CAIB 2 EXAM NEWEST 2025 ACTUAL EXAM

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CAIB 2 EXAM NEWEST 2025 ACTUAL EXAM

COMPLETE 200 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS )

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Identify the three amounts to be considered when calculating the amount of payment as outlined in the indemnity agreement?Which one is payable

• The value of the lost or damaged property as determined in

clause 15

• The interest of the insured in the property
• The amount of insurance specified on the declaration page for

damaged property

Insurers agree to 'waive' any co-insurance requirement when a loss meets either of the following conditions

What is the co-insurance formula 1 / 4

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Did/Should x loss = settlement

In order to replace a co-insurance clause with a stated amount co-insurance clause, the client must comply with the following

• Files a statement of values with the insurer representing 100%

of the value of all property insured, as verified by appraisal or other means

• Maintains those values throughout the term of the policy

Identify the two types of exclusions found in property policies:

• Property Excluded
• Perils excluded

Identify five reasons why exclusions exist

• to exclude losses which are generally considered by insurers

to be commercially uninsurable

• to exclude losses which have within the the potential to be

catastrophic 2 / 4

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• to exclude losses for which more specialized policy forms

have been developed

• to exclude losses that are wholly or partly in the control of the

insured or which can be expected

• To exclude losses which are not common to a large number of

insured but which represents an increased potential for loss which is deserving of an additional premium

Identify the purpose of the deductible To eliminate minor maintenance types of claims, and to reduce moral hazard by making Insureds participate in their losses

Give an example for each reason why the five reasons for exclusions exists

• Deliberate acts of violence (war rebellion revolution)
• Earthquake, snowslides
• Automobiles and aircrafts, business records
• Application of heat or other process, marring scratching or

crushing 3 / 4

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• Outside communication towers, antennae and attached

equipment

Identify three permissions allowed in a commercial policy

• for other insurance concurrent with this form
• To make alterations, additions or repairs
• to do such work and keep and use such articles, materials and

supplies in such quantities as are usual or necessary for the insureds business

What may an Insurer do when there has been a Breach of Conditions in the policy Grounds to deny coverages in the case of a loss

Identify two instances when an insurer may not deny coverages when there has been a breach in the contract

• The loss was not caused or contributed by the breach
• The breach for condition occured in a portion of the premises

over which the insured has no control

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