Property & Casualty Insurance - Part 2 (Well-enlightened)

Which of the following statements about surplus line brokers is CORRECT? correct answers An Alabama resident must post a bond of at least $50,000 to be licensed as a surplus line broker. A Commercial Package policy myst contain at least ___ coverage participants. correct answers two Under a Personal Auto policy, your duties following a loss include all of the following EXCEPT correct answers file a lawsuit against any negligent third party The maximum claim amount covered by the Alabama Insurance Guaranty Association is correct answers $150,000 An insurer compares what it paid in claims against the amount received in premium to determine its correct answers loss ratio Which of the following is NOT a category of the Nationwide Marine Definitions? correct answers Private passenger autos A person who for compensation, fee, or commissions negotiates settlement of claims under insurance contracts in Alabama is called a/an correct answers Adjuster An applicant whose business only involves hauling the goods of others would be best served by purchasing which of the following commercial Auto coverage forms? correct answers Truckers Coverage form Which of the businesses below would NOT be eligible for a Business Auto coverage form? correct answers Niemier's Parking Garage Coverage C under a Dwelling policy contains coverage for correct answers personal property The Business Auto Coverage form is designed to cover all of the following types of vehicles EXCEPT correct answers Mobile equipment, such as forklifts, graders, backhoes and bulldozers. What is arbitration? correct answers A means of setting disputes between the insured and the insurer. The passage of Workers Compensation legislation meant correct answers employers would be held responsible for the cost of employees work-related injuries, regardless of fault. Which of the following statements BEST describes a collision? correct answers The impact of an automobile with another object or vehicle or the upset of the vehicle