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AIC 304 STUDY questions with verified answers
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AIC 304 STUDY questions with verified answers
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AIC 304 STUDY questions with verified answersA claims rep is most likely to use the book value method to determine cost of
goods sold for a loss involving Ans✓✓✓-A. Merchandise stored at multiple
locations.
B. Antiques or other hard-to-value items.
C. Suspected arson.
D. Out-of-sight merchandise.
D
A contractors equipment policy insuring oil or natural gas well-drilling rigs would
require coverage for which one of the following perils in addition to the specified
perils coverage typically provided? Ans✓✓✓-A. Explosion
B. Squeeze
C. Cratering
D. Cave-in
C
A widely used financial institution bond is Ans✓✓✓-A. The Insurance Services
Office Financial Institution Crime Policy for Banks and Saving Institutions.
B. The fidelity bond.
C. The commercial general liability fiduciary bond.
D. Standard Form No. 24.
D
,Adam is a professional who is involved in a claim for fire damage. To ensure he
uses proper methodology, he is considering the following factors: Was the scene
adequately investigated and documented with diagrams and photos? Was the
point of origin definitively established? Has the source of ignition been identified?
What events led to the fire starting? Was all of the available evidence securely
collected? Were all of the witnesses interviewed in a comprehensive fashion?
Adam is a Ans✓✓✓-A. Fire fighter.
B. Police officer.
C. Fire investigator.
D. Claims representative.
C
Adam is adjusting a claim for fire damage to insured property and has gathered
the following facts: multiple fires were involved; the building typically contained
flammable materials; the insured's full warehouse of inventory was damaged; and
the fire protection system sounded normally. Which one of Adam's findings could
lead him to believe the fire was incendiary? Ans✓✓✓-A. Flammable materials
B. Fire protection system
C. Damaged inventory
D. Multiple fires
D
After a potentially responsible third party is identified, a claims rep should
investigate the potential opportunity for subrogation Ans✓✓✓-A. At the same
time as the loss investigation.
, B. Upon presenting a settlement amount to the insured.
C. After the loss is settled.
D. After the loss investigation is complete
A
Alex is a claims adjuster handling a claim for theft of covered property. Alex's first
step should be to Ans✓✓✓-A. Confirm who owns the property that has been
reported stolen.
B. Determine if theft is a covered loss and identify policy limitations.
C. Determine who has an insurable interest in the property.
D. Obtain a police report of the incident.
B
Alterations or additions made to the building at the expense of an insured who
does not own the building and who cannot legally remove them are referred to as
Ans✓✓✓-A. Improvements and betterments.
B. Leaseholder enhancements.
C. Personal property of others.
D. Building fixtures and fittings.
A
Alva is adjusting a homeowner's claim for fire damage. The policyholder had a
collection of rare antiques that were damaged in the fire. Alva is unfamiliar with
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