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All Lines Adjuster Exam 2024/2025 already graded A+
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All Lines Adjuster Exam 2024/2025 already graded A+
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All Lines Adjuster ExamThe 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 - ANSA recipient location
recipient location - ANSBusinesses who support insured by being the primary buyer for their
products
HO-3 (special form) - ANScovers 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 - ANSprovides open perils coverage ("all-risks coverage") on the
dwelling, other structures and personal property.
HO-2 (broad form) - ANScovers the dwelling, other structures, and personal property on a
named perils basis
HO-4 (contents broad form) - ANSOnly 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? - ANSNothing 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
_________. - ANSTemporary 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. - ANSAnswer: 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 - ANSMedical payments to others; pays all
necessary medical expenses for up to three years after an accident.
Coverage F: Medical Payments to Others - ANSDoes 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? - ANSNo coverage would
apply, there is no coverage for missing property when there is no physical evidence to show
cause of loss
Arbitration (ADR) - ANSNeutral third party hears a dispute and makes a decision both parties
have agreed to follow.
Mediation - ANSA 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? - ANSMediation is not binding, Arbitration is.
Mediation-Arbitration - ANSIf 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 -
ANSWhether attached to the building or not for up to 2,500 if damaged by a peril insured
against.
Building and Personal Property Coverage Form - ANSCommercial 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 - ANSTo determine if the defendant's conduct was the proximate cause of
the plaintiff's injury, the court applies
Foreseeability - ANSexcludes liability for harms that were sufficiently unforeseeable at the time
of the defendant's tortious conduct.
Purpose of freight insurance - ANSCovers shipper fees
Freight Insurance - ANSindemnifies the ship owner for the loss of earnings if the goods are
damaged or lost and are not delivered. Shipper Fees.
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