CAIB 2 Full Study Guide Exam
Comprehensive Questions and
Verified Answers ACTUAL EXAM
2026 TEST!! Graded A+ |
2025|2026 EXAM UPDATE
The three amounts to be considered when calculating the amount of
payment as outlined in the Indemnity Agreement are: - 🧠 ANSWER ✔✔1)
the value of the lost or damaged property (ACV)
,2) the interest of the insured in the property (ex. financial interest, home,
mortgage)
3) the amount of insurance specified on the "Declarations Page" for the
loss or damaged property (least amount|)
Identify the four categories that buildings may fall into: - 🧠 ANSWER
✔✔Residential (ex. home)
Non-mercantile (ex. hospitals, nursing homes)
Mercantile (ex. drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Three classes of property commercially insured are: - 🧠 ANSWER
✔✔building, stock, equipment
Identify the two bases that coverage can be provided on: - 🧠 ANSWER
✔✔Scheduled
All property
Property of every description
,Identify and give an example of each of the five types of property contained
in the definition of Building found in the IBC Commercial Property Broad
Form - 🧠 ANSWER ✔✔1) Growing plants, trees, shrubs INSIDE the
building used for decorative purposes only when insured is the owner of the
building (ex. cactus)
2) Materials and equipment supplies ON the premises for maintenance (ex.
lumbar, glass)
3) Additions and extensions IN CONTACT with the building (enclosed walk-
way between buildings)
4) Permanent fittings and fixtures ATTACHED and FORMING part of the
building. (ex. light fixtures, carpeting)
5) Fixed structures PERTAINING to building and located on the premises
(ex. fence)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, [GMAPF]
Identify the three conditions pertaining to the coverage for growing plants,
trees, etc. - 🧠 ANSWER ✔✔- such property was INSIDE the building
- was being used for decorative purposes
- insured was the owner of the building
Identify and give an example of the three types of property contained in the
definition of Stock found in the IBC Commercial Property Broad Form: - 🧠
ANSWER ✔✔1) packing, wrapping and advertising materials (ex. bubble
plastic, Styrofoam)
2) merchandise of every description USUAL to insureds business (ex.
goods for sale for business)
3) similar property belonging to others which the insured is under obligation
to keep insured or for which he is legally liable for (appliance if appliance
store.
Comprehensive Questions and
Verified Answers ACTUAL EXAM
2026 TEST!! Graded A+ |
2025|2026 EXAM UPDATE
The three amounts to be considered when calculating the amount of
payment as outlined in the Indemnity Agreement are: - 🧠 ANSWER ✔✔1)
the value of the lost or damaged property (ACV)
,2) the interest of the insured in the property (ex. financial interest, home,
mortgage)
3) the amount of insurance specified on the "Declarations Page" for the
loss or damaged property (least amount|)
Identify the four categories that buildings may fall into: - 🧠 ANSWER
✔✔Residential (ex. home)
Non-mercantile (ex. hospitals, nursing homes)
Mercantile (ex. drycleaners, bakeries)
Manufacturing/Industrial (ex. autobody shops)
Three classes of property commercially insured are: - 🧠 ANSWER
✔✔building, stock, equipment
Identify the two bases that coverage can be provided on: - 🧠 ANSWER
✔✔Scheduled
All property
Property of every description
,Identify and give an example of each of the five types of property contained
in the definition of Building found in the IBC Commercial Property Broad
Form - 🧠 ANSWER ✔✔1) Growing plants, trees, shrubs INSIDE the
building used for decorative purposes only when insured is the owner of the
building (ex. cactus)
2) Materials and equipment supplies ON the premises for maintenance (ex.
lumbar, glass)
3) Additions and extensions IN CONTACT with the building (enclosed walk-
way between buildings)
4) Permanent fittings and fixtures ATTACHED and FORMING part of the
building. (ex. light fixtures, carpeting)
5) Fixed structures PERTAINING to building and located on the premises
(ex. fence)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, [GMAPF]
Identify the three conditions pertaining to the coverage for growing plants,
trees, etc. - 🧠 ANSWER ✔✔- such property was INSIDE the building
- was being used for decorative purposes
- insured was the owner of the building
Identify and give an example of the three types of property contained in the
definition of Stock found in the IBC Commercial Property Broad Form: - 🧠
ANSWER ✔✔1) packing, wrapping and advertising materials (ex. bubble
plastic, Styrofoam)
2) merchandise of every description USUAL to insureds business (ex.
goods for sale for business)
3) similar property belonging to others which the insured is under obligation
to keep insured or for which he is legally liable for (appliance if appliance
store.
