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AU 62 Chapter 2 Test Questions and Answers All Correct $11.99   Add to cart

Exam (elaborations)

AU 62 Chapter 2 Test Questions and Answers All Correct

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AU 62 Chapter 2 Test Questions and Answers All Correct Electronic Data Liability Coverage Form - Answer- covers the insured's liability for loss of electronic data caused by an electronic data incident Product Withdrawal Coverage Form - Answer- Covers the costs of withdrawing or recalling pro...

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  • September 23, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AU 62
  • AU 62
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Scholarsstudyguide
AU 62 Chapter 2 Test Questions
and Answers All Correct

Electronic Data Liability Coverage Form - Answer- covers the insured's liability for loss
of electronic data caused by an electronic data incident

Product Withdrawal Coverage Form - Answer- Covers the costs of withdrawing or
recalling products from the market

Components of a General Liability Coverage Part - Answer- 1. One or more general
liability declaration forms
2. One or more general liability coverage forms
3. Any applicable endorsements

General Liability Declarations - Answer- insurer's and producer's names
the named insured's name and mailing address
policy inception and expiration dates
limits of insurance
description of named insured's business
rating and premium audit information
a list of endorsements attached to the policy

General Liability Coverage Forms - Answer- Coverages
Who is Insured
Limits of Insurance
Conditions
Definitions

Commercial Lines Manual (CLM) - Answer- an ISO publication that includes rules and
rating procedures for several major lines of commercial insurance

underwriting technician - Answer- a specialist in policy pricing and issuance preparation
who performs the mechanics or pricing for an insurer

Three-step classification process - Answer- 1. determine the insured's business
operation
2. check the appropriate classification (classification tables)
3. apply additional rules based on the insured's business group

Five Business Groups of CLM - Answer- 1. Manufacturing and Processing
2. Contracting or Servicing
3. Mercantile

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