Exam (elaborations)
All Lines Adjuster Exam With Correct Answers.
- Course
- Institution
All Lines Adjuster Exam With Correct Answers.
[Show more]
Content preview
All Lines Adjuster Exam With CorrectAnswers
The yinsured yhas yfiled ya yclaim yunder ythe y"Business yIncome yDepartment yProperties
y- yBroad yForm" ybecause ythe yprimary ybuyer yof yproducts yand yservices yfrom ythe
ybusiness yhas yfiled yfor ybankruptcy yunder ythis yform ythe yprimary ybuyers ybusiness
ywould ybe yknown yas y- yANS-A yrecipient ylocation
recipient ylocation y- yANS-Businesses ywho ysupport yinsured yby ybeing ythe yprimary
ybuyer yfor ytheir yproducts
HO-3 y(special yform) y- yANS-covers ythe ydwelling yand yother ystructures yon ya yrisk-of-
direct-physical yloss ybasis. yAll ydirect yphysical ylosses yare ycovered yexcept ythose
ylosses yspecifically yexcluded. yPersonal yproperty yis ycovered yon ya ynamed yperils
ybasis
HO-5 yComprehensive yForm y- yANS-provides yopen yperils ycoverage y("all-risks
ycoverage") yon ythe ydwelling, yother ystructures yand ypersonal yproperty.
HO-2 y(broad yform) y- yANS-covers ythe ydwelling, yother ystructures, yand ypersonal
yproperty yon ya ynamed yperils ybasis
HO-4 y(contents ybroad yform) y- yANS-Only ycovers ya ytenant's ypersonal yproperty yon ya
ynamed yperils ybasis
The ydwelling yis yinsured yfor y200,000 yunder yDP-2 ydwelling ypolicy yhow ymuch
ycoverage yapplies yto ythe ybarn? y- yANS-Nothing yfarm yproperty yare ynot yeligible
yunder ythe ydwelling ypolicy.
A yCovered yAuto yincludes ythose yvehicle(s) ylisted yon ythe yDeclarations, yplus yany
ytrailers yor ywagons yowned yby ythe yNamed yInsured, yany ynewly yacquired yvehicles,
yand yany yvehicle yused yas ya y_________. y- yANS-Temporary ySubstitute yAuto
The ycovered yauto yis ydefined yin ythe ypolicy yas yall yof ythe yfollowing yEXCEPT:
A) yany yadditional yauto yacquired yin ythe ypast y30 ydays. y
B) yany yauto yshown yin ythe ydeclarations. y
C) yany yauto yused yas ya ytemporary ysubstitute ywhile yan yinsured yauto yis ybeing
yrepaired. y
D) yany ytrailer yowned yby ythe yinsured yor yspouse. y- yANS-Answer: yA y
,An yadditional yauto yacquired yduring ythe ypolicy yperiod yis yconsidered ya ycovered
yauto. yHowever, ysome yrestrictions ydo yapply. yFor yexample, yif ythe ynewly yacquired
yauto yis yin yaddition yto yany yvehicle yshown yon ythe ydeclarations, yit ymust ybe yinsured
ywithin y14 ydays yof ythe ypurchase ydate. yIf yit yreplaces yone yof ythe ycars, ythe yinsured
ydoes ynot yneed yto yadd yit yduring ythat ypolicy yperiod.
Coverage yF yon yhomeowners ypolicy yprovides y- yANS-Medical ypayments yto yothers;
ypays yall ynecessary ymedical yexpenses yfor yup yto ythree yyears yafter yan yaccident.
Coverage yF: yMedical yPayments yto yOthers y- yANS-Does ynot yapply yto ythe yinsured yor
ymembers yof ythe yinsured's yhousehold
Not yliability ycoverage yand yis ynot ybase yon yfault
An yinsured yhas ytaken yinventory yof yhis ymerchandise yand ydiscovers ya ysubstantial
yshortage yof yvaluable ystock. yHe ysubmits ya yclaim yto yhis yinsurance ycarrier ythat
yprovides yhis ycoverage yunder ya yBusiness yOwners yPolicy. yWhat ycoverage yis
yprovided yby ythe yBOP? y- yANS-No ycoverage ywould yapply, ythere yis yno ycoverage yfor
ymissing yproperty ywhen ythere yis yno yphysical yevidence yto yshow ycause yof yloss
Arbitration y(ADR) y- yANS-Neutral ythird yparty yhears ya ydispute yand ymakes ya ydecision
yboth yparties yhave yagreed yto yfollow.
Mediation y- yANS-A ymethod yof ysettling ydisputes youtside yof ycourt yby yusing ythe
yservices yof ya yneutral ythird yparty, ycalled ya ymediator. yThe ymediator yacts yas ya
ycommunicating yagent ybetween ythe yparties yand ysuggests yways yin ywhich ythe
yparties ycan yresolve ytheir ydispute. yNot ybinding.
Difference ybetween yArbitration yand yMeditation? y- yANS-Mediation yis ynot ybinding,
yArbitration yis.
Mediation-Arbitration y- yANS-If ythe yparties ycannot yreach ya ysettlement ythrough
ymediation, yan yarbitrator ywill yresolve ythe ydispute.
The ybuilding yand ypersonal yproperty ycoverage yform yprovides ycoverage yfor youtdoor
ysigns y- yANS-Whether yattached yto ythe ybuilding yor ynot yfor yup yto y2,500 yif ydamaged
yby ya yperil yinsured yagainst.
Building yand yPersonal yProperty yCoverage yForm y- yANS-Commercial yProperty
ycoverage yform ythat ycovers ybuildings, ythe yinsured's ybusiness ypersonal yproperty,
yand ythe ypersonal yproperty yof yothers ylocated yat ythe ybusiness ypremises
Foreseeability yTest y- yANS-To ydetermine yif ythe ydefendant's yconduct ywas ythe
yproximate ycause yof ythe yplaintiff's yinjury, ythe ycourt yapplies
, Foreseeability y- yANS-excludes yliability yfor yharms ythat ywere ysufficiently
yunforeseeable yat ythe ytime yof ythe ydefendant's ytortious yconduct.
Purpose yof yfreight yinsurance y- yANS-Covers yshipper yfees
Freight yInsurance y- yANS-indemnifies ythe yship yowner yfor ythe yloss yof yearnings yif ythe
ygoods yare ydamaged yor ylost yand yare ynot ydelivered. yShipper yFees.
Freight yInsurance y- yANS-insures ythat yshipowner ywill yreceive ypayment yfor
ytransportation ycharges.
What yperils yare ycovered yon ythe ybasic yform yperil yof ythe yHomeowners yPolicy y-
yANS-fire, ylightning, ysmoke, ywindstorm, yhurricane, yhail, yexplosion, yaircraft yand
yvehicles, yvandalism, yriot yand ycivil ycommotion, ytheft, yand ypremises yliability.
What yperils yare ycovered yunder ythe ybroad yfrom yHomeowners yPolicy y- yANS-include
ybasic yperils yplus yfalling yobjects; yweight yof yice, ysleet, yor ysnow; yfreezing ypipes; yand
ysome ycoverage yfor ysudden yand yaccidental ywater ydischarge.
Exclusions yto yHomeowners ypolicy y- yANS-earthquakes; y
termites, yrats; y
freezing ypipes ywhile yyour yhouse yis yunoccupied; y
losses yif yyour yhouse yis yvacant yfor ythe ynumber yof ydays yspecified yby yyour ypolicy; y
wear yand ytear yor ymaintenance; ywind yor yhail ydamage yto ytrees yand yshrubs; ymold,
yexcept ynecessary ycosts yto yrepair yor yreplace yproperty ydamage ycaused yby ya
ycovered ywater yloss;
and ywater ydamage yresulting yfrom ycontinuous yand yrepeated yleakage yor yseepage.
Landlord's yfurnishing y- yANS-Is ynot yadditional ycoverage yand ydoesn't yinsurance ythe
ylimits yof ythe ypolicy
Power yto ybind ymeans y- yANS-The yprincipal yis ybound yto ythe ydecisions yof ythe
yadjuster
RVC y(replacement ycost yvalue) y- yANS-The ycost yto yreplace ythe yproperty yon ythe
ysame ypremises ywith yother yproperty yof ycomparable ymaterial yand yquality yused yfor
ythe ysame ypurpose
DP-3 ySpecial yForm y- yANS-Under ythis yDwelling ycoverage yform: ydwelling yand yother
ystructures yare ycovered yfor yall ydirect yphysical ydamage y(open yperil), yexcept yfor
yperils yspecifically yexcluded..
In ya ysurety ybonding ythird-party ycontract, ywho yis ythe yprincipal? y- yANS-the yparty
ywhose yperformance yis yguaranteed yby ythe yobligor. yin ya ycontract ybetween ythe
ysurety yand ythe yconstructor y[construction ycompany], ythe yprincipal yis ythe
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now