insured property;
1. Private protection; things insured has done internally to prevent or reduce loss (fire extinguishers)
2. Public protection - that which is external (availability of firefighting services) - ANSWERIdentify the
advantages of; Copper wiring, non-interchangeable circuit breakers, and two types of protection
available for insured property
1. Fire extinguishers
2. Automatic sprinkler system - ANSWERIdentify two examples of private protection
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersbyjol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
