CIC Commercial Property Exam

CIC Commercial Property Exam
Question: What are the endorsements used to modify
coverage extensions?
CORRECT ANSWER: 1. newly acquired or constructed
property - increased limit 2. higher limits 3. specified bpp
temporarily away from premises 4. additional covered
property 5. radio or television antennas 6. trees, shrubs, plants
Question: What is replacement cost?
CORRECT ANSWER: - without deduction for depreciation
- claims are paid on acv until repairs or replacements is
complete and then difference is paid - does not apply to pp of
others, contents of residence or fine arts
Question: What is Optional Coverage - RC PP OF OTHERS?
CORRECT ANSWER: - applies rc to property of others but
limited to the lessor of amount required by contract or RC
Question: What are the Loss Payment options?

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