Business auto coverage - Study guides, Class notes & Summaries

What is the underwriter's goal? - Answer- To write a book of business in which the actual losses approximate the expected losses. Gertrude is going to become an insurance agent. She would like to work in an agency that represents many different insurance companies. Gertrude will go to work for a(n) - Answer- Independent agency When a client suffers a loss, MegaInsurers is expected to respond promptly to settle the resulting claim. Depending on the line of insurance, claim costs generally ...

Which of the following businesses would be eligible for a business owners policy? I. Doughnut shop. II. Wholesale florist. III. Barber shop. IV. Taxidermist. - ALL Each of the following people would be an insured for auto medical payments coverage under Bob Miller's business auto policy, EXCEPT a. Bob Miller (the named insured), struck by an auto while walking across the street. The auto was not a covered auto. b. Mel Carpenter, Bob's neighbor, occupying a covered auto. c. Frank Thom...

According to the insurance law, who is the principal? - Ans: Broker An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? - Ans: 90 days Issued for 180 days for surviving spouse, surviving inactive officer or partner, legal representative. Can be used upon death or incompetency of producer, or when individuals are serving in the military. - Ans: a temporary license Commissioner can do al...

TEXAS ALL LINES ADJUSTER EXAM BRAND NEW!! (163 QUESTIONS AND CORRECT ANSWERS) VERIFIED ANSWERS The 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 - ANSWER A recipient location recipient location - ANSWER ...

CISR Insuring Commercial Property Exam 146 Questions with Answers Select the answer that most closely describes Actual Cash Value (ACV). - CORRECT ANSWER A method of establishing the value of property wherein depreciation and obsolescence are deducted from the value of the property. Select the answer that most closely describes Functional Replacement Cost. - CORRECT ANSWER A provision which changes the policy valuation so as to provide for replacement with a different structure which per...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Under Part A of a Personal Auto Policy, which of the following losses would be covered? A.) Damage to property being transported by the insured B.) Damage to a neighbor's parked car C.) Damage to a neighbor's lawn mower in the care of the insured D.) Damage to the home the insured owns - B.) Damage to a neighbor's parked car Which of the following is true regarding the Fine Arts Floater? A.) Coverage is limited to the United States, Canada, and Mexico B.) Coverage is primarily for stam...

If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cancellation b. nonrenewal c. separation d. exclusion Nonrenewal Which is the best example of an indirect loss ? a. sequential loss b. liability loss c. employee theft d. loss of use Loss o...

Texas All Lines Adjuster Test with Verified Answers Updated 2024 The 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 A recipient location recipient location Businesses who support insured by being the primary buyer for their products HO-3 (special form) covers the dwelling and other str...

Exam Fx-Property and Casualty Exam Questions and Answers 100% Pass To be considered an insurable risk, a loss may NOT be catastrophic Which of the following persons would be required to hold a producer license? a nonresident agent who negotiates insurance contracts Which of the following is the oldest known type of insurance? ocean marine The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? the difference in the actual cash va...