Insurance premium audit - Study guides, Class notes & Summaries

Absolute Liability - imposed on defendants engaged in hazardous activities, such as harboring wild animals, using explosives, etc. the injured party does not need to prove negligence. Actual Cash Value (ACV) - method of valuation reinforces the principle of indemnity because it recognizes the reduction of value of property as it ages and becomes subject to wear and tear and obsolescence. = current replacement cost- depreciation Alien Company - according to location of incorporation, this i...

PA life, accident, and health practice questions with complete solutions Premium payments for a universal life policy are NOT used for: Separate account investments Under PA statute, first year commission for long-term care insurance may not be greater than 50% of the first year premium 10-year level term life InsPol that has a death benefit of $2000,000. It is true that: The face amount and premium will remain constant over the 10 year period Insurance premium is determined by e...

CPCU 520 Practice Test Questions and Answers Rated A+ Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? State-run plans with cost spread among private insurers in the state Which one of the following departments provides information to the underwriting department to assist in selecting and rating risks? Risk control All corpo...

AIC 300 - Claims in an Evolving World Practice Questions and Answers 100% Pass Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. - Correct Answer ️️ -B. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of communication evolve, it...

Under a CGL, at what point in time is the earned premium determined by the premium audit? CORRECT ANSWER At the end of the policy period Medical payments coverage under the Commercial General Liability Coverage Forms includes reasonable medical expenses if they are incurred and reported within how many years following an accident? CORRECT ANSWER Expenses that have been incurred and reported within one year of the date of the accident are covered under this section. Under Equipment Breakdow...

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. An insured relocated to another st...

AINS 101 EXAM 2024 | 50 QUESTION WITH 100 % CORRECT DETAILED ANSWERS | VERIFIED|A+ GRADE Question 1 Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Select one: A. Contract of utmost good faith. B. Conditional contract. C. Contract of adhesion. D. Contract of indemnity. Question 2 Sota’s Superstore has recently become an insured of Keithly Insurance Company. Kaito...

AIC 300 - Claims in an Evolving World Exam Questions And Answers (Verified And Updated) Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. - answerB. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of communication evolve, it's impo...

How often must an insurer who sells personal lines property and casualty policies recalculate a consumer's insurance score or obtain an updated credit report? - Every 36 months. (The least often the insurer must pull the credit report is once every 3 years. The most often an insured can request that the credit report be pulled, for the purposes of insurance rating, is every 12 months [annually]) An insurer who frequently misses deadlines to respond to inquiries from the Division of Insuranc...

AU 60 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+ NEWEST VERSION As an underwriter, Liz knows that her success relies on collaboration with multiple departments. Which one of the following is the first step that Liz should take to foster collaboration among the different department managers? Select one: A. Liz should begin by developing an understanding of each department and how their work processes interact. B. Liz should begin ...