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All Lines Adjuster Exam – Q’s & A’s
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All Lines Adjuster Exam – Q’s & A’s
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All Lines Adjuster Exam – Q’s & A’sThe insured has filed a claim under the "Business Income Department
Properties - Broad Form" because the primary buyer of products and services
from the business has filed for bankruptcy under this form the primary buyers
business would be known as ✔️Ans -A recipient location
recipient location ✔️Ans -Businesses who support insured by
being the primary buyer for their products
HO-3 (special form) ✔️Ans -covers the dwelling and other
structures on a risk-of-direct-physical loss basis. All direct physical losses are
covered except those losses specifically excluded. Personal property is
covered on a named perils basis
HO-5 Comprehensive Form ✔️Ans -provides open perils coverage
("all-risks coverage") on the dwelling, other structures and personal property.
HO-2 (broad form) ✔️Ans -covers the dwelling, other structures,
and personal property on a named perils basis
HO-4 (contents broad form) ✔️Ans -Only covers a tenant's
personal property on a named perils basis
The dwelling is insured for 200,000 under DP-2 dwelling policy how much
coverage applies to the barn? ✔️Ans -Nothing farm property are
not eligible under the dwelling policy.
A Covered Auto includes those vehicle(s) listed on the Declarations, plus any
trailers or wagons owned by the Named Insured, any newly acquired vehicles,
and any vehicle used as a _________. ✔️Ans -Temporary Substitute
Auto
The covered auto is defined in the policy as all of the following EXCEPT:
A) any additional auto acquired in the past 30 days.
B) any auto shown in the declarations.
,C) any auto used as a temporary substitute while an insured auto is being
repaired.
D) any trailer owned by the insured or spouse. ✔️Ans -Answer: A
An additional auto acquired during the policy period is considered a covered
auto. However, some restrictions do apply. For example, if the newly acquired
auto is in addition to any vehicle shown on the declarations, it must be
insured within 14 days of the purchase date. If it replaces one of the cars, the
insured does not need to add it during that policy period.
Coverage F on homeowners policy provides ✔️Ans -Medical
payments to others; pays all necessary medical expenses for up to three years
after an accident.
Coverage F: Medical Payments to Others ✔️Ans -Does not apply to
the insured or members of the insured's household
Not liability coverage and is not base on fault
An insured has taken inventory of his merchandise and discovers a substantial
shortage of valuable stock. He submits a claim to his insurance carrier that
provides his coverage under a Business Owners Policy. What coverage is
provided by the BOP? ✔️Ans -No coverage would apply, there is no
coverage for missing property when there is no physical evidence to show
cause of loss
Arbitration (ADR) ✔️Ans -Neutral third party hears a dispute and
makes a decision both parties have agreed to follow.
Mediation ✔️Ans -A method of settling disputes outside of court by
using the services of a neutral third party, called a mediator. The mediator
acts as a communicating agent between the parties and suggests ways in
which the parties can resolve their dispute. Not binding.
Difference between Arbitration and Meditation? ✔️Ans -Mediation
is not binding, Arbitration is.
Mediation-Arbitration ✔️Ans -If the parties cannot reach a
settlement through mediation, an arbitrator will resolve the dispute.
, The building and personal property coverage form provides coverage for
outdoor signs ✔️Ans -Whether attached to the building or not for
up to 2,500 if damaged by a peril insured against.
Building and Personal Property Coverage Form ✔️Ans -
Commercial Property coverage form that covers buildings, the insured's
business personal property, and the personal property of others located at the
business premises
Foreseeability Test ✔️Ans -To determine if the defendant's
conduct was the proximate cause of the plaintiff's injury, the court applies
Foreseeability ✔️Ans -excludes liability for harms that were
sufficiently unforeseeable at the time of the defendant's tortious conduct.
Purpose of freight insurance ✔️Ans -Covers shipper fees
Freight Insurance ✔️Ans -indemnifies the ship owner for the loss
of earnings if the goods are damaged or lost and are not delivered. Shipper
Fees.
Freight Insurance ✔️Ans -insures that shipowner will receive
payment for transportation charges.
What perils are covered on the basic form peril of the Homeowners Policy
✔️Ans -fire, lightning, smoke, windstorm, hurricane, hail, explosion, aircraft
and vehicles, vandalism, riot and civil commotion, theft, and premises liability.
What perils are covered under the broad from Homeowners Policy
✔️Ans -include basic perils plus falling objects; weight of ice, sleet, or snow;
freezing pipes; and some coverage for sudden and accidental water discharge.
Exclusions to Homeowners policy ✔️Ans -earthquakes;
termites, rats;
freezing pipes while your house is unoccupied;
losses if your house is vacant for the number of days specified by your policy;
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