CAIB 2 Shorts To Remember Flashcards
1
Q
Moral Hazzards
MAP IF
A
MAP IF
- Moral Character
- Associates
- Poor Mangement
- Indifference to loss
- Financial condition
2
Q
Physical Hazards
PET HOG
A
- Protection (fire extinguishers)
- External Exposures (being next to a
restaurant) - Type of building constriction (fire resistant
vs. frame construction) - Housekeeping (loose railing, broken
stairs) - Occupancy (library vs. welding shop)
- Geography (access to old building may be
restricted )
3
Q
Four coverage’s included in commercial insurance package policies.
(PBLC)
A
- Property Insurance
- Business Interruption Insurance
- Liability Insurance
- Crime Insurance
4
Q
5 Hazards common to commercial building
HOPED
A
- Heating
- Occupancy
- Protection
- Electrical Services
- Detachment
5
Q
7 Perils insured by Fire and
Extended Coverage’s.
(F. SWILER)
A
- Fire & Lightening
- Smoke
- Windstorm and Hail
- Impact by aircraft, space craft or land
vehicle - Leakage from fire protection system
- Explosion
- Riot, vandalism & Malicious Acts
6
Q
Additional info needed for Houses
over 25 years old
(WHORP)
A
- Wiring
- Heating
- Over-current / Fuses
- Roof
- Plumbing
7
Q
Characteristics common to all business interruption Forms.
IAPPI
A
- Insure against the same perils as are
insured by the property policy - Are contracts of indemnity
- Period of indemnity not limited by expiry
of the policy - Provide for payment of those expenses as are necessarily incurred for the purpose of reducing the amount of the loss (except expense incurred to extinguish a fire)
- Indemnity provided while access to insured’s premises is prohibited by order of civil authority.