Exam (elaborations)
CAIB 2 - CHAPTER 1 (from IBABC) questions with 100- correct answers(latest update).
- Course
- Institution
CAIB 2 - CHAPTER 1 (from IBABC) questions with 100- correct answers(latest update).
[Show more]
Content preview
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
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 BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76747 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now