Study guides, Class notes & Summaries

First named insureds rights and duties - 1. Authorized to cancel 2. Receive notice of cancellatoon 3. Make changes with insurer consent 4. Responsible for payment of all premoums 5. Payee for return premoums Common policy dec info - 1. Eff date 2. Named insured 3. Description of premises 4. Coverages provided (building, bpp, business income; limit of insurance; covered causes of loss-by item; coinsurance, rates)

5 Rights & Duties of 1st Named Insured - 1. Authorized to Cancel 2. Receive Notice of Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payments of all Premium 5. Payee for Return Premium Coinsurance Formula - Amount Carried/Amount Required x Loss = Recovery - Deductible = Settlement Business Personal Property Limited International Coverage CP - This endorsement provides coverage for business personal property that is in or is en-route to or from the foreign covera...

How many causes of Loss are on Basic Form (10 10) - 11 How many causes of Loss are on the Broad Form (10 20) - 14 + Additional Coverage for Collapse What specific coverage is only given on special form (10 30) - Theft When loss occurs on a basic or broad policy, the burden of proof is on who? - the insured Special Form covers what - all direct physical loss that is not excluded in the policy Name the 8 Sequential Causation Exclusions - Ordinance or Law, Earth Movement, Governmental A...

CIC Commercial Property Exam Questions and Answers 2024

Endorsements used to modify coverage extensions (6) - Answer-1. newly acquired or constructed property - increased limit 2. higher limits 3. specified bpp temporarily away from premises 4. additional covered property 5. radio or television antennas 6. trees, shrubs, plants Explain replacement cost - Answer-- without deduction for depreciation - claims are paid on acv until repairs or replacements is complete and then difference is paid - does not apply to pp of others, contents o...

Learning Objective 1A - Rights and Duties of the first Named Insured - Answer-1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer-Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss = Recovery - Deductible Components of "Common Policy Dec" IL DS 00 09...

What are commercial property loss exposures - Answer-Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - Answer-Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - Answer-potential for loss and probable maximum loss. Coveage form includes loss payment at Actual Cash Value or ACV, what is ACV> - Answer-The amount of loss minus depreciation. No set formula or definition fo...

CIC COMMERCIAL PROPERTY ACTUAL EXAM ALL 150 QUESTIONS AND WELL ELABORATED ANSWERS TOP RATED VERSION FOR ALREADY A GRADED WITH EXPERT FEEDBACK|NEW AND REVISED

CIC - Commercial Casualty Institute Exam Questions and Answers Identify the Specific Rights & Responsibilities of the First Named Insured (Objective #1) - Ans ️️ 1- Cancel Policy 2- Receive Notice of Cancellation 3- Make Changes to Policy (with Insurer Consent) 4- Payment of Premiums 5- Payee for Returned Premium Compare and Contrast the Occurrence Form with the Claims Made Form, as to what activates coverage (Learning Objective #2) - Ans ️️ Occurrence Form: - BI/PD must occur ...

CIC Commercial Property Exam Questions with Complete Solutions Learning Objective 1A - Rights and Duties of the first Named Insured - Answer️️ 1. Authorization to Cancel 2. Receive Cancellation 3. Make Changes with Insurer Consent 4. Responsible for Payment of Premium 5. Payee (Receiver) for Return Premium Learning Objective 1B - How does Coinsurance apply? - Answer️️ Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or "Did Have"/"Should Have" x Loss...