Caib 2 chapter 1 stuvia - Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Caib 2 chapter 1 stuvia? On this page you'll find 36 study documents about Caib 2 chapter 1 stuvia.
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CAIB 2 - CHAPTER 1 EXAM | Questions & Answers (100% CORRECT)
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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. ...
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CAIB 2 Chapter 7 Practice Test 1 Questions With 100% Complete Solutions Latest Update 2024/2025
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Provide four sources of Business Interruption losses and an example of each. - CORRECT ANSWER-i) Physical damage to business 
example: Fire destroys business and customers cannot make purchases 
ii) Failure of public utilities 
example: Ice storm damages power lines and power cannot be restored for several 
weeks. This results in sales at the business to plummet 
iii) Transportation related accidents 
example: Railcar containing hazardous gas overturns causing evacuation of town. 
As a result, o...
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CAIB 2 Chapter 1 Exam Questions & Answers Guaranteed Passing Answers
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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,...
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CAIB 2 Chapter 1 Practice exam 1 Questions & Answers Scored A+
- Exam (elaborations) • 2 pages • 2024
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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....
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CAIB 2 Chapter 4 Practice Test 1 Latest Update 2023
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Define Endorsement. - ANSWERSEndorsements change terms of existing policies 
 
Define Rider. - ANSWERSRiders 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 - ANSWERSa) NC mechanical breakdown 
b) NC damage caused by power surge 
c) NC damage caused when dropped during...
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CAIB 2 Chapter 1 Practice exam 1 Correct 100%
- Exam (elaborations) • 2 pages • 2023
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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...
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