CIC Commercial Property EXAM (updated 2026)
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2025|2026
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Terms in this set (50)
Learning Objective 1A - Rights and Duties of the first 1. Authorization to Cancel
Named Insured 2. Receive Cancellation
3. Make Changes with Insurer Consent
4. Responsible for Payment of Premium
5. Payee (Receiver) for Return Premium
Learning Objective 1B - How does Coinsurance apply? Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement)
or
"Did Have"/"Should Have" x Loss = Recovery - Deductible
Components of "Common Policy Dec" IL DS 00 09 08 1. Named Insured
2. Mailing Address
3. Policy Period
4. Biz Description
5. Premium for Coverage Parts
6. Forms Applicable
Components of "Common Policy Conditions" IL 00 07 11 1. Cancellation
98 2. Changes
3. Examination of your Books
4. Inspections & Surveys
5. Premiums
6. Transfer of Your Rights and Duties
Components of "Commercial Property Dec" CP DS 00 1. Effective Date
10 00 2. Named Insured
3. Description of Premises
4. Coverages Provided
, Components of "Commercial Property Conditions" CP A. Concealment, Misrepresentation, or Fraud
00 90 07 08 B. Control of Property
C. Insurance Under 2 or More Coverages
D. Legal Action Against Us (within 2 years, only if all terms met)
E. Liberalization (if coverage is broadened on newly issued policies, those
policies already in force will have the benefit of the broadened coverage)
F. No Benefit to Bailee (protects named Insured, not Bailee)
G. Other Insurance (pro rata if other insurance)
H. Policy Period, Coverage Territory (US, its territories, PR, and Canada)
Learning Objective 1C: Who has the rights of recovery 1. Can waive rights or recovery against anyone....prior to a loss and in writing.
in the event of a loss (Review of "Transfer of Rights of
Recovery Against Others to Us")? 2. Can waive after a loss only if in writing and the responsible party is:
a. Another Insured
b. A business owned or controlled by Named Insured or a business that owns
or controls the named insured
c. A tenant of the named insured. (Wegmans example)
ACV vs Replacement Cost ACV - Default valuation method of Property policies. Cost to replace covered
property at time of the loss, minus depreciation.
RC - Valuation commonly desired, but usually must be requested. Replace
covered property at a premises with like kind and quality in today's dollars.
Triggered with (X) on Dec Page.
Agreed Value Optional coverage on CP Dec Page. Expiration date only. Suspends
coinsurance clause. Can apply to covered property and/or Business Income.
BPP Limited International Coverage endorsement (CP Coverage for BPP in or enroute to a Foreign Coverage Territory listed in
04 32) Schedule
Property in the Process of Manufacture by Others Coverage for raw materials and in-process goods in the process of
Limited International Coverage (CP 04 33) manufacture in a Foreign Coverage Territory. Manuf facility not owned or
operated by Insured.
"Building and Personal Property Coverage Form A. Coverage
(BPPCF)" CP00 10 10 12 componets 1. Property Covered
2. Property Not Covered
3. Covered Causes of loss
4. Additional Coverages
5. Coverage Extensions
B. Exclusions and Limitations
C. Limits of Insurance
D. Deductible
E. Loss Conditions
F. Additional Conditions
G. Optional Coverages
H. Definitions
Questions & Answers | Latest Already Graded A+ UPDATE
2025|2026
Leave the first rating
Save
Students also studied
chapter 4 casualty liability insuranc... Insurance and Risk Management: Ke... BlueCross BlueShield: History and N... P&
11 terms 20 terms 5 terms Te
cortezicharlie Preview trustcollins30 Preview GalaxyGirl2016 Preview
Terms in this set (50)
Learning Objective 1A - Rights and Duties of the first 1. Authorization to Cancel
Named Insured 2. Receive Cancellation
3. Make Changes with Insurer Consent
4. Responsible for Payment of Premium
5. Payee (Receiver) for Return Premium
Learning Objective 1B - How does Coinsurance apply? Amount Carried/Amount Required x Loss = Recovery-Deductible (Settlement)
or
"Did Have"/"Should Have" x Loss = Recovery - Deductible
Components of "Common Policy Dec" IL DS 00 09 08 1. Named Insured
2. Mailing Address
3. Policy Period
4. Biz Description
5. Premium for Coverage Parts
6. Forms Applicable
Components of "Common Policy Conditions" IL 00 07 11 1. Cancellation
98 2. Changes
3. Examination of your Books
4. Inspections & Surveys
5. Premiums
6. Transfer of Your Rights and Duties
Components of "Commercial Property Dec" CP DS 00 1. Effective Date
10 00 2. Named Insured
3. Description of Premises
4. Coverages Provided
, Components of "Commercial Property Conditions" CP A. Concealment, Misrepresentation, or Fraud
00 90 07 08 B. Control of Property
C. Insurance Under 2 or More Coverages
D. Legal Action Against Us (within 2 years, only if all terms met)
E. Liberalization (if coverage is broadened on newly issued policies, those
policies already in force will have the benefit of the broadened coverage)
F. No Benefit to Bailee (protects named Insured, not Bailee)
G. Other Insurance (pro rata if other insurance)
H. Policy Period, Coverage Territory (US, its territories, PR, and Canada)
Learning Objective 1C: Who has the rights of recovery 1. Can waive rights or recovery against anyone....prior to a loss and in writing.
in the event of a loss (Review of "Transfer of Rights of
Recovery Against Others to Us")? 2. Can waive after a loss only if in writing and the responsible party is:
a. Another Insured
b. A business owned or controlled by Named Insured or a business that owns
or controls the named insured
c. A tenant of the named insured. (Wegmans example)
ACV vs Replacement Cost ACV - Default valuation method of Property policies. Cost to replace covered
property at time of the loss, minus depreciation.
RC - Valuation commonly desired, but usually must be requested. Replace
covered property at a premises with like kind and quality in today's dollars.
Triggered with (X) on Dec Page.
Agreed Value Optional coverage on CP Dec Page. Expiration date only. Suspends
coinsurance clause. Can apply to covered property and/or Business Income.
BPP Limited International Coverage endorsement (CP Coverage for BPP in or enroute to a Foreign Coverage Territory listed in
04 32) Schedule
Property in the Process of Manufacture by Others Coverage for raw materials and in-process goods in the process of
Limited International Coverage (CP 04 33) manufacture in a Foreign Coverage Territory. Manuf facility not owned or
operated by Insured.
"Building and Personal Property Coverage Form A. Coverage
(BPPCF)" CP00 10 10 12 componets 1. Property Covered
2. Property Not Covered
3. Covered Causes of loss
4. Additional Coverages
5. Coverage Extensions
B. Exclusions and Limitations
C. Limits of Insurance
D. Deductible
E. Loss Conditions
F. Additional Conditions
G. Optional Coverages
H. Definitions
