Caib 1 exam stuvia - Study guides, Class notes & Summaries

Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - ANSWERAll property owned by the insured is insured under a single limit of insurance. All property blanket may i...

Scheduled Coverage - ANSWER-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWER-Refers to policy used to insure building, stock, and equipment under a single limit of insurance All Property (Blanket) - ANSWER-A policy under which all property owned by the insured is covered or blanketed by a single limit of insurance Tenants Improvements - ANSWER-Building improvements, alterations and b...

1) Failure or malfunction of mechanical or electrical equipment; 2) Arson; 3) Misuse of ignition source. - CORRECT ANSWER-The three leading causes of fire losses in Canada. Policy period takes effect at 12:01 a.m. standard time at the address of the Named Insured as stated on the policy. - CORRECT ANSWER-The policy-period start that's applicable to most commercial property policies. The insurer is liable to that party, meaning that it may have to pay the claim twice. - CORRECT ANSWER-Th...

Explain what it means to issue insurance on a scheduled basis - ANSWEROnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERBuilding, stock and equipment are insured under a single limit of insurance What are three ways property may be values - ANSWER1) Actual cash value 2) Replacement cost 3) Book vale ii) Plateau Accelerated depreciation - applies large amounts of depreciation d...

Scheduled Coverage - CORRECT ANSWER-Refers to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - CORRECT ANSWER-Refers to policy used to insure building, stock, and equipment under a single limit of insurance All Property (Blanket) - CORRECT ANSWER-A policy under which all property owned by the insured is covered or blanketed by a single limit of insurance Tenants Improvements - CORRECT ANSWER-Building...

CAIB 2 - CHAPTER 1 EXAM | Questions & Answers (100% CORRECT) 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. ...

Three purposes of survey forms. - CORRECT ANSWER-1) Assists to identify loss exposures; 2) Helps eliminate purchase of coverage that isn't needed; 3) Assists in development of underwriting information the insurer needs. Three advantages of using a property checklist with clients. - CORRECT ANSWER-1) Alerts broker to possible loss exposures; 2) Ensures needed coverages are not overlooked; 2) Helps reduce potential for an E&O claim. The age a building has to be for an insurer to request...

Actual Cash Value - CORRECT ANSWER-replacement cost - depreciation Reinsurance - CORRECT ANSWER-An insurer cedes part of the risk to their reinsurers. Subscription Policy - CORRECT ANSWER-A group of insurers come together & agree to insure a risk Condition - CORRECT ANSWER-A requirement to do or not to do something Warranty - CORRECT ANSWER-A promise that certain material facts are true & shall remain true Material Fact - CORRECT ANSWER-A fact which if communicated to the insurer,...

Explain what it means to issue insurance on a scheduled basis - CORRECT ANSWER-Only the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - CORRECT ANSWER-Building, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - CORRECT ANSWER-All property owned by the insured is insured under a single limit of insurance....

Explain what it means to issue insurance on a scheduled basis - ANSWERSOnly the property listed or scheduled on the policy is insured Explain what is meant to issue insurance on the basis of Property of Every Description - ANSWERSBuilding, stock and equipment are insured under a single limit of insurance Explain what it means to issue insurance on an all property (blanket) basis - ANSWERSAll property owned by the insured is insured under a single limit of insurance. All property blanket ma...