Caib 2 chapter 1 - Study guides, Class notes & Summaries

CAIB 2 - CHAPTER 1 QUESTIONS AND ANSWERS ALREADY PASSED Scheduled coverage. Only the property specifically listed or scheduled on the policy is insured. Property of Every Description (POED) coverage. Building, Stock and Equipment are insured under a single limit of insurance. All Property (Blanket) 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.) The three classes of property i...

CAIB 1 - Chapter 2 Questions and Answers Graded A+ What are the 3 types of Homeowners Forms? 1. Homeowners Basic 2. Homeowners Broad 3. Homeowners Comprehensive Who develops insurance forms? Insurance Bureau of Canada What types of risks are now eligible for coverage? Dwellings containing more than one family, Insureds who own more than one dwelling, Mobile homes on full basements, dwellings in course of construction What are the common characteristics of Homeowners Forms? 1. C...

CAIB 2 CHAPTER 4 QUESTIONS AND ANSWERS RATED A+ Breifly explain the fuctions or endorsements, riders, and separate policies 1. Endorsements; changes the terms or conditions of the insureds policy 2. Riders; adds additional coverage to those already in place 3. Separate policies; equipment breakdown insurance, computer crime, other specialized coverages often purchased separately but can be added to existing policy Identify the endorsement, rider or policy to respond to the following...

CAIB 2 - CHAPTER 1 Questions And Answers 100% Verified Only the property specifically listed or scheduled on the policy is insured. - ANS-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - ANS-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.) - ANS-All Property (Blanket) coverage. 1) Building 2) Equi...

CAIB 2 - Chapter 1 Questions And Answers Exam Review The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANS-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: - ...

CAIB 2 - CHAPTER 1 Questions and Answers (2024/2025)(Verified Answers)

CAIB 2 STUDY NOTES; CHAPTER 1

CAIB 2 Chapter 2 Practice Exam 1 Already Graded A What are three advantages using a fact find or survey? i) Assists brokers when identifying potential losses ii) Assists brokers not to sell coverages client does not need iii) Assists brokers in collecting information needed by insurance companies What are three benefits of commercial property checklists and which is most important to brokers? i) Assists brokers when identifying potential losses ii) Assists brokers to make sure cove...

CAIB 2 - Chapter 1 Questions and Answers Already Passed Explain "Scheduled Basis" Only the items listed on the policy will be insured Explain "Property of Every Description" Basis Building, stock and equipment are insured under a single limit of insurance Explain "All Property (Blanket)" Basis All property owned by the insured is insured under a single limit of insurance - this can include property at different locations and may be subject to co insurance Identify 5 compone...