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Caib 2 - Chapter 3 Ibabc Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 - Chapter 3 Ibabc Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 - Chapter 3 Ibabc Questions AndAnswers With Verified Solutions Already
Passed!!!
Define "Endorsement" - ANSWER✔✔endorsements change the terms of existing
policies
Define "Rider" - ANSWER✔✔Riders add coverages to those already on the policy
What values are insured on a Glass Rider - ANSWER✔✔1) Glass 2) Artwork on
glass 3) Tape & Foil on glass
When would tenants require Glass Riders? - ANSWER✔✔tenants may require
glass riders when they have assumed responsibility for damage to glass in a lease
What type of information is required by underwriters when insuring glass on a
scheduled basis? - ANSWER✔✔1) type, size and number of glass units 2) location
of glass 3) information of any lettering, tape, foil or ornamentation
What are 2 factors, location wise, that may influence the premium on Glass Riders
- ANSWER✔✔1) Interior or exterior 2) level located on building (ie 1st or 2nd
floor)
3 Examples of loss covered by Glass Riders - ANSWER✔✔1) employee breaks
glass while carrying lumber into the store 2) customer breaks glass with floor lamp
they just purchased in store 3) glass breaks as a result of buildings foundation
settling
, 4 coverages provided by the Accounts Receivable Form and provide an example of
each - ANSWER✔✔1) amounts which cannot be collected due to loss of account
records; lists of clients who have an outstanding amount due 2) interest on loans or
lines of credit your client needs to utilise to pay current liabilities; money owed to
suppliers must be paid prior to settlement with insurer 3) extra costs in the
collection of accounts receivable; amounts paid to collection agencies or overtime
wages to staff trying to collect accounts 4) expenses incurred in the reconstruction
of records; client hires accounting firm to reconstruct records
What is the requirement of insureds when accounts receivable records are not in
use and the premises are closed? - ANSWER✔✔accounts receivable records must
be stored in a described receptacle
2 factors that influence premiums to be charged on Accounts Receivable Forms? -
ANSWER✔✔1) Availability of Duplicates 2) Quality of Described Receptacle
2 factors that influence premiums to be charged on Valuable Papers and Records
while off premises - ANSWER✔✔1) Availability of Duplicates 2) Quality of
Described Receptacle
When can coverage be extended to insure Valuable Papers and Records while off
premises? - ANSWER✔✔1) when being transported outside premises 2) when at
other premises on a temporary basis
What coverage limit is available to insure Valuable Papers and 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
Insurance? - ANSWER✔✔When caused by lightning damage
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