CIC COMMERCIAL PROPERTY FINAL PAPER
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
◉ Coinsurance Formula. Answer: Amount Carried/Amount Required x
Loss = Recovery - Deductible = Settlement
◉ Business Personal Property Limited International Coverage CP 04 32
04 02. Answer: This endorsement provides coverage for business
personal property that is in or is en-route to or from the foreign coverage
territory listed in the schedule.
◉ Property In Process Of Manufacture By Others Limited International
Coverage CP 04 33 04 02. Answer: This endorsement provides coverage
for raw materials and goods that are in the process of manufacture in a
foreign coverage territory listed in the Schedule provided that the
manufacturing is done by others at a location that is not owned or
operated by the insured.
◉ Additional Insured - Building Owner CP 12 19 06 07. Answer: This
endorsement is used to identify the building owner described in this
endorsement as a Named Insured, but only with respect to direct
physical loss or damage to the building(s) described in the schedule.
, ◉ Additional Building property CP 12 15 07 88. Answer: This
endorsement may be used to clarify that certain items which might be in
a gray area are covered under Building. For example, machinery and
equipment bolted to the floor that might be considered Your Business
Personal Property will now be considered Building.
◉ Additional Property Not Covered CP 14 20 11 91. Answer: This
endorsement is used to add specific types of property to the list of
"Property Not Covered" if the Named Insured or insurer does not want
or need to cover such property (e.g. tenants' improvements and
betterments for the owner of the building where the lease requires the
tenant to provide such insurance). In addition to modifying Building,
this endorsement can also modify your business personal property.
◉ Leased Property CP 14 60 07 88. Answer: This endorsement is used
to insure business personal property leased to the named insured as your
business personal property instead of categorizing it as personal property
of others. This is especially needed when there is a contractual
responsibility for loss but not a contractual obligation to insure. This
endorsement should be on every Building and personal property
coverage form because it includes "any leased property" indicated in the
schedule.
◉ Your Business Personal Property - Separations of Coverage CP 19 10
06 95. Answer: This endorsement can separate out and specify a limit of
insurance for any of the seven categories of your business personal
property. The your business personal property limit of insurance on the
declarations does not apply to property scheduled in this endorsement.
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
◉ Coinsurance Formula. Answer: Amount Carried/Amount Required x
Loss = Recovery - Deductible = Settlement
◉ Business Personal Property Limited International Coverage CP 04 32
04 02. Answer: This endorsement provides coverage for business
personal property that is in or is en-route to or from the foreign coverage
territory listed in the schedule.
◉ Property In Process Of Manufacture By Others Limited International
Coverage CP 04 33 04 02. Answer: This endorsement provides coverage
for raw materials and goods that are in the process of manufacture in a
foreign coverage territory listed in the Schedule provided that the
manufacturing is done by others at a location that is not owned or
operated by the insured.
◉ Additional Insured - Building Owner CP 12 19 06 07. Answer: This
endorsement is used to identify the building owner described in this
endorsement as a Named Insured, but only with respect to direct
physical loss or damage to the building(s) described in the schedule.
, ◉ Additional Building property CP 12 15 07 88. Answer: This
endorsement may be used to clarify that certain items which might be in
a gray area are covered under Building. For example, machinery and
equipment bolted to the floor that might be considered Your Business
Personal Property will now be considered Building.
◉ Additional Property Not Covered CP 14 20 11 91. Answer: This
endorsement is used to add specific types of property to the list of
"Property Not Covered" if the Named Insured or insurer does not want
or need to cover such property (e.g. tenants' improvements and
betterments for the owner of the building where the lease requires the
tenant to provide such insurance). In addition to modifying Building,
this endorsement can also modify your business personal property.
◉ Leased Property CP 14 60 07 88. Answer: This endorsement is used
to insure business personal property leased to the named insured as your
business personal property instead of categorizing it as personal property
of others. This is especially needed when there is a contractual
responsibility for loss but not a contractual obligation to insure. This
endorsement should be on every Building and personal property
coverage form because it includes "any leased property" indicated in the
schedule.
◉ Your Business Personal Property - Separations of Coverage CP 19 10
06 95. Answer: This endorsement can separate out and specify a limit of
insurance for any of the seven categories of your business personal
property. The your business personal property limit of insurance on the
declarations does not apply to property scheduled in this endorsement.
