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CAIB 2 EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE QUESTIONS AND 100%CORRECT
DETAILED ANSWERS (VERIFIED AND GRADED A+)
Identify the three types of property which can be covered
by the builders risk policy - ANSWER-1. Property in the
course of construction, installation, reconstruction or repair
other than property described in 2 (b) ; owned by the
insured; owned by others, provided the value of such
property is included in the amount of insurance
2. Landscaping, growing trees, plants, shrubs or flowers
all to enter into and form part of the project provided that
the value of such property is included in the amount of
insurance
3. Temporary buildings, scaffolding, falsework, forms,
hoardings, excavation, site preparation and similar work,
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provided that the value thereof is included in the amount of
insurance and then only the extent that replacement or
restoration is necessary to complete the project
Identify three exclusions to the builders risk policy -
ANSWER-1. Contractors tools and equipment including
spare parts and accessories whether owed, loaned, hired
or leased other than property specified in clause 2 (c)
2. Cost of making goods; faulty or improper materials;
faulty or improper workmanship; faulty or improper design
3. Flood or earthquake
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Define Replacement value - ANSWER-Represents the
cost to repair, replace or rebuild the lost or damaged
property without deduction for deprecation
Define scheduled coverage - ANSWER-Only items
specifically listed on the policy will be covered
Define All Property - ANSWER-All property owned by the
insured in covered under this policy
Define tenant improvements - ANSWER-Building
improvements, alterations and betterments made at the
expense of the insured
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Define Actual Cash Value - ANSWER-The value of your
property, based on the current cost to replace it minus
depreciation.
Define Reinsurance - ANSWER-"Reinsurance" is a form of
insurance whereby one insurance company (the reinsurer)
in consideration of a premium paid to it agrees to
indemnify another insurance company (the ceceeding
company) for part of all of it's liabilities from Insurance
policies it's issued.
Define Subscription policy - ANSWER-A group of insurers
have agreed to share in providing coverages
CAIB 2 EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE QUESTIONS AND 100%CORRECT
DETAILED ANSWERS (VERIFIED AND GRADED A+)
Identify the three types of property which can be covered
by the builders risk policy - ANSWER-1. Property in the
course of construction, installation, reconstruction or repair
other than property described in 2 (b) ; owned by the
insured; owned by others, provided the value of such
property is included in the amount of insurance
2. Landscaping, growing trees, plants, shrubs or flowers
all to enter into and form part of the project provided that
the value of such property is included in the amount of
insurance
3. Temporary buildings, scaffolding, falsework, forms,
hoardings, excavation, site preparation and similar work,
,2|Page
provided that the value thereof is included in the amount of
insurance and then only the extent that replacement or
restoration is necessary to complete the project
Identify three exclusions to the builders risk policy -
ANSWER-1. Contractors tools and equipment including
spare parts and accessories whether owed, loaned, hired
or leased other than property specified in clause 2 (c)
2. Cost of making goods; faulty or improper materials;
faulty or improper workmanship; faulty or improper design
3. Flood or earthquake
,3|Page
Define Replacement value - ANSWER-Represents the
cost to repair, replace or rebuild the lost or damaged
property without deduction for deprecation
Define scheduled coverage - ANSWER-Only items
specifically listed on the policy will be covered
Define All Property - ANSWER-All property owned by the
insured in covered under this policy
Define tenant improvements - ANSWER-Building
improvements, alterations and betterments made at the
expense of the insured
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Define Actual Cash Value - ANSWER-The value of your
property, based on the current cost to replace it minus
depreciation.
Define Reinsurance - ANSWER-"Reinsurance" is a form of
insurance whereby one insurance company (the reinsurer)
in consideration of a premium paid to it agrees to
indemnify another insurance company (the ceceeding
company) for part of all of it's liabilities from Insurance
policies it's issued.
Define Subscription policy - ANSWER-A group of insurers
have agreed to share in providing coverages
