AIC 304 STUDY
, The insurance-to-value provision often found in homeowners policies applies only to -
CORRECT ANSWERS-A. Property insured under Coverage A--Dwelling.
B. Personal property.
C. Property insured under Coverage A--Dwelling and Coverage B--Other Structures.
D. Property insured under Coverage B--Other Structures
C
Benjamin is a claims representative handling a merchandise loss. He needs someone
to prepare an inventory of the damaged goods, verify their value, preserve damaged
items, locate the best market for salvageable items, and oversee the sale. Benjamin
should hire a(n) - CORRECT ANSWERS-A. Wholesaler.
B. Salvor.
C. Public adjuster.
D. Junk dealer.
B
Philip is a claims representative for Goshen Insurance. He is working on a motor truck
cargo (MTC) liability claim and is trying to determine if the entity facing legal liability for
the cargo loss is an insured under the MTC policy. In addition to the blanket MTC policy,
Philip will need to review which one of the following? - CORRECT ANSWERS-A. The
schedule of vehicles
B. The insured's trip transit policy
C. The schedule of terminals
D. The carrier section of the bill of lading
D
Brenda and Tyrone are homeowners with a monthly mortgage of $1,200. Their home
sustains damage from a fire, and restoration is expected to take several months to
complete. They rent an apartment with a monthly rent of $1,500 to occupy during
restoration. Which one of the following statements regarding their additional living
expenses under Coverage D in ISO homeowners policy forms is most accurate? -
CORRECT ANSWERS-A. They would be covered for $2,700, the total of both their
mortgage and the rent on their temporary apartment.
B. They would be covered for $1,500 a month, the full rent on their temporary
apartment.
C. They would be covered for $300 a month, the difference between their mortgage and
temporary monthly rent.
D. There would be no coverage, as additional living expenses are provided only if the
temporary housing expense is equal to or less than that of the damaged property.
B
, The insurance-to-value provision often found in homeowners policies applies only to -
CORRECT ANSWERS-A. Property insured under Coverage A--Dwelling.
B. Personal property.
C. Property insured under Coverage A--Dwelling and Coverage B--Other Structures.
D. Property insured under Coverage B--Other Structures
C
Benjamin is a claims representative handling a merchandise loss. He needs someone
to prepare an inventory of the damaged goods, verify their value, preserve damaged
items, locate the best market for salvageable items, and oversee the sale. Benjamin
should hire a(n) - CORRECT ANSWERS-A. Wholesaler.
B. Salvor.
C. Public adjuster.
D. Junk dealer.
B
Philip is a claims representative for Goshen Insurance. He is working on a motor truck
cargo (MTC) liability claim and is trying to determine if the entity facing legal liability for
the cargo loss is an insured under the MTC policy. In addition to the blanket MTC policy,
Philip will need to review which one of the following? - CORRECT ANSWERS-A. The
schedule of vehicles
B. The insured's trip transit policy
C. The schedule of terminals
D. The carrier section of the bill of lading
D
Brenda and Tyrone are homeowners with a monthly mortgage of $1,200. Their home
sustains damage from a fire, and restoration is expected to take several months to
complete. They rent an apartment with a monthly rent of $1,500 to occupy during
restoration. Which one of the following statements regarding their additional living
expenses under Coverage D in ISO homeowners policy forms is most accurate? -
CORRECT ANSWERS-A. They would be covered for $2,700, the total of both their
mortgage and the rent on their temporary apartment.
B. They would be covered for $1,500 a month, the full rent on their temporary
apartment.
C. They would be covered for $300 a month, the difference between their mortgage and
temporary monthly rent.
D. There would be no coverage, as additional living expenses are provided only if the
temporary housing expense is equal to or less than that of the damaged property.
B
