Caib 2 - Study guides, Class notes & Summaries

CAIB 2 Practice Exam Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test

Identify the company which assumes the greatest portion of an account? (Ch. 1) - ANSWERLead company What is "reinsurance" (Ch. 1) - ANSWERReinsurance is when an insurance company "cedes" part of the risk to a reinsurer. What are three considerations used when determining amounts of indemnity? (ch 1) - ANSWER1. Actual cash value of property as it existed immediately prior to loss. 2. The interest of the insured in the property. 3. The amount of insurance as shown on the policy. Why d...

Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption correct answersB. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to cer...

CAIB 2 - Chapter 1 Questions and Answers Rated A+ The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: 1) the value of the lost or damaged property (ACV) 2) the interest of the insured in the property (ex. financial interest, home, mortgage) 3) the amount of insurance specified on the "Declarations Page" for the loss or damaged property (least amount|) Identify the four categories that buildings may fall into: Re...

Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - ANSWERB. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to certain pa...

CAIB 2 PRACTICE EXAM

CAIB 4 Exam Questions with Correct Answers What are the two approaches to planning? Explain each - Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage 2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units. What are the advantages and disadvantages of top down planning? - Answer-Advantages: Management feels in control and in charge of decision makin...

Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - ANSWERB. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer agrees not to exercise that right in respect to certain pa...

CAIB 2 Question and answers correctly solved 2024Identify 3 classes of property insured by commercial property insurance policies - correct answer Building, Equipment, Stock Identify 2 ways used to insure commercial property and a brief explanation of each - correct answer Scheduled coverage: only that property specifically identified or scheduled on the policy is insured All Property (formerly POED) a single limit of insurance is provided for building, stock, and equipment. Schedul...

CAIB 2 Questions with complete solution 2024 Your client, a retail fashion store, has just rented a business premises in a mall. Before opening your business, she plans to install new wall to wall carpeting and install wall paneling. These values would be insured under the amount provided for: A. Stock B. Equipment C. Building D. Business Interruption - correct answer B. Equipment While the law permits the insurer to surrogate against the party responsible for the loss, the insurer a...