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Final exam review

Arizona Independent Insurance Adjusters Exam

QuestionAnswer
Of the following policies, which has the broader coverage? a. MPCI b. Farm and Ranch equipment rider c. Crop-Hail d. CAT coverage MPCI
The "Consent to Settle" clause in the Professional Liability Policy is best described as: a clause that requires the insurance company to get approval from the insured prior to settling a claim
Pointing out a piece of evidence that works in a claimants favor, and then conceding that point to a claimant is a negotiating technique known as: "pleasant surprise." The pleasant surprise technique helps the negotiator appear less as an adversary, and also helps the claimant feel they are making headway in negotiations.
Co.X ship $75K in cargo to eng. Co. Y is transporting $25K in of cargo on the same ship. Trouble.. & the cpt must save the ship by droppng 1/2 of Co.X's cargo because it is stored near the edge of the ship. Under the Gen Avg clause, what % must Y contrib? 25%
From a legal standpoint, when a policyholder files a claim against their insurance policy, they are essentially submitting a/an ____________ . Offer
Guido of Guido's Pizza has a BAP. His employee, Jason, delivers pizzas. What coverage should Guido add to the BAP to insure Jason has basic coverage when driving a company vehicle for business and non-business purposes? Drive Other Car coverage
Each ins. coverage in a commercial property ins. policy will contain a cause of loss form. Which of the following is NOT an example of a cause of loss form? a. basic col form b. general col form c. special cause of loss form d. broad cause of loss for general cause of loss form
True or False: In a contract of adhesion, The consumer has little to no leeway to negotiate the terms of the contract. True
Which of the following elements is "negotiable" during direct negotiations between an adjuster and a claimant? a. Punitive damages. b. Pain and suffering. c. Policy limits. d. Policy coverage. Pain and suffering
Bob had purchased an insurance policy on his barn with a replacement cost endorsement, and the barn was fully insured to 80% of its value. When will Bob receive full indemnification for his losses on the barn? when he replaces the barn and files a supplementary claim. The insurer pays the difference between the actual cash value of the loss and the replacement cost only after the insured party makes the repairs and submits a claim for the difference.
The only two states that have elective participation in workers' compensation insurance are: New Jersey and Texas
What is the primary difference between Pollution Liability Coverage-Broad Form and the Pollution Liability Limited Coverage Form? The Broad Form pays for clean-up costs, which the Limited Form only pays for bodily injury and property damage.
True or false: The reservation of rights permits the insurer to offer a settlement to the plaintiff. False
Which type of claims are typically the most difficult to negotiate? a. Property claims b. Liability claims c. Physical damage claims d. Fraudulent claims Liability claims: Property claim disputes are much easier to negotiate as repair and replacement costs are definite and verifiable. Liability claims can involve issues regarding partial responsibility and "legal liability."
How many months of reimbursement is Mary Jane eligible for if her house burns down and her renter moves out? 2 Months
If Franklin Fireplace had business income with extra expense coverage, how much would an insurance company have to indemnity Franklin Fireplace? $540,000
True or False: Pain and suffering is "negotiable" during direct negotiations between an adjuster and a claimant. True
True or False: Under Workers' Compensation,there is no waiting period for Disability Benefits. False
True or False: Stand alone excess liability coverage provides limitations and exclusions to the coverage of the base policy. True
Created by: ajramirez1969