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Caib 2 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 Questions And Answers With Verified Solutions Already Passed!!!
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Caib 2 Questions And Answers WithVerified Solutions Already Passed!!!
Explain what an submission is and identify three types of information -
ANSWER✔✔A proposal for insurance which is presented to an underwriter for
consideration. It can include an application, additional verbal info, additional
written info.
Identify three purposes served by survey forms - ANSWER✔✔Assists to indenting
loss exposures, helps eliminate the purchases of coverages the business doesn't
need, assists in the development of underwriting information needed by insurers.
State three advantages of using a property checklist with your client -
ANSWER✔✔Alerts brokers to possible loss exposures, ensures that needed
coverages are not forgotten/ignored, helps reduce the potential for an errors or
omissions claims
When determining eligibility for coverage, the insurer will request certain
information. There are 5 types of building construction used in buildings having
commercial occupancy. Which is the likely to produce the highest rate? Which is
likely to produce the lowest rate? - ANSWER✔✔Frame-highest rate
Fire resistive-lowest rate
When the building to be insured exceeds a certain age, the insurer will request
information concerning recent renovations or upgrading
A) approximately how old does a building have to be for the insurer to request this
additional information?
B) identify 5 kinds of upgrades to the building likely to be of most interest to
insurers? - ANSWER✔✔A) 25 years old
B) roof, wiring, plumbing, cover current protection, heating
, Identify 5 hazards common to the majority of commercial risks. -
ANSWER✔✔Heating, electrical services, detachment, protection, occupancy
Why is the distance or detachment from other commercial risks an important rating
consideration for insurers? - ANSWER✔✔Detachment is important to note
because the proximity to other commercial buildings can increase the risk (ex
bakery)
Identify the 2 kinds of protection which insurers consider when establishing the
rate or premium charged. - ANSWER✔✔Private protection- what the insured has
done internally to prevent or reduce loss
Public protection- refers to the external protection provided to insured property (ex
availability of fire fighting services)
Fire resistive - ANSWER✔✔Building which has met minimum standards in terms
of hours it will withstand a specific, carefully controlled test fire.
Non-combustible - ANSWER✔✔All structural members including floors, roofs,
and their supports are constructed of steel, iron, concrete or other non-combustible
constructible materials. Exterior also required to be of non combustible
construction. Falls just short of classifying as a fire resistive
Common hazards - ANSWER✔✔Conditions common to all buildings which
influence their potential for loss
Detachment - ANSWER✔✔Refers to the proximity of the building insurers or
containing the property insured to other commercially rated buildings
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