Bailee Study guides, Class notes & Summaries

identify three reasons why a bailee may have temporary custody of the personal property of another - ANSWER-for repair for safekeeping or storage for delivery to others identify three examples of businesses who may be bailees for hire - ANSWER-small engine repair shops dry cleaners tailors briefly explain the level of 'ordinary care' to be exercised by a bailee - ANSWER-there is a legal duty on the bailee to take the same care of goods of others as would be taken by a prudent...

CAIB 2 Practice Exam Questions with Verified Answers Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses ...

Waivers of Co-insurance clause are common on commercial property policies. What types of losses are applicable to this waiver of co-insurance? Is less than $5000 or Is less than 2% of the amount of insurance. (72,00 x 2%=1440) Identify 3 reasons why exclusions exist on commercial property policy. losses which are generally considered by insurers to be commercially insurable: 1. Deliberate acts of violence -war, rebellion 2. losses which are considered catastrophic, Earthquake, snow slides,...

RMI 2101 - Quiz 2 Latest Update Graded A+ Handlers of RM before RM Dept. Finance dept - small org risk manager - med org cro - large org who coined the term Risk Management? Prof. Wayne Snider of Temple University STEPS IN THE RM PROCESS 1. Identify the Exposure to Loss*** 2. Evaluate the Exposure to Loss 3. Identify Possible Alternatives 4. Select from Among the Alternatives 5. Implementation of the Chosen Option 6. Periodically Re-Evaluate the Chosen Strategies what is a ...

Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? A Excess insurance B Pro rata liability C Primary insurance D Contribution by equal shares D: Contribution by equal shares The formal statement an insured provides to an insurer, including all the details an insurer needs to assess its liability following a loss, is known as a: A Notice of loss B Binder ...

A unique feature in a bailee form is that it covers A. A loss that has no exclusions B. The building occupied by the insured whether it is owned or leased C. Customers property whether or not the insured has been negligent D. Fire and theft losses to the insured stock held for sale without any deductibles. - C What is a certificate of insurance A. Written document allowing the insured to inspect the insured's books B. A written document showing to types and amounts of insurance that have...

1. How parties to the contract must act following a loss ANS Policy Conditions 2. an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) ANS Discovery Form in Commercial Ins. 3. Absence of people and property ANS Vacant 4. a form that may require an insurer to file for rate & form approval ANS Filed form in Commercial 5. may not require an approved filing to the insurance department in that state ANS Unfiled form in Commercial...

CPCU 557 TERMS EXAM 2024 Parties affected by property loss with descriptions (3) - correct answer 1. Property owners: affected directly by lost, damaged, or destroyed property 2. Secured lenders: conditional rights to property (e.g. right to repossess) 3. Property holders: consideration of property held for others (bailee) Conditions for covered BPP (2) - correct answer 1. The property must be located in or on the described building. 2. The property must be located in the open (or in ...

Colorado Property & Casualty - from practice exam Questions and Answers 100% Pass If a producer misrepresents a part of a policy, will the Insurer cover a claim made for the misrepresentation? - Correct Answer ️️ -Yes, if an agent mistakenly says something untrue about a policy, the company WILL cover the loss b/c the agent legally represents the insurer. The insurer may seek reimbursement from Agent for their error. When must a certificate of Authority be renewed each year in the Stat...

Pennsylvania Property & CasualtyPolicy Conditions - correct answer How parties to the contract must act following a loss Discovery Form in Commercial Ins. - correct answer an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) Vacant - correct answer Absence of people and property Filed form in Commercial - correct answer a form that may require an insurer to file for rate & form approval Unfiled form in Commercial - correc...