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CIC - Commercial Casualty Institute Exam Questions and Answers
CIC - Commercial Casualty Institute Exam 
Questions and Answers 
Identify the Specific Rights & Responsibilities of the First Named Insured 
(Objective #1) - Ans ️️ 1- Cancel Policy 
2- Receive Notice of Cancellation 
3- Make Changes to Policy (with Insurer Consent) 
4- Payment of Premiums 
5- Payee for Returned Premium 
Compare and Contrast the Occurrence Form with the Claims Made Form, as to 
what activates coverage (Learning Objective #2) - Ans ️️ Occurrence Form: 
- BI/PD must occur ...
- Exam (elaborations)
- • 21 pages •
CIC - Commercial Casualty Institute Exam 
Questions and Answers 
Identify the Specific Rights & Responsibilities of the First Named Insured 
(Objective #1) - Ans ️️ 1- Cancel Policy 
2- Receive Notice of Cancellation 
3- Make Changes to Policy (with Insurer Consent) 
4- Payment of Premiums 
5- Payee for Returned Premium 
Compare and Contrast the Occurrence Form with the Claims Made Form, as to 
what activates coverage (Learning Objective #2) - Ans ️️ Occurrence Form: 
- BI/PD must occur ...
CIC Commercial Property Exam Questions with Complete Solutions
CIC Commercial Property Exam Questions 
with Complete Solutions 
Learning Objective 1A - Rights and Duties of the first Named Insured - 
Answer️️ 1. Authorization to Cancel 
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? - Answer️️ Amount 
Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or 
"Did Have"/"Should Have" x Loss...
- Exam (elaborations)
- • 23 pages •
CIC Commercial Property Exam Questions 
with Complete Solutions 
Learning Objective 1A - Rights and Duties of the first Named Insured - 
Answer️️ 1. Authorization to Cancel 
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? - Answer️️ Amount 
Carried/Amount Required x Loss = Recovery-Deductible (Settlement) or 
"Did Have"/"Should Have" x Loss...
CIC Commercial Multi-line Exam Prep Questions Answers
CIC Commercial Multi-line Exam Prep 
Questions Answers 
Distinguish between Covered Property and Property Not Covered under the 
Businessowners Coverage Form. - Answer ️️ Covered: 
Buildings: 
Includes PP of landlord (common areas, furnished) 
Covers Bridges, Retaining Walls, Wharves, Docks 
Replacement Cost 
BPP: 
Includes Property of Others (in CCC) 
Exterior Building Glass 
Replacement Cost 
Not Covered: 
Money/Securities 
Fences, radios, antennas, towers, signs (detached) plants 
Install...
- Exam (elaborations)
- • 38 pages •
CIC Commercial Multi-line Exam Prep 
Questions Answers 
Distinguish between Covered Property and Property Not Covered under the 
Businessowners Coverage Form. - Answer ️️ Covered: 
Buildings: 
Includes PP of landlord (common areas, furnished) 
Covers Bridges, Retaining Walls, Wharves, Docks 
Replacement Cost 
BPP: 
Includes Property of Others (in CCC) 
Exterior Building Glass 
Replacement Cost 
Not Covered: 
Money/Securities 
Fences, radios, antennas, towers, signs (detached) plants 
Install...
CIC COMMERCIAL PROPERTY EXAM QUESTIONS & ANSWERS
- Package deal
- Exam (elaborations)
- • 3 pages •
CIC Commercial Property II Causes of Loss Exam Questions and Answers
CIC Commercial Property II Causes of Loss 
Exam Questions and Answers 
Peril - Ans ️️ Synonymous with "Causes of Loss" 
Burden of proof in Open Causes of Loss Form - Ans ️️ Burden falls on insurer 
Burden of proof in Named Causes of Loss form - Ans ️️ Insured has burden of 
proof 
Covered perils under Basic Form - Ans ️️ Fire, Lightning, Explosion, 
Windstorm/Hail, Smoke, Aircraft/vehicles, Riot, Vandalism, Sprinkler leakage, 
Sinkhole, Volcano, Fungus 
Additional coverages und...
- Package deal
- Exam (elaborations)
- • 8 pages •
CIC Commercial Property II Causes of Loss 
Exam Questions and Answers 
Peril - Ans ️️ Synonymous with "Causes of Loss" 
Burden of proof in Open Causes of Loss Form - Ans ️️ Burden falls on insurer 
Burden of proof in Named Causes of Loss form - Ans ️️ Insured has burden of 
proof 
Covered perils under Basic Form - Ans ️️ Fire, Lightning, Explosion, 
Windstorm/Hail, Smoke, Aircraft/vehicles, Riot, Vandalism, Sprinkler leakage, 
Sinkhole, Volcano, Fungus 
Additional coverages und...
CIC Commercial Property - Inland Marine Coverage Exam Questions and Answers
CIC Commercial Property - Inland Marine Coverage 
Exam Questions and Answers 
What is Commercial Inland Marine? - Answer ️️ Imports, Exports, Domestic 
Shipments, Instrumentalities for Transportation, Personal Property Floater and 
Commercial Floater 
Two types of property that can be included on the inland marine? - Answer ️️ 
Tangible and Intangible Property 
Types of Inland Marine Policies? - Answer ️️ Builders Risk, Installation Floater, 
Contractors Equipment, and Transportation...
- Package deal
- Exam (elaborations)
- • 3 pages •
CIC Commercial Property - Inland Marine Coverage 
Exam Questions and Answers 
What is Commercial Inland Marine? - Answer ️️ Imports, Exports, Domestic 
Shipments, Instrumentalities for Transportation, Personal Property Floater and 
Commercial Floater 
Two types of property that can be included on the inland marine? - Answer ️️ 
Tangible and Intangible Property 
Types of Inland Marine Policies? - Answer ️️ Builders Risk, Installation Floater, 
Contractors Equipment, and Transportation...
CIC Commercial Property Causes of loss forms ch 2 Exam
CIC Commercial Property Causes of loss forms ch 2 Exam 
2.1 Given a loss situation, determine whether or not a loss is covered by the Basic, 
Broad, or Special Causes of Loss Forms and give reasons for your answer - 
Answer ️️ Basic Form CP1010 
Broad Form* 
FLEWSARV LSV 
Fire* 
Lightning* 
Explosion* 
Windstorm or Hail* 
Smoke* 
Aircraft or Vehicles* 
Riot or Civil Commotion* 
Vandalism* 
Sprinkler Leakage* 
Sinkhole Collapse* 
Volcanic Action 
2. Apply the exclusions of the Cause of Loss -...
- Package deal
- Exam (elaborations)
- • 5 pages •
CIC Commercial Property Causes of loss forms ch 2 Exam 
2.1 Given a loss situation, determine whether or not a loss is covered by the Basic, 
Broad, or Special Causes of Loss Forms and give reasons for your answer - 
Answer ️️ Basic Form CP1010 
Broad Form* 
FLEWSARV LSV 
Fire* 
Lightning* 
Explosion* 
Windstorm or Hail* 
Smoke* 
Aircraft or Vehicles* 
Riot or Civil Commotion* 
Vandalism* 
Sprinkler Leakage* 
Sinkhole Collapse* 
Volcanic Action 
2. Apply the exclusions of the Cause of Loss -...
CIC Commercial Multiline Section 3 Crime Exam Questions and Answers
CIC Commercial Multiline Section 3 Crime 
Exam Questions and Answers 
Identify the reasons for purchasing commercial crime insurance based on the 
exclusions and limitations of the Building and Personal Property Coverage Form 
with Causes Of Loss- Special Form - Answer ️️ Commercial Property policy 
does not coverage bills, currency, money, notes, accounts etc... 
limitations of the C.P.= 
-doesn't pay for mysterious disapperance 
-not covered for unathuorized property transfer 
-small limi...
- Package deal
- Exam (elaborations)
- • 9 pages •
CIC Commercial Multiline Section 3 Crime 
Exam Questions and Answers 
Identify the reasons for purchasing commercial crime insurance based on the 
exclusions and limitations of the Building and Personal Property Coverage Form 
with Causes Of Loss- Special Form - Answer ️️ Commercial Property policy 
does not coverage bills, currency, money, notes, accounts etc... 
limitations of the C.P.= 
-doesn't pay for mysterious disapperance 
-not covered for unathuorized property transfer 
-small limi...
CIC Commercial Multi-Line Exam Questions and Answers
CIC Commercial Multi-Line Exam Questions and Answers 
Describe how inland marine insurance started - Answer ️️ -evolved from ocean 
marine 
-filled gap in coverage as good transitioned from ocean marine 
-cover goods in transit over land 
Does inland marine also apply to instruments of transportation and 
communication? - Answer ️️ Yes, ex. Bridges, tunnels, piers, cell towers, 
pipelines. 
What is the basic exclusion applicable to inland marine? - Answer ️️ Property in 
a fixed loca...
- Package deal
- Exam (elaborations)
- • 19 pages •
CIC Commercial Multi-Line Exam Questions and Answers 
Describe how inland marine insurance started - Answer ️️ -evolved from ocean 
marine 
-filled gap in coverage as good transitioned from ocean marine 
-cover goods in transit over land 
Does inland marine also apply to instruments of transportation and 
communication? - Answer ️️ Yes, ex. Bridges, tunnels, piers, cell towers, 
pipelines. 
What is the basic exclusion applicable to inland marine? - Answer ️️ Property in 
a fixed loca...
CIC Commercial Property Exam Questions with Answers
CIC Commercial Property Exam Questions with Answers 
Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for 
insurance depreciation, wear and tear, or obsolescence 
Advance premium - Answer ️️ initial premium paid to begin coverage on a policy 
Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named 
Insured that is deemed adequate, therefore, suspending the coinsurance clause 
Bailee - Answer ️️ person or organization that has possession of ...
- Package deal
- Exam (elaborations)
- • 5 pages •
CIC Commercial Property Exam Questions with Answers 
Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for 
insurance depreciation, wear and tear, or obsolescence 
Advance premium - Answer ️️ initial premium paid to begin coverage on a policy 
Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named 
Insured that is deemed adequate, therefore, suspending the coinsurance clause 
Bailee - Answer ️️ person or organization that has possession of ...
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