Caib 2 exam questions Study guides, Class notes & Summaries

1. An application 2. Additional verbal information 3. Additional written information, including: previous policy premium, loss history and details, photos, and financial statements - CORRECT ANSWER-An 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 an...

An application and a submission are not the same thing. Identify three items that a submission may include: - CORRECT ANSWER--an application -additional verbal information -additional written information, including previous policy premium, loss history and details of loses, financial statements, photographs Identify five steps of the broker's role in the underwriting process: - CORRECT ANSWER--completion of survey -search for interested insurer -meet with client, discuss quotes and s...

Scheduled Coverage - ️️refers to policy on which coverage is provided only on that property which is specifically identified or scheduled All Property - ️️refers to policy used to insure building, equipment and stock under a single limit of Insurance Tenants Improvement - ️️building improvements, alteration and betterments made at expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured is not actual ...

CAIB 2 Practice Exam Questions And Answers Already Passed 100% 1 / 33 Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Identify 3 reasons why exclusions exist on commercial property policy. Commercial property policies may provide coverage from theft while property is an automobiles. What warranty will be included in...

Scheduled Coverage - Answer-refers to policy on which coverage is provided only on that property which is specifically identified or scheduled. All Property - Answer-refers to policy used to insure building, stock and equipment under a single limit of insurance. Tenants Improvements - Answer-building improvements, alterations and betterments made at the expense of or purchased by the insured to a building occupied by the insured and which are not otherwise insured, provided the insured...

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...

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Caib 2 Exam Questions With Complete Solutions 2024/2025 Scheduled Coverage - Correct Answers Refer to policy on which coverage is provided only on that property which is specifically identified or scheduled Property of Every Description - Correct Answers Refers to policy used to insure buildings, stock and equipment under a single limit of insurance All Property (Blanket) - Correct Answers A policy which under all property owned by the insured is covered or "blanketed" by a singl...

3 advantages of using a fact find or survey - CORRECT ANSWER-1) Assists brokers when identifying potential losses 2) Assists brokers not to sell coverages the client does not need 3) Assists brokers in collecting information needed by insurance companies 3 benefits of commercial property checklists - CORRECT ANSWER-1) Assists brokers when identifying potential losses 2) Assists brokers to make sure coverages are not overlooked 3) Assists brokers in reducing E&O losses Define "Fire Resisti...