All Lines Adjuster Exam with 100% Correct Answers 2024

All Lines Adjuster Exam with 100% Correct Answers 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 - Correct answer-A recipient location recipient location - Correct answer-Businesses who support insured by being the primary buyer for their products HO-3 (special form) - Correct answer-covers the dwelling and other structures on a risk- of-direct-physical loss basis. All direct physical losses are covered except those losses specifically excluded. Personal property is covered on a named perils basis HO-5 Comprehensive Form - Correct answer-provides open perils coverage ("all-risks coverage") on the dwelling, other structures and personal property. HO-2 (broad form) - Correct answer-covers the dwelling, other structures, and personal property on a named perils basis HO-4 (contents broad form) - Correct answer-Only covers a tenant's personal property on a named perils basis The dwelling is insured for 200,000 under DP-2 dwelling policy how much coverage applies to the barn? - Correct answer-Nothing farm property are not eligible under the dwelling policy. A Covered Auto includes those vehicle(s) listed on the declareations, plus any trailers or wagons owned by the Named Insured, any newly acquired vehicles, and any vehicle used as a _________. - Correct answer-Temporary Substitute Auto The covered auto is defined in the policy as all of the following EXCEPT: A) any additional auto acquired in the past 30 days. B) any auto shown in the declarations. C) any auto used as a temporary substitute while an insured auto is being repaired. D) any trailer owned by the insured or spouse. - Correct answer-Answer: A An additional auto acquired during the policy period is considered a covered auto. However, some restrictions do apply. For example, if the newly acquired auto is in addition to any vehicle shown on the declarations, it must be insured within 14 days of onlystudents 11/4/23, 6:20 PM All Lines Adjuster Exam with 100 about:blank 2/17 the purchase date. If it replaces one of the cars, the insured does not need to add it during that policy period. Coverage F on homeowners policy provides - Correct answer-Medical payments to others; pays all necessary medical expenses for up to three years after an accident. Coverage F: Medical Payments to Others - Correct answer-Does not apply to the insured or members of the insured's household Not liability coverage and is not base on fault An insured has taken inventory of his merchandise and discovers a substantial shortage of valuable stock. He submits a claim to his insurance carrier that provides his coverage under a Business Owners Policy. What coverage is provided by the BOP? - Correct answer-No coverage would apply, there is no coverage for missing property when there is no physical evidence to show cause of loss Arbitration (ADR) - Correct answer-Neutral third party hears a dispute and makes a decision both parties have agreed to follow. Mediation - Correct answer-A method of settling disputes outside of court by using the services of a neutral third party, called a mediator. The mediator acts as a communicating agent between the parties and suggests ways in which the parties can resolve their dispute. Not binding. Difference between Arbitration and Meditation? - Correct answer-Mediation is not binding, Arbitration is. Mediation-Arbitration - Correct answer-If the parties cannot reach a settlement through mediation, an arbitrator will resolve the dispute. The building and personal property coverage form provides coverage for outdoor signs - Correct answer-Whether attached to the building or not for up to 2,500 if damaged by a peril insured against. Building and Personal Property Coverage Form - Correct answer-Commercial Property coverage form that covers buildings, the insured's business personal property, and the personal property of others located at the business premises Foreseeability Test - Correct answer-To determine if the defendant's conduct was the proximate cause of the plaintiff's injury, the court applies Foreseeability - Correct answer-excludes liability for harms that were sufficiently unforeseeable at the time of the defendant's tortious conduct. Purpose of freight insurance - Correct answer-Covers shipper fees