Insurance Concepts and Terms: A Comprehensive Guide, Study notes of Food Microbiology

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ALASKA ADJUSTER! EXAM 2024 WITH

100% ACCURATE ANSWERS

ALASKA ADJUSTER! EXAM 2024 WITH

100% ACCURATE ANSWERS

Contributory Negligence - correct answersWhich of the following prevents someone from collecting payment for negligence under the laws of some states? contract of adhesion - correct answersSince the insurance company drafts the insurance contract and it is not negotiable, if it is found to be ambiguous the courts will interpret the contract against the party that prepared it. This is an example of endorsement - correct answersA written modification of an insurance policy is known as The coverage trigger - correct answersWhen an insurance agent is writing a CGL policy and he/she has a choice of using an "occurrence" form or a "claims-made" form, he/she should be aware that the main difference between the two forms is A jeweler's block policy - correct answersAn inland marine coverage which covers a store that has an average inventory of $250,000 or less of jewelry would need Instrumentalities - correct answersWith inland marine insurance bridges, tunnels, and communication towers are referred to as Retroactive date - correct answersThe claims-made form of the CGL is designed to cover losses that are reported during the policy period. In order to limit the insurer's exposure to events that happened prior to the inception of the current policy, a ______ is used to exclude coverage for occurrences prior to that point. $100 Billion - correct answersUnder the Terrorism Risk Insurance Program Reauthorization Act of 2015, the maximum limit for the Act for total claims paid under the Act by either private insurers or the government is still limited to

Commercial property - correct answersThe Terrorism Risk Insurance Program Reauthorization Act of 2015 excludes all of the following, EXCEPT: Up to $200 per day - correct answershow much will supplementary payments under the personal auto policy pay for loss of earnings Business income - correct answersWhich of the following coverages may be added by endorsement to an Equipment Breakdown Policy? $100,000 per occurrence - correct answersWhat is the standard minimum limit for personal liability coverage on Homeowners policies? professional - correct answersWhat type of coverage would a physician, surgeon, or dentist require? A condition that increases the chances of a loss - correct answersWhich of the following phrases best defines "hazard?" Stocks of furs owned by the insured furrier - correct answersWhich of the following types of property may be insured under a furriers block policy? Coverage is mandatory - correct answersWhich of the following is NOT true concerning the Terrorism Risk Insurance Program Reauthorization Act of 2015? Voided - correct answersIf an insured intentionally conceals a material fact about property to be covered by a policy, coverage may be A guarantee that the statements made by the applicant are completely true and untrue statements can void the coverage - correct answersA warranty in insurance is best described as which of the following? Driver other car coverage - correct answersBarry's Vending, Inc. has a business auto policy (BAP). The owner, Barry, does not own a car since he always drives a company car. What coverage should be added to the BAP to provide Barry with liability coverage while driving a vehicle not owned by the corporation?

21 Days - correct answersHow many days does the insurer have to file a controversial notice of a disputed workers compensation claim after employer new of the injury? Theft of building materials from a dwelling under construction - correct answersUnder homeowner's policy, "theft" does not include What does "diminution of value" mean? - correct answersA reduction in the value of a vehicle even after repairs have been made 3 years - correct answersThe insurer has _______ after policy expiration to audit the insured's payroll records in order to determine final premium A change in the mailing address - correct answersWhich of the following events would require a change on a homeowner policy? pain and suffering - correct answersWorkers compensation benefits does not provide payments for Coverage for Damage to Your Auto - correct answersUnder a personal auto policy, what is Coverage D? Aleatory - correct answersThe promise by one party that is conditioned on an uncertain event and where the value given by each party is unequal is called 104 - correct answersIf an employee has a permanent physical impairment from any cause or origin incurs a subsequent disability by injury arising out or and in the course of employment, the insurance carrier will be reimbursed ______weeks of disability payments paid Less than $500,000 - correct answersWhat is the maximum obligation of the Alaska Insurance Guaranty Association on a covered claims that is not an unearned premium claim or a Workers Compensation claim? named non owner coverage - correct answersWhat personal auto coverage would a person need if he or she does not own a vehicle?

Punitive damages - correct answersA monetary award to a plaintiff in a tort action in excess of the cash value of the economic loss as a punishment to the wrongdoer and as a deterrent to similar conduct by others is known as The US - correct answersUnder employment practices liability, the coverage territory is worldwide as long as the suit is brought in 30 days - correct answersA licensee must advise the Alaska Director within ______ of a change in residence address, mailing address, phone number or legal name waiver - correct answersThe giving up of a known right is called Blanket basis - correct answersThe physical damage coverage for an auto dealer's vehicles held for sale is covered on the garage policy $1,000,000 - correct answersIf the Alaska Director of Insurance believes that a licensee has violated a cease and desist order, he or she may certify the relevant facts to the superior court in the appropriate district. The superior court, upon finding that a cease and desist order has been violated, may order a monetary penalty of up to ______ for each violation 50/100/25 - correct answersThe required minimum limits of liability that must be carried under an automobile policy in Alaska are Coverage must be purchased from the state - correct answersA monopolistic state in regards to Workers Compensation insurance is a state in which commercial auto - correct answersAll of the following are covered by the Terrorism Risk Insurance Program Reauthorization Act of 2015, EXCEPT Garagekeeper's legal liability - correct answersWhat coverage is used to cover damage to a customer's vehicle in the care and custody of a repair garage?

12 months - correct answersAn order of the Director suspending a license will specify the period during which the license is suspended. A period of suspension may not exceed 30 days - correct answersOnce an insurer in Alaska has received a properly completed proof of loss and the claim is not in dispute, how many days does the insurer have to pay the claim? Vicarious - correct answersWhich of the following terms means "through another person?" 24 - correct answersIn Alaska, licensees must complete _____ hours of approved continuing education during each two year license period Professional Liability Coverage - correct answersThe home business insurance endorsement is available to cover certain businesses under the homeowner program. Which of the following coverages cannot be included 20 days - correct answersThe Alaska Director of Insurance must give not less than _____ advance notice of a hearing and include the time, place and matter to be considered at the hearing 24 months - correct answersUnder Equipment Breakdown coverage, the full replacement cost will be provided if the equipment is repaired within what time period following the loss? $2,500 - correct answersFollowing a hearing, if the Alaska Director finds that a licensee has violated any provision of the insurance code for which a greater penalty is not provided, he or she may impose a civil penalty of not more than H0- 3 - correct answersPersonal property named peril basis for H0-3 or H0- 5 H0- 5 - correct answerspersonal property is covered on an open peril basis for H0-3 or H0- 5 $250 - correct answersThe policy also provides for the payment of the cost of a bail bond required because of an accident up to

$100 billion - correct answersUnder the Terrorism Risk Insurance Program Reauthorization Act of 2015, the maximum limit for the Act for total claims paid under the Act by either private insurers or the government is still limited to Fiduciary Liability - correct answersThe requirements of the Employment Retirement Income Security Act compel employers to cover their professional liability exposure for honest errors and omissions regarding employee benefit plans by purchasing actual cash value - correct answersHow unscheduled personal property is covered under standard ISO homeowners' policies? the employee makes the choice - correct answersWhat does Alaska law state regarding the choice of doctor when an employee suffers a work related injury? On a pro-rata basis between the two locations - correct answersThe insured is moving to a new location. Coverage for contents provided under a Homeowner Policy would be floaters - correct answersWhich of the following is generally intended to cover property that moves from one location to another? insuring agreement - correct answersWhat part of the policy contains the promises made by the insurance company to the insured $500 - correct answersWhat is the standard deductible under an Equipment Breakdown policy? No federal or state income taxes apply - correct answersIf an employee receives Workers Compensation wage benefits, what are the tax consequences on monies received? fire and lightening - correct answersVirtually all inland marine named perils forms include coverage for Yes, 8 hours may be carried over - correct answersIn Alaska, may a licensee carry over excess continuing education hours to the next license period, and if so, how many hours may be carried over?

90 - correct answersA temporary license may be issued in Alaska without examination for a period of _____ consecutive days 80% of the employees average weekly wage - correct answersIf an employee dies in a work related accident, what is the compensation benefit to a surviving widow with no children? Limits of liability - correct answersThe maximum amount a policy will pay in the event of a loss is called Liberalization Clause - correct answersWhen an insurance company broadens coverage under a homeowners policy, that change automatically applies to those policies currently in effect under what provision Personal and advertising injury liability - correct answersCoverage B covered by the general liability policy provides coverage for $1,500 - correct answersA boat damaged out of the water and at a lake would be covered under the Homeowners Policy for the losses that occur relate to commercial property and specified casualty risks - correct answersNo act will be certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security, as an act of terrorism under the Terrorism Risk Reauthorization Act of 2015 unless