LA Claims Adjuster Property and Causality Practice Exam 2 Solved 100%

A single Declarations page common to all coverages A single conditions section common to all coverages - Answer A commercial package policy always includes Send the insured a reservation of rights letter - Answer If the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person - Answer The basic limit for coverage F-medical payments of the standard homeowners form is normally $250 - Answer The CGL provides up to ___per day for loss of earnings as a supplementary payment Was made for the benefit of the insurance company and does not warrant the insureds compliance with all laws and regulations - Answer The insurance company chooses to inspect the insureds premises, the insurance inspection: 60 days. - Answer When is loss payable under LA standard fire policy? 30 days - Answer When an insurer has received a completed satisfactory proof of loss, how many days does the insurer have to pay the loss expediting expense coverage - Answer name the coverage that applies to the extra cost the insured incurs to make temporary repairs and speed up the permanent repairs replacement of damage covered equipment under an equipment breakdown policy Until the repairs are complete and the business re-opens, subject to a 12 consecutive month limitation - Answer How long will the business owner policy pay for the "extra expense coverage" used to reduce the loss of income when the insured has suffered a loss from a covered peril handled as a supplementary payment - Answer Typically how are defense cost handled under aviation policy additional living expenses is included in this coverage as well as fair rental value - Answer under the HO policy, loss of use would cover what 60 days prior to the effective date - Answer Dwelling forms include a liberalization clause. it says that any revision of coverage which broadens the insurance without an additional premium charge will be automatically applied to existing policies if the revision adopted during the policy period or within Actual Cash Value - Answer Equipment breakdown protection coverage form normally pays replacement cost unless endorsed to pay ___ accidental shooting of livestock - Answer ____is covered under the broad dorm farm owners policy but is not covered under the basic form farm owners policy 24 - Answer In keeping with the terms and conditions of the LAW standard Fire Insurance policy an insured may file suit to recover for a loss only if all policy requirements have been compiled with and only if the suit is filed within __months of the date of loss from the time of acquisition and up to 90 days thereafter - Answer CGL newly acquired entity how long will the new entity be automatically considered insured under the current CGL Reservation of rights letter - Answer what does the insurer do when the insured has possibly waived his or her rights in a liability claim 10 days - Answer how much advance notice of a hearing must the LA insurance commissioner give to affected interested parties $500 - Answer what is the maximum fine for each violates the "immediate contact" rule in LA Freight Insurance - Answer This ocean marine insurance coverage protects the vessel owner in the event that cargo shipping cost are not paid 6 months/ 3 - Answer To protect the public, the commissioner may examine a domestic insurer every__ during the first ___years of organization $25,000 - Answer What is the limit that is paid for water damage under equipment breakdown policy 15,000/30,000/25,000 - Answer In order to satisfy the motor vehicle safety responsibility law in Louisiana, what are the required minimum auto limits of liability a person must carry Garagekeepers Legal Liability - Answer What coverage is used to cover the damage to a customers vehicle in the care of custody of a repair garage. within 30 days following the receipt of such demand - Answer when a hearing is demanded by the commissioner of insurance in Louisianan, when must such a hearing be held? Estoppel - Answer If an insurance company covered an excluded claim it may have to continue paying other such claims because of an NFIP dwelling policy under the regular program - Answer NFIP polices is required to include the increased cost of compliance coverage Reported within one year of the date of the accident - Answer In a CGL policy, "medical payments" claims must be defense - Answer The policy can not pay more then its limit if liability. Under supplemental coverages in the policy the policy will pay the __ cost plus the cost of premiums on appeal bonds and bail bonds a constructive total loss - Answer Describes a situation where a building is not a total loss but the cost to repair the building is greater then the value of the building Usually excluded unless the work out of which the damage arose was done by a subcontractor rather than the insured - Answer Property damage to an insured's work that arises out of the work and its part of the products-completed operations hazard as defined in a commercial umbrella liability policy power, light, heat, steam or refrigeration - Answer Lack of _____ is not considered a "breakdown" under equipment breakdown coverage relocation expenses - Answer Claims expenses under section II- personal liabillity of the homeowner form do not include set at 50% of coverage A unless a higher limit is requested - Answer Under an H)-3, the limit for coverage C-Personal Property for a one or two family dwelling is If the insured insures all of their vehicles with the company or it replaces a covered auto - Answer The BAP uses symbol 7 to cover "specifically described autos" identified in the declarations. An auto acquired the policy period will be covered real property - Answer Louisiana has a valued policy law. The insurer must pay evaluation limit it computed on the property in issuing the coverage on the ___ All insurances who write property and casualty ins - Answer Who must particpate in FAIR Profit and loss statement - Answer In computing business interruption losses what most important Nonconcurrency - Answer When different dates creates a situation where the underlying policy was not in effect at the time of the occurrence therefor cannot trigger excess liability policy to pay a claim is known as 6 month/3 - Answer To protect the public, the commissioner may examine a domestic insurer every___during the first ___years after organization. at least 10 days written notice when the reason for cancellation is nonpayment premium - Answer In the state of Louisiana, the LA standard fire Ins policy can be cancelled by the insurer by giving the insured Claims-made - Answer _____ coverage applies only to those claims that occur after the retroactive date and are "made" during the policy period. Once the arson investigation has officially concluded - Answer In Louisiana, payment of losses to insured resulting from a suspicious fire must be made ___ To cover property belonging to a contractor or others that is intended to become a part of a structure. - Answer What is the purpose of an installation floater split limits - Answer The auto liability limits $100/300/50 are an example of A policy where the value is not declared until after the loss - Answer What does the term unvalued basis mean as relates to ocean marine hull insurance 30 days - Answer When an insurer has received a completed satisfactory proof of loss, how many days does the insurer have to pay the loss $250 - Answer uninsured motorist deductible 180 - Answer A catastrophe or emergency claims adjuster license in LA will be effective for a period not to exceed ___days Refers to the reduction in the value of the stock as a result of damage to other stock - Answer The term undamaged stock as defined in an Equipment Breakdown policy, applies to which of the following situations? In dealing with potential coverage dispute - Answer When should an adjuster consider obtaining a non-waiver agreement elected by the people of LA - Answer The LA commissioner od insurance is personal effects - Answer ____is not covered under the aircraft hull insurance within 30 days of receiving a satisfactory proof of loss - Answer When must an insurer make a written offer to settle a property damage claim Personal Effects Floater - Answer The personal inland marine coverage from that covers clothing, camera, and other portable property worn or carried by a tourist and travelers is known as 60 days - Answer What is the normal time after the expiration date under the basic extended reporting period in CGL policy for the insured to report "occurrences" open peril coverage - Answer The insures is covered under a HO-5 policy. what coverage does the insured have for contents coverage To make a binding decision as to the relationship between the parties and their right with respect to the matter before the court - Answer The purpose of asking the court to make a declaratory judgment Pay a fair proportion of the total value of the pair or set - Answer If the insured suffers the loss of an article that is part of a pair or a set how will the ins company settle the loss Missing and not reported for 60 days after a flight begins - Answer Describes the term disappearance under the definitions of an aircraft policy