C81 Quiz 8

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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

11 Questions3 MinutesCreated by AnalyzingData57

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

C81 Quiz 8

C81 Insurance Knowledge Quiz

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