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CIC Commercial Property Exam-Questions with Correct Answers/ Verified/ Latest (2024/2025)
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CIC Commercial Property Exam-Questions with Correct Answers/ Verified/ Latest (2024/2025)
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CIC Commercial Property Exam-Questions with Correct Answers/Verified/ Latest (2024/2025)
Actual Cash Value (ACV) - ✔✔replacement cost less an allowance for insurance
depreciation, wear and tear, or obsolescence
Advance premium - ✔✔initial premium paid to begin coverage on a policy
Agreed Value - ✔✔a limit agreed upon by the underwriter and Named Insured that is
deemed adequate, therefore, suspending the coinsurance clause
Bailee - ✔✔person or organization that has possession of the property of others, usually for
storage, repair, or servicing
Bailment - ✔✔situation in which property of one has been entrusted to another. A bailment
can be for the benefit of either party or both. The degree of care owed by the bailee to the
bailor differs according to who has the benefit of the bailment.
Coinsurance - ✔✔a rating and underwriting concept that is designed to encourage an
insured to purchase an amount of insurance nearly equal to or equal to the full value of the
property being insured
Demand surge - ✔✔increased costs of rebuilding following a disaster
Final premium - ✔✔determined at the end of the policy year based on average reports of
valued submitted by the insured
Inflation Guard - ✔✔a feature that increases the amount of an insurance benefit by a fixed
percentage automatically every year, to adjust for inflation
Insurable interest - ✔✔the existence of potential financial loss, or having a legal or financial
relationship in the value of the subject of insurance, on the part of the policy owner and/or
beneficiary in the event of a payable Covered Cause of Loss
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