All Lines Adjuster Exam || 100% Actual 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 correct answers A recipient
location
recipient location correct answers Businesses who support insured by being the primary buyer
for their products
HO-3 (special form) correct answers 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 answers provides open perils coverage ("all-risks coverage")
on the dwelling, other structures and personal property.
HO-2 (broad form) correct answers covers the dwelling, other structures, and personal property
on a named perils basis
HO-4 (contents broad form) correct answers 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 answers Nothing farm property are not eligible under the dwelling policy.
A Covered Auto includes those vehicle(s) listed on the Declarations, plus any trailers or wagons
owned by the Named Insured, any newly acquired vehicles, and any vehicle used as a
_________. correct answers 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 answers 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 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 answers Medical payments to others; pays
all necessary medical expenses for up to three years after an accident.
, Coverage F: Medical Payments to Others correct answers 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 answers 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 answers Neutral third party hears a dispute and makes a decision both
parties have agreed to follow.
Mediation correct answers 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 answers Mediation is not binding,
Arbitration is.
Mediation-Arbitration correct answers 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
answers 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 answers 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 answers To determine if the defendant's conduct was the proximate
cause of the plaintiff's injury, the court applies
Foreseeability correct answers excludes liability for harms that were sufficiently unforeseeable at
the time of the defendant's tortious conduct.
Purpose of freight insurance correct answers Covers shipper fees
Freight Insurance correct answers indemnifies the ship owner for the loss of earnings if the
goods are damaged or lost and are not delivered. Shipper Fees.
Freight Insurance correct answers insures that shipowner will receive payment for transportation
charges.
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 answers A recipient
location
recipient location correct answers Businesses who support insured by being the primary buyer
for their products
HO-3 (special form) correct answers 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 answers provides open perils coverage ("all-risks coverage")
on the dwelling, other structures and personal property.
HO-2 (broad form) correct answers covers the dwelling, other structures, and personal property
on a named perils basis
HO-4 (contents broad form) correct answers 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 answers Nothing farm property are not eligible under the dwelling policy.
A Covered Auto includes those vehicle(s) listed on the Declarations, plus any trailers or wagons
owned by the Named Insured, any newly acquired vehicles, and any vehicle used as a
_________. correct answers 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 answers 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 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 answers Medical payments to others; pays
all necessary medical expenses for up to three years after an accident.
, Coverage F: Medical Payments to Others correct answers 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 answers 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 answers Neutral third party hears a dispute and makes a decision both
parties have agreed to follow.
Mediation correct answers 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 answers Mediation is not binding,
Arbitration is.
Mediation-Arbitration correct answers 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
answers 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 answers 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 answers To determine if the defendant's conduct was the proximate
cause of the plaintiff's injury, the court applies
Foreseeability correct answers excludes liability for harms that were sufficiently unforeseeable at
the time of the defendant's tortious conduct.
Purpose of freight insurance correct answers Covers shipper fees
Freight Insurance correct answers indemnifies the ship owner for the loss of earnings if the
goods are damaged or lost and are not delivered. Shipper Fees.
Freight Insurance correct answers insures that shipowner will receive payment for transportation
charges.
