LA Claims Adjuster Property and Causality Practice Exam 2 Questions and Solutions

A single Declarations page common to all coverages A single conditions section common to all coverages A commercial package policy always includes Send the insured a reservation of rights letter If the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person The basic limit for coverage F-medical payments of the standard homeowners form is normally $250 The CGL provides up to ___per day for loss of earnings as a supplementary payment Was made for the benefit of the insurance company and does not warrant the insureds compliance with all laws and regulations The insurance company chooses to inspect the insureds premises, the insurance inspection: 60 days. When is loss payable under LA standard fire policy? 30 days When an insurer has received a completed satisfactory proof of loss, how many days does the insurer have to pay the loss expediting expense coverage name the coverage that applies to the extra cost the insured incurs to make temporary repairs and speed up the permanent repairs replacement of damage covered equipment under an equipment breakdown policy Until the repairs are complete and the business re-opens, subject to a 12 consecutive month limitation How long will the business owner policy pay for the "extra expense coverage" used to reduce the loss of income when the insured has suffered a loss from a covered peril handled as a supplementary payment Typically how are defense cost handled under aviation policy additional living expenses is included in this coverage as well as fair rental value under the HO policy, loss of use would cover what 60 days prior to the effective date Dwelling forms include a liberalization clause. it says that any revision of coverage which broadens the insurance without an additional premium charge will be automatically applied to existing policies if the revision adopted during the policy period or within Actual Cash Value Equipment breakdown protection coverage form normally pays replacement cost unless endorsed to pay ___ accidental shooting of livestock ____is covered under the broad dorm farm owners policy but is not covered under the basic form farm owners policy 24 In keeping with the terms and conditions of the LAW standard Fire Insurance policy an insured may file suit to recover for a loss only if all policy requirements have been compiled with and only if the suit is filed within __months of the date of loss from the time of acquisition and up to 90 days thereafter CGL newly acquired entity how long will the new entity be automatically considered insured under the current CGL Reservation of rights letter what does the insurer do when the insured has possibly waived his or her rights in a liability claim 10 days how much advance notice of a hearing must the LA insurance commissioner give to affected interested parties $500 what is the maximum fine for each violates the "immediate contact" rule in LA Freight Insurance This ocean marine insurance coverage protects the vessel owner in the event that cargo shipping cost are not paid