Cic commercial multi line Study guides, Class notes & Summaries

CIC Commercial Multiline Exam Identify and describe the three primary purposes of excess liability/umbrella policies (LO1) - ANSWER 1. Provide additional limits that are excess over underlying limits of insurance 2. Provide primary coverage when underlying poliy does not respond beacuse its aggregate limits of insruance are exhausted. 3. Provide broader coverage than the exsiting underlying insurance excess liability coverage forms and commercial umbrella liability policy - ANSWER 1...

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CIC Commercial Multi-Line Exam Questions and Answers Describe how inland marine insurance started - Answer ️️ -evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? - Answer ️️ Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? - Answer ️️ Property in a fixed loca...

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. correct answers Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Installed computers (in vehicles etc) Electroni...

CIC Commercial Multiline Actual test Questions With Answers Identify the three primary Purposes of Excess liability & Umbrella liability policies. Excess Liab - LO1 - ANSWER 1. Provides additional limits that are excess over underlying limits of insurance. ie: Auto Loss 1.8M. 2. Provides primary coverage when underlying poliy does not respond beacuse its aggregate limits of insurance are exhausted. ie: 2 GL claims 500k each; 3rd claim of $300k w/b paid by EL. It would drop down ...

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2024 CIC COMMERCIAL MULTI-LINE EXAM PREP WITH 200 EXAM PREP QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT ANSWERS) GRADED A

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CIC COMMERCIAL MULTI LINES STUDY GUIDE 2024

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