CT License Practice Exam 2 Study Guide Exam And Correct Complete Answers.
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Course
Connecticut Insurance Claims Adjuster License
Institution
Connecticut Insurance Claims Adjuster License
The function in the adjusting process by which an adjuster records his or her activities, findings, and thoughts on disposition of a claim is know as what? - Answer Documentation and Reporting
A "direct writing" insurance company sells its policies through:
A. Employees of the company
B. Li...
CT License Practice Exam 2 Study Guide
Exam And Correct Complete Answers.
The function in the adjusting process by which an adjuster records his or her activities, findings, and
thoughts on disposition of a claim is know as what? - Answer Documentation and Reporting
A "direct writing" insurance company sells its policies through:
A. Employees of the company
B. Licensed insurance brokers
C. Independent insurance agents
D. Exclusive or Captive agents - Answer A. Employees of the company
The insured purchased a large tarp from Home Depot to prevent further water damage to his home after
shingles were blown off the roof during a storm. Which section of the policy would pay for reasonable
repairs to protect the property from further damage? - Answer Additional coverages
Identify the endorsement to a BOP policy, which warrants that any fire alarm, burglar alarm or sprinkler
system in place is fully functional and is in working order. - Answer Protective Safeguards
Which of the following is considered to be a "direct" loss:
A. Fire damage to a house
B. Additional living expense
C. Food spoilage due to power outage
C. Loss of rental income after a property is flooded - Answer A. Fire damage to a house
Coverage E - Personal Liability of the Homeowners program protects an insured from all of the following
EXCEPT:
A. Premises liability
B. Personal activities away from the premises
C. Negligent acts of residence employees
,D. Sexual molestation and mental abuse - Answer D. Sexual molestation and mental abuse
Identify the endorsement used to properly cover volunteer workers. - Answer Sole Proprietors,
Partners, Officers, and Others Coverage endorsement
The limit of insurance for business personal property is automatically increased to offset seasonal
variations in business. The standard amount of the increase is ____. - Answer 25%
The maximum time period for which a binder can be written in Connecticut is what? - Answer 60 days
Pete, an employee of XYZ Moving Company suffered a work-related injury while in the course and scope
of employment. To ensure a full recovery, Pete's doctor has recommended that he stay off work for an
extended period of time. Upon discussing his workers compensation benefits with the adjuster, Pete is
told that there is a waiting period that he must endure prior to receiving benefits. Accordingly, what type
of workers compensation "benefits" is the adjuster referring to?
A. Disability income
B. Medical
C. Survivors benefits
D. Rehabilitation - Answer A. Disability income
All of the following type of businesses would NOT be eligible for a BOP policy EXCEPT:
A. Bowling alleys
B. Banks
C. Auto dealerships
D. Convenience stores - Answer D. Convenience stores
Identify the Specialty Liability Policy that covers businesses against claims by employees alleging that
their legal rights as an employee have been violated. - Answer Employment Practices Liability insurance
Contractors seeking insurance coverage under a BOP must meet all of the following eligibility
requirements EXCEPT:
A. Their annual payroll is less than $300,000
,B. Their annual sales are less than $3M
C. Their subcontracted work is less than 10% of their sales
D. They have less than 10 full time employees - Answer D. They have less than 10 full time employees
The voluntary relinquishment or "giving up" of a known right is known as ______. - Answer Waiver
Under Part II - Employers Liability Insurance of the Workers Compensation policy, the minimum limits
typically include:
A. $100,000 per accident/occupational disease, $500,00 aggregate limit
B. $250,000 per accident/occupational disease, with a $500,000 aggregate limit
C. $500,000 per accident/occupation disease, with a $1M aggregate limit
D. $250,000 per accident/occupation disease with no aggregate - Answer A. $100,000 per
accident/occupational disease, $500,00 aggregate limit
Unique to the Lawyers Professional Liability Policy, legal fees resulting from the defense of an insured:
A. Have a set limit of $50,000 per occurrence
B. Are covered with a self-insured retention limit of $10,000
C. Are included in the policy limits
D. All of the above apply - Answer C. Are included in the policy limits
At the end of the policy period the WC insurance carrier will audit the insured's books to determine the
actual exposure. If the actual exposure was higher than what was originally estimated, the insurer will
send a bill to collect the difference in premium owed. If the actual exposure was lower, they will return a
portion of the premium to insured. Accordingly, the premium that is paid at the beginning of the policy
period is referred to as the _________ premium. - Answer Deposit
The process by which an adjuster considers all of the evidence gathered and estimates how much the
claim will cost to resolve. - Answer Evaluation
Similar to the BAP, the Garage Policy contains numeric symbols identifying the types of autos covered. All
of the following are true regarding Garage symbols EXCEPT:
A. Garage symbols are numbered in the twenty and thirty series, beginning with #21 - Any Auto
, B. There are two (2) more Garage symbols than BAP symbols
C. Symbol #30 designates the existence of Garagekeepers' Coverage
D. Symbol #32 designates Mobile Equipment subject to compulsory auto financial responsibility
requirements - Answer D. Symbol #32 designates Mobile Equipment subject to compulsory auto
financial responsibility requirements
A company's legal responsibility for the acts of its employees is known as what? - Answer Vicarious
liability
All of the following are true regarding the BOP eligibility of Convenience Stores selling gasoline EXCEPT:
A. The total annual gross sales of gasoline are less than 75% of gross sales for all operations
B. Do not operate any type of auto service or repairs
C. Do not sell any type of auto related equipment or accessories
D. Must have a minimum of 3000sq in total floor area - Answer C. Do not sell any type of auto related
equipment or accessories
Which of the following is NOT a defense to a claim of negligence?
A. Assumption of the risk
B. Speculation
C. No negligence
D. Comparative negligence - Answer B. Speculation
With whom does the responsibility for prosecution of licensees who break insurance laws lie? - Answer
The CT Attorney General
Kristy maintains a Personal Auto Policy (PAP) with split limits of 25/50/25. She is held legally liable for an
auto accident in which the driver of the other vehicle suffered $47,000 in bodily injury and property
damage in the amount of $30,000. How much will Kristy's PAP pay towards this accident?
A. $77,000
B. $72,000
C. $55,000
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