CIC COMMERCIAL PROPERTY CERTIFICATION
EXAM 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◉ Summary of rights and duties of first named insired. Answer:
Authorized to cancel, receive notice of cancellation., make changes with
insurer consent, responsible for payment of all premiums, payee for
return premiums.-
◉ Coinsurance Formula. Answer: Amount carried divided by amount
required (building x's coinsurance clause)
◉ Agreed Value. Answer: Suspends coinsurance clause, expiration date
only not longer than 12 months, can apply to covered property and/or
business income
◉ Actual Cash Value. Answer: Cost to replace the covered property at
the premises at the time of loss minus depreciation.
◉ Replacement Cost. Answer: The amount needed to replace covered
property at a premises with the like kind and quality in today's dollars,
depreciation is not considered.
, ◉ Coverage Territory. Answer: The US, Puerto Rico and Canada
◉ Transfer of Rights of Recovery against others to us. Answer: Prior to
a loss to your covered property or covered income. After a loss the party
must be one of the following, someone insured by this insurance, a
business firm owned or controlled by you or that owns or controls you or
your tenant
◉ Coverage. Answer: We will pay for direct physical loss of or damage
to covered property at the premises described, there must be direct
physical loss or damage, the loss or damage must be to covered property,
the covered property must be at the premises described, must be caused
by or a result from a covered cause of loss.
◉ Covered Property. Answer: 3 Categories: Building-the building
described, completed additions, fixtures including outdoor fixtures,
machinery and equipment (considered permanently installed), personal
property used to service building or premises. Your Business Personal
Property, Personal Property of others on or within 100 feet of the
described premises.
◉ Endorsements that are available to change whether an item is
considered building or personal property. Answer: Additional Building
Property-used to clarify certain grey area items, permanently installed
machinery and equipment, used to cover your BPP under building
instead of BPP i.e church organs, freezers. Additional Property not
EXAM 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◉ Summary of rights and duties of first named insired. Answer:
Authorized to cancel, receive notice of cancellation., make changes with
insurer consent, responsible for payment of all premiums, payee for
return premiums.-
◉ Coinsurance Formula. Answer: Amount carried divided by amount
required (building x's coinsurance clause)
◉ Agreed Value. Answer: Suspends coinsurance clause, expiration date
only not longer than 12 months, can apply to covered property and/or
business income
◉ Actual Cash Value. Answer: Cost to replace the covered property at
the premises at the time of loss minus depreciation.
◉ Replacement Cost. Answer: The amount needed to replace covered
property at a premises with the like kind and quality in today's dollars,
depreciation is not considered.
, ◉ Coverage Territory. Answer: The US, Puerto Rico and Canada
◉ Transfer of Rights of Recovery against others to us. Answer: Prior to
a loss to your covered property or covered income. After a loss the party
must be one of the following, someone insured by this insurance, a
business firm owned or controlled by you or that owns or controls you or
your tenant
◉ Coverage. Answer: We will pay for direct physical loss of or damage
to covered property at the premises described, there must be direct
physical loss or damage, the loss or damage must be to covered property,
the covered property must be at the premises described, must be caused
by or a result from a covered cause of loss.
◉ Covered Property. Answer: 3 Categories: Building-the building
described, completed additions, fixtures including outdoor fixtures,
machinery and equipment (considered permanently installed), personal
property used to service building or premises. Your Business Personal
Property, Personal Property of others on or within 100 feet of the
described premises.
◉ Endorsements that are available to change whether an item is
considered building or personal property. Answer: Additional Building
Property-used to clarify certain grey area items, permanently installed
machinery and equipment, used to cover your BPP under building
instead of BPP i.e church organs, freezers. Additional Property not
