AIC 304 Final Actual Exam Newest 2026-2027 Actual
Exam With Complete Questions And Correct Detailed
Answers (Verified Answers) |Already Graded A+
Reinsurers assume the financial consequences of a certain share or
amount of a loss otherwise payable by -
A. The subrogated insurer.
B. The insured.
C. The original insurer.
D. The liable third party.
C
Anna has been hired by a claims adjuster to investigate a fire that
damaged an insured building. She has determined the origin of the fire
and is taking steps to determine the cause. These include -
A. Origin of the fire, source of ignition, and the circumstances that
brought them together.
B. First fuel ignited, source of ignition, and the circumstances that
brought them together.
C. First fuel ignited, origin of the fire, and the circumstances that
brought them together.
D. First fuel ignited, source of ignition, and the origin of the fire.
pg. 1
,B
Aleski has a specified perils homeowners policy with the standard water
exclusion. After Aleski returned home from vacation, he found water
damage to floors, walls, and ceilings. Which one of the following factors
would likely result in Aleski's claim not being covered by the insurer? -
A. A windstorm blew off part of the roof allowing rain to enter the
house.
B. A fire started and firefighters used fire hoses to extinguish the blaze.
C. A windstorm broke a window and allowed wind-driven rain to enter
the house.
D. A pipe froze and burst because Aleski turned off the heat before he
left.
D
Entities eligible for financial institution bonds are -
A. Insured by the Federal Deposit Insurance Corporation (FDIC).
B. Required to carry the ISO Commercial Crime Form.Incorrect.
C. Excluded under the Commercial General Liability Crime Form.
D. Not eligible for the ISO Commercial Crime Forms.
D
pg. 2
, Hank was investigating a motor truck cargo (MTC) liability claim for
C&E Trucking. C&E Trucking was hired to transport perishable produce
to a grocery warehouse. The driver was forced to pull off the highway
and park the truck as a hurricane approached. The truck was damaged in
the storm and much of the perishable cargo was destroyed. After
reviewing the policy and completing his investigation, Hank decided to
deny the claim. Which one of the following would be Hank's reason for
denying this MTC liability claim? -
A. C&E Trucking would not be legally liable for a cargo loss caused by
a natural occurrence.
B. The shipper is liable for the loss due to negligent packaging.
C. MTC liability policies exclude coverage for perishable goods.
D. The truck was not parked at one of C&E Trucking's scheduled
terminals.
A
Which one of the following statements regarding settlement costs
following a catastrophe is most accurate? -
A. Delaying settlement usually works in the insurer's favor.
B. Many states have anti-price-gouging laws that claims reps can use for
guidance.
C. Claims reps should not settle claims for more than typical pricing.
D. Claims reps should pay whatever amounts are required to get claims
settled prompt
pg. 3
Exam With Complete Questions And Correct Detailed
Answers (Verified Answers) |Already Graded A+
Reinsurers assume the financial consequences of a certain share or
amount of a loss otherwise payable by -
A. The subrogated insurer.
B. The insured.
C. The original insurer.
D. The liable third party.
C
Anna has been hired by a claims adjuster to investigate a fire that
damaged an insured building. She has determined the origin of the fire
and is taking steps to determine the cause. These include -
A. Origin of the fire, source of ignition, and the circumstances that
brought them together.
B. First fuel ignited, source of ignition, and the circumstances that
brought them together.
C. First fuel ignited, origin of the fire, and the circumstances that
brought them together.
D. First fuel ignited, source of ignition, and the origin of the fire.
pg. 1
,B
Aleski has a specified perils homeowners policy with the standard water
exclusion. After Aleski returned home from vacation, he found water
damage to floors, walls, and ceilings. Which one of the following factors
would likely result in Aleski's claim not being covered by the insurer? -
A. A windstorm blew off part of the roof allowing rain to enter the
house.
B. A fire started and firefighters used fire hoses to extinguish the blaze.
C. A windstorm broke a window and allowed wind-driven rain to enter
the house.
D. A pipe froze and burst because Aleski turned off the heat before he
left.
D
Entities eligible for financial institution bonds are -
A. Insured by the Federal Deposit Insurance Corporation (FDIC).
B. Required to carry the ISO Commercial Crime Form.Incorrect.
C. Excluded under the Commercial General Liability Crime Form.
D. Not eligible for the ISO Commercial Crime Forms.
D
pg. 2
, Hank was investigating a motor truck cargo (MTC) liability claim for
C&E Trucking. C&E Trucking was hired to transport perishable produce
to a grocery warehouse. The driver was forced to pull off the highway
and park the truck as a hurricane approached. The truck was damaged in
the storm and much of the perishable cargo was destroyed. After
reviewing the policy and completing his investigation, Hank decided to
deny the claim. Which one of the following would be Hank's reason for
denying this MTC liability claim? -
A. C&E Trucking would not be legally liable for a cargo loss caused by
a natural occurrence.
B. The shipper is liable for the loss due to negligent packaging.
C. MTC liability policies exclude coverage for perishable goods.
D. The truck was not parked at one of C&E Trucking's scheduled
terminals.
A
Which one of the following statements regarding settlement costs
following a catastrophe is most accurate? -
A. Delaying settlement usually works in the insurer's favor.
B. Many states have anti-price-gouging laws that claims reps can use for
guidance.
C. Claims reps should not settle claims for more than typical pricing.
D. Claims reps should pay whatever amounts are required to get claims
settled prompt
pg. 3
