Caib 2 - Key Terms Questions And
Answers With Verified Solutions Already
Passed!!!(GRADED A+) Latest Updated
2024
replacement value - ANSWER✔✔Cost to repair, replace or rebuild the lost or
damaged property without deduction for depreciation
Scheduled Coverage - ANSWER✔✔Coverage for property specifically identified
or scheduled on the insurance policy
All Property - ANSWER✔✔All property owned by Insured is covered by a single
limit of insurance. Subject to 90% co-insurance. (Building, stock and equipment)
Tenant's Improvements - ANSWER✔✔Building improvements, alterations and
betterment's made at the expense of Insured by a tenant
Actual Cash Value - ANSWER✔✔Repair or replace lost or damaged property less
the depreciation
Reinsurance - ANSWER✔✔Passing off or "ceding" part of the risk assumed to one
or more reinsurers
Subscription Policy - ANSWER✔✔A type of policy where a group of insurers
agree to share in providing coverage.
, Condition - ANSWER✔✔Something imposed upon an Insured under the policy
that requires them to do or not do something. Can be statutory, policy, other or
additional.
Subrogation - ANSWER✔✔The right of the Insurer to "step into the shoes" or
assume the rights of the party who has been compensated. Can sue who the
original party could have sued.
Warranty - ANSWER✔✔A promise that certain facts are true and will remain so
Material Fact - ANSWER✔✔A fact which communicated to the Insurer, would
cause reason to either decline insurance or charge a higher premium
Fraudulent - ANSWER✔✔To act willfully and with specific intent to deceive or
cheat for the purpose of causing financial loss to another or financial gain to ones
self
Void Contract - ANSWER✔✔A contract with no legal or binding force
Fire Resistive - ANSWER✔✔A building that has met minimum standards in hours
it will withstand a controlled burn. Generally made of concrete and steel.
Non Combustible - ANSWER✔✔A building where all structural members (floor,
roof and supports) are constructed of steel, iron, concrete or other non combustible
material.
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