C81 Quiz 8
C81 Insurance Knowledge Quiz
Welcome to the C81 Insurance Knowledge Quiz! This quiz consists of 11 carefully curated questions designed to test your understanding of key insurance concepts.
Whether you're a student, professional, or simply curious about insurance, this quiz is for you! Here are some highlights:
- Multiple choice questions
- Immediate feedback on your answers
- Perfect for brushing up on your knowledge
Damage to or loss of the insured property itself is referred to as:
Direct loss
Indirect loss
Damage claim
Tangible interest
The term ____________ means the loss of a right to recover under contract
Limitation
Forfeiture
Void claim
Prejudiced
A set time period for which a person must make a claim is known as:
Extinction period
Expired period
Prescription period
Claims period
An affidavit is an example of:
Legal process for handling a claim
Legal cost of filing a claim
A statement under oath
A list of names on a law suit
Coinsurance is applied mostly to:
Contracts covering commercial property
Contracts covering residential dwellings
Contracts with other insurance policies
Contracts with multiple insurance policies
In deciding to report a claim or not:
The best course of action for a broker to take is to make clients aware of the possible consequences of not reporting a claim
The insured needs to determine whether the loss is worth putting in a claim
You should not be reporting minor claims
Brokers should advise client against putting in claims higher than their deductible.
The typical functions of an adjuster may include:
Investigate the loss, verify policy coverage, deny claim if not covered
Assess damages, negotiate settlement, change policy terms as required
Investigate the loss, negotiate the settlement, adjust coverage limits if applicable
Assess damage, arbitrate all settlements, deny claim if insured refuses to cooperate
A specialist who directs the investigation of losses and scrutinizes independent adjuster reports is a:
Claims supervisor
Staff adjuster
Claims examiner
Claims analyst
A public adjuster represents the interest of:
The general public
The insurance company
The courts for insurance litigations
The insured
A provision in some insurance contracts covering claims made during the policy term is:
Claims-occurring basis
Claims-made basis
Active policy loss
Policy-made basis
__________can be defined as an accident including any continuous event
Occurrence
Exposure
Hazard
Peril
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