LA CLAIMS ADJUSTER PROPERTY AND CAUSALITY PRACTICE EXAM 2 | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

LA CLAIMS ADJUSTER PROPERTY AND CAUSALITY PRACTICE EXAM 2 | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A single Declarations page common to all coverages A single conditions section common to all coverages Correct Answer: A commercial package policy always includes Send the insured a reservation of rights letter Correct Answer: If the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person Correct Answer: The basic limit for coverage F-medical payments of the standard homeowners form is normally $250 Correct Answer: The CGL provides up to ___per day for loss of earnings as a supplementary payment 2 Was made for the benefit of the insurance company and does not warrant the insureds compliance with all laws and regulations Correct Answer: The insurance company chooses to inspect the insureds premises, the insurance inspection: 60 days. Correct Answer: When is loss payable under LA standard fire policy? 30 days Correct 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 Correct 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 Correct 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 3 handled as a supplementary payment Correct Answer: Typically how are defense cost handled under aviation policy additional living expenses is included in this coverage as well as fair rental value Correct Answer: under the HO policy, loss of use would cover what 60 days prior to the effective date Correct 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