Insurance premium audit Study guides, Class notes & Summaries

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? $250 Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. An insured relocated to another st...

AINS 101 EXAM 2024 | 50 QUESTION WITH 100 % CORRECT DETAILED ANSWERS | VERIFIED|A+ GRADE Question 1 Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Select one: A. Contract of utmost good faith. B. Conditional contract. C. Contract of adhesion. D. Contract of indemnity. Question 2 Sota’s Superstore has recently become an insured of Keithly Insurance Company. Kaito...

CPCU 520 Practice Test Questions and Answers Rated A+ Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? State-run plans with cost spread among private insurers in the state Which one of the following departments provides information to the underwriting department to assist in selecting and rating risks? Risk control All corpo...

AIC 300 - Claims in an Evolving World Exam Questions And Answers (Verified And Updated) Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. - answerB. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of communication evolve, it's impo...

How often must an insurer who sells personal lines property and casualty policies recalculate a consumer's insurance score or obtain an updated credit report? - Every 36 months. (The least often the insurer must pull the credit report is once every 3 years. The most often an insured can request that the credit report be pulled, for the purposes of insurance rating, is every 12 months [annually]) An insurer who frequently misses deadlines to respond to inquiries from the Division of Insuranc...

Auditing Exam 1|359 Questions with Verified Answers 1. Which of the following would be considered an assurance engagement? a. Giving an opinion on a prize promoter's claims about the amount of sweepstakes prizes awarded in the past. b. Giving an opinion on the conformity of the financial statements of a university with generally accepted accounting principles. c. Giving an opinion on the fair presentation of a newspaper's circulation data. d. Giving assurance about the average drive len...

AU 60 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+ NEWEST VERSION As an underwriter, Liz knows that her success relies on collaboration with multiple departments. Which one of the following is the first step that Liz should take to foster collaboration among the different department managers? Select one: A. Liz should begin by developing an understanding of each department and how their work processes interact. B. Liz should begin ...

Casualty Insurance Exam All Answers Correct Employee theft coverage may be written as ️a) Blanket coverage. b) Name schedule coverage. c) Position schedule coverage. d) Any of the above. Employee theft may be written as any of the above forms. An insured is applying for a casualty insurance policy. One of the conditions of the policy allows the insurance company to inspect the insured's books at the end of the policy term to make sure sufficient premium has been collected for ...

UNDERWRITING - ANSWER classifies the applicant based upon the underwriting requirements INSURABLE INTEREST - ANSWER an economic interest in a property that must exist at the time of loss (you can insure the equity interest in your own home) of the insurer; matches the risk presented with the premium charged by the insurer LOSS RATIO - ANSWER percentage of claims paid in comparison to total premiums collected during a particular period of time RATES - ANSWER set by the insurer at a level...

Property And Casualty Florida Verified Answers risk ️Chance of a financial loss Assumed risk ️Amount of risk the insured is willing to absorb Pure Risk ️a risk that presents the chance of loss but no opportunity for gain Speculative Risk ️Chance of loss or gain insurance ️a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. Law of Large Num...