Caib 2 stuvia - Study guides, Class notes & Summaries

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 agrees not to exercise that right in respect to c...

Scheduled Coverage - ANSWERRefer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - ANSWERRefers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - ANSWERA policy which under all property owned by the insured is covered or "blanketed" by a single limit of insurance

- ANSWER The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - ANSWER1) 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|) 5) Fixed structures PERTAINING to building and located on the premises (ex. fence) [GMAPF] ...

The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: - CORRECT ANSWER-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: - CORRECT ANSWER-Residential (ex. home) No...

Identify the company which assumes the greatest portion of an account? (Ch. 1) - CORRECT ANSWER-Lead company What is "reinsurance" (Ch. 1) - CORRECT ANSWER-Reinsurance 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) - CORRECT ANSWER-1. 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 sh...

Define Endorsement. - ANSWEREndorsements change terms of existing policies Define Rider. - ANSWERRiders add coverages to those all ready on policy Indicate Covered or Not Covered on Sign Form (C/NC) a) mechanical breakdown b) damage caused by power surge c) damage caused when dropped during installation d) damage caused by freezing e) damage caused by striking employees - ANSWERa) NC mechanical breakdown b) NC damage caused by power surge c) NC damage caused when dropped during in...

1. An application 2. Additional verbal information 3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - ANSWERAn application and a submission are not the same thing. Identify three items that a submission may include 1. Completion of survey 2. Search for interested insurers 3. Meet with prospect, discuss quotes and select insurer 4. Request binding coverage from elected insurer 5. Review policy and deliver...

1) Convertibility; 2) Value; 3) Portability. -ANSWER- Three factors of personal property that can help business owners determine loss potential from a criminal act. 1) Forced entry into building; 2) Forced entry into protected enclosures; 3) Unforced entry into building or protected enclosures; 4) Forced opening of building and protected enclosures; 5) Vandalism and mailicious acts; 6) Espionage; 7) Shoplifting; 8) Employee theft. -ANSWER- Methods criminals use that can result in los...

Briefly explain the functions of Endorsements - ANSWERChanges the terms or conditions of the Insured's policy Briefly explain the functions of Riders - ANSWERAdds additional coverages to those already in place Briefly explain the functions of Separate Policies - ANSWEREquipment Breakdown Insurance (formerly known as Boiler and Machinery Insurance), computer, crime and other specialized coverages are often purchased separately, but can also be added to an existing policy Identify the en...

ANSWER- The three amounts to be considered when calculating the amount of payment as outlined in the Indemnity Agreement are: ANSWER- 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: ANSWER- Residential (ex. home) Non-merc...